PWC'S MONTHLY TAX UPDATE - KEEPING YOU UP TO DATE ON THE LATEST AUSTRALIAN AND INTERNATIONAL TAX DEVELOPMENTS
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www.pwc.com.au PwC’s Monthly Tax Update Keeping you up to date on the latest Australian and international tax developments February 2022
PwC’s Monthly Tax Update
Corporate Tax Update
2019-20 Corporate Tax Draft R&D tax incentive
Transparency Report determination on clinical trials
The Australian Taxation Office (ATO) has published The Department of Industry, Science, Energy and
the 2019-20 Corporate Tax Transparency Report Resources has published a draft R&D determination
outlining total income, taxable income and tax paid by: for consultation. The draft Industry Research and
Australian public and foreign-owned companies Development (clinical trials, Phase 0, I, II, III for an
with an total income of $100 million or more; and unapproved therapeutic good) Determination 2021
identifies when phase 0, I, II or III clinical trials will be
Australian-owned resident private companies
accepted to be core R&D activities and is intended to
with an income of $200 million or more.
provide increased certainty on eligibility to entities
The 2,370 companies included in the report paid a conducting clinical trials. Comments on the draft
total of $57.2 billion, or around 65 per cent, of all determination can be made by 17 February 2022.
corporate income tax in the 2019-20 income year.
Since the first report in 2013-14, there has been This is the first R&D Tax Incentive determination in
growth in total income, taxable income, and income development following reforms announced in the
2021-22 Federal Budget allowing for determinations
tax payable. In 2019-20, the growth in these amounts
has been largely driven by the mining sector, which on the R&D tax incentive. AusIndustry has
accounted for around 44 per cent of tax payable. consulted with the Australian Taxation Office and
Department of Health on this work.
The report also outlines the Petroleum Resources
Rent Tax (PRRT) paid by 12 corporate entities. ANAO report on R&D incentive
ATO rulings on R&D incentive “at administration
risk” rule The Australian National Audit Office (ANAO) has
released a performance audit report on the joint
The ATO has issued final Taxation Ruling TR 2021/5 administration of the R&D tax incentive program.
on the research and development (R&D) tax The report concluded that administration,
incentive and when expenditure is considered to be communication and claims processing by Industry
‘at risk’. The ‘at risk’ rule operates to deny a notional Innovation and Science Australia (IISA) – supported
deduction for some or all of R&D expenditure if the by the Department of Industry Science, Energy and
taxpayer or an associate receives consideration as a Resources – and the ATO, were largely effective.
direct or indirect result of the expenditure incurred, However, there were weaknesses in their
and would have received the consideration compliance activities, including:
regardless of the results of the activities on which the
R&D expenditure was incurred. The Ruling is the Department of Industry Science, Energy and
intended to provide certainty to taxpayers about Resources’ approach was not clearly aligned
whether the ‘at risk’ rule is satisfied, for example, with compliance risks and its examination
where R&D activities are carried out in the context of processes did not meet timeframe targets and
commercial contracts for the supply of products or did not always result in an outcome, and
services. It contains a number of examples illustrating The ATO’s monitoring and reporting on R&D tax
how the ‘at risk” rule applies. incentive compliance was not commensurate
The ATO has also issued final Taxation with risk.
Determination TD 2021/9 on how the ‘at risk’ rule There were also weaknesses identified in the joint
applies to JobKeeper payments received that relate approach to compliance for the program.
to eligible employees who undertake R&D activities. The report made two recommendations to IISA and
Broadly, the Determination concludes that the the Department of Industry Science, Energy and
receipt of JobKeeper payments in these Resources, relating to improvement of advance
circumstances triggers the ‘at risk’ rule such that the findings and examinations, and one
taxpayer cannot notionally deduct the portion of the recommendation to the ATO to establish monitoring
wages expenditure incurred on R&D activities that and reporting arrangements to assess the
has attracted the JobKeeper payment. However, the effectiveness of its compliance activities. All
receipt of a JobKeeper payment in respect of an recommendations were agreed to by IISA, the
‘eligible business participant’ (such as a director, Department of Industry Science, Energy and
shareholder, partner or trust beneficiary) does not Resources and the ATO.
trigger the ‘at risk’ rule.
January 2022
PwC 2PwC’s Monthly Tax Update
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Chris Morris, Sydney Michael Bona, Brisbane Warren Dick, Sydney
Australian Tax Leader Global Tax Leader Tax Reporting & Strategy Leader
+61 (2) 8266 3040 +61 (7) 3257 5015 +61 (2) 8266 2935
chris.morris@pwc.com michael.bona@pwc.com warren.dick@pwc.com
Sarah Hickey, Sydney James O’Reilly, Brisbane Jason Karametos, Melbourne
Sydney Tax Market Leader Brisbane Tax Leader Industries Tax Leader
+61 (2) 8266 1050 +61 (7) 3257 8057 +61 (3) 8603 6233
sarah.a.hickey@pwc.com james.oreilly@pwc.com jason.karametos@pwc.com
Kirsten Arblaster, Melbourne Rob Bentley, Perth Alistair Hutson, Adelaide
Melbourne Tax Leader Perth Tax Leader Partner
+61 (3) 8603 6120 +61 (8) 9238 5202 +61 (8) 8218 7467
kirsten.arblaster@pwc.com robert.k.bentley@pwc.com alistair.hutson@pwc.com
Liam Collins, Melbourne Amy Etherton, Newcastle
Financial Services Tax Leader Partner
+61 (3) 8603 3119 +61 (2) 4925 1175
liam.collins@pwc.com amy.etherton@pwc.com
Employment Taxes Update
ATO view on vaccination same principles adopted in the earlier draft version,
PS LA 2021/D1, which includes a greater emphasis
incentives for employees on employer proactivity, and effective controls and
The Australian Taxation Office (ATO) has published processes. This Practice Statement includes a
a fact sheet setting out its view on the tax number of examples which demonstrate the
implications for employers of various incentives or circumstances in which the Commissioner will, or
rewards provided to employees for getting a will not, provide relief.
COVID-19 vaccination. For more details, please see our article What’s
The fact sheet confirms the ATO’s view that cash emerging? Finalised ATO Guidance on remission of
incentives, cash rewards or paid leave should be 200% SGC penalty
treated as part of wages for pay as you go
withholding (PAYG), superannuation guarantee and
STP exemption
income tax purposes. Furthermore, it confirms that The ATO has made a legislative determination –
there is generally no fringe benefits tax (FBT) on the Taxation Administration — Single Touch Payroll —
provision or payment for an employee’s transport to 2021–22 and 2022–23 years Withholding Payer
get their COVID-19 vaccination, as the travel is Number Exemption 2021 – to exempt entities which
associated with work-related preventative health have a withholding payer number and no Australian
care that is exempt from FBT. Other exemptions to Business Number from reporting under single touch
the FBT regime, such as the minor benefits payroll (STP) for the 2021-22 and 2022-23 income
exemption may also be used for other vaccination years. The instrument applies retrospectively from
incentives provided the relevant criteria are 1 July 2021.
satisfied. No FBT arises on non-cash incentives or
rewards that are provided by the employer to the SA COVID-19 support
public at large (even if some of the recipients are The South Australian (SA) Government has
employees) where the incentives are not provided in announced a business support package for
respect of employment. hospitality and tourism businesses as well as gyms,
impacted by density restrictions. The package
Guidance on remission of SG includes cash grants of up to AUD 22,000, liquor
charge penalty licence waivers and payroll tax deferrals for
eligible businesses.
The ATO has released Practice Statement Law
Administration PS LA 2021/3 that outlines the Payroll tax deferral will apply to tourism, hospitality
principles for the remission of the additional 200% and gyms impacted by the trading restrictions upon
superannuation guarantee (SG) charge and penalty application to RevenueSA. Any business operating
relief. The finalised Practice Statement reiterates the in eligible sectors is able to apply for a deferral of
January 2022
PwC 3PwC’s Monthly Tax Update
payroll tax payments due over the period January to found that there was no discretion for the ATO or
March 2022. Deferred payments will be due from the AAT to extend the period in which a taxable
April 2022. supply could be made so that the taxpayer was
not eligible to receive JobKeeper payments.
Employment relationship found DGSC v FC of T 2021 [2021] AATA 4816 – the
The Administrative Appeals Tribunal (AAT) has held taxpayer who initially nominated to receive
in Trustee for Virdis Family Trust t/a Rickard Heating JobKeeper with her employer, subsequently
Pty Ltd v Federal Commissioner of Taxation [2022] withdrew the nomination and submitted a further
AATA 3 that the relationship between the taxpayer nomination to receive JobKeeper as a business
and a contractor was characterised as an participant was not eligible to receive JobKeeper.
employment relationship with the result that the The AAT found for the Commissioner on the
taxpayer was liable to pay the SG charge. basis that one of the requirements to qualify for
In this case, the contracted plumber worked for an JobKeeper was that the individual had not given
hourly rate and was required to follow reasonable any other entity notice prior to nominating for
and lawful directions given by the taxpayer. The JobKeeper with the ATO. While the Tribunal
contractor worked full time for the taxpayer at places acknowledged the decision was harsh, there
directed by the taxpayer, and was not required to were no grounds available to it to set aside the
arrange a replacement or delegate work if he was previous notice provided to the employer and the
not available on that day. The AAT found that the requirements of the JobKeeper rules meant that
contract was wholly or principally for the provision of the nomination requirements were not satisfied.
labour with no capacity to delegate that labour, and RWPY v Federal Commissioner of Taxation
was accordingly an employment contract for [2021] AATA 4921 – the taxpayer was found not
purposes of the SG charge. The fact that the parties to be eligible to receive JobKeeper payments as
agreed that the contractor would pay his own a business participant on the basis that the
superannuation contributions or agreed that the taxpayer was correctly classified as an employee
taxpayer should not pay them was irrelevant to the despite the purported contractor arrangements
liability of the applicant to pay the SG charge. put in place. While there were some indicia of a
business being conducted, the Tribunal found
JobKeeper payment date extended that on balance, when having regard to the
for successful objections entirety of the working relationship, it was clear
The Treasurer has published the Treasury Laws the taxpayer was not conducting a business
Amendment (Miscellaneous Amendments) Rules FFYS v Federal Commissioner of Taxation
2021 that amend the Coronavirus Economic [2021] AATA 4844 – the taxpayer, an AirBnB
Response Package (Payments and Benefits) superhost, was found not to be carrying on a
Rules 2020. The amendments allow the ATO to business and accordingly was not eligible for
make JobKeeper payments after 31 March 2022 if JobKeeper. The Tribunal was also satisfied that
the payment gives effect to an objection decision, the taxpayer was not supplying commercial
provided the original objection was lodged on or residential premises, which means the supply of
before 30 November 2021. residential premises is input taxed, and hence
the revenue generated in connection with those
AAT decisions on JobKeeper supplies does not form part of the applicant’s
The AAT has considered a number of decisions projected GST turnover which is a relevant
which concern an entity’s entitlement to the criteria for JobKeeper entitlement.
JobKeeper: Listed entity JobKeeper data
Yazdani v Federal Commissioner of Taxation The Australian Securities and Investments
[2021] AATA 4814 – the taxpayer had applied for Commission (ASIC) has released the first of its
an Australian Business Number prior to the monthly reports disclosing data on JobKeeper
introduction of JobKeeper and changed his payments received by listed entities. The report
Goods and Services Tax registration to report discloses the amount of JobKeeper that each listed
annually. If the taxpayer had lodged monthly, he entity received, the number of individuals that
would have been eligible for JobKeeper and the received payments and any voluntary repayments.
taxpayer contended that his circumstances were ASIC will continue to release monthly reports as
ones to which JobKeeper should apply. The AAT listed entities provide data.
January 2022
PwC 4PwC’s Monthly Tax Update
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Norah Seddon, Sydney Adam Nicholas, Sydney Greg Kent, Melbourne
Partner Partner Partner
+61 (2) 8266 5864 +61 (2) 8266 8172 +61 (3) 8603 3149
norah.seddon@pwc.com adam.nicholas@pwc.com greg.kent@pwc.com
Anne Bailey, Melbourne Stephanie Males, Canberra Maria Ravese, Adelaide
Partner Partner Partner
+61 (3) 8603 6818 +61 (2) 6271 3414 +61 (8) 8218 7494
anne.m.bailey@pwc.com stephanie.males@pwc.com maria.a.ravese@pwc.com
Paula Shannon, Brisbane Lisa Hando, Perth
Partner Partner
+61 (7) 3257 5751 +61 (8) 9238 5116
paula.shannon@pwc.com lisa.hando@pwc.com
Global Tax Update
ATO guidance on imported hybrid primarily focus on whether the APA product
continues to provide the right service for taxpayers
mismatches finalised and how to assure transfer pricing risks in the most
The Australian Taxation Office (ATO) has finalised efficient way. The ATO would also consider how to
Practical Compliance Guideline PCG 2021/5 tailor the APA process to better align with risk and
(PCG 2021/5) on the Commissioner’s approach to behavioural indicators.
the imported hybrid mismatch rule. PCG 2021/5 sets
out the expectations regarding the Commissioner’s
Transfer pricing dispute relating to
assessment of risk in connection with the imported cross-border funding
hybrid mismatch rules, including the Commissioner’s The Federal Court found for the Commissioner in
approach to reviewing whether a taxpayer has Singapore Telecom Australia Investments Pty Ltd v
undertaken reasonable enquiries in relation to the Commissioner of Taxation [2021] FCA 1597, which
rules for non-structured arrangements. This PCG is concerned interest claimed in Australia on funding
relevant to any Australian taxpayer that makes any by way of a cross-border intra-group loan note
cross-border related party payments (including issuance agreement (LNIA) that was amended a
interest, royalties, management fees and purchases number of times after its initial issuance. The
of raw materials and trading stock). lengthy judgment canvasses both the old transfer
There are welcome changes to the PCG based pricing provisions in former Division 13 of the
on consultation in relation to the draft issued in Income Tax Assessment Act 1936 and the current
April 2021. However, it is clear that the provisions in Subdivision 815-A of the Income Tax
Commissioner’s expectations on the process and Assessment Act 1997, as well as considering other
information required by a taxpayer to evidence recent transfer pricing cases.
compliance with the imported hybrid mismatch rule In finding for the Commissioner, the Court
are extensive. A number of changes to the seven concluded that the conditions operating between the
“risk zones” have been made in the final PCG along parties in their commercial and financial relations
with clarification of some aspects of the ATO’s differed from those which might be expected to
expectations. operate between independent enterprises dealing
Reporting obligations for all multinational companies wholly independently with one another, and that a
with operations in Australia in relation to the hybrid reliable hypothesis is that independent parties in the
mismatch rules are extensive and are expected to positions of the taxpayer and the lender might have
be expanded for the 2022 tax year . Read more in been expected to have agreed to the interest rate as
PwC’s Tax Alert. per the original LNIA, that interest could be deferred
and capitalised, and that there would be a parent
ATO review of advance pricing guarantee. Furthermore, having agreed to a
arrangements transaction with these components initially, a
reliable hypothesis is that the independent parties
The ATO has announced that it intends to conduct a
would not have agreed to make the changes
review into the advance pricing arrangement (APA)
contained in later amendments to the LNIA.
program, commencing in early 2022. The review will
January 2022
PwC 5PwC’s Monthly Tax Update
OECD Pillar Two model rules 95 jurisdictions are now fully in line with the
BEPS Action 5 minimum standard, with the
released remaining 36 jurisdictions receiving one or more
The Organisation for Economic Cooperation and recommendations to improve their legal or
Development (OECD) has published model rules for operational framework to identify and exchange
Pillar Two of the Two Pillar Solution to address tax the tax rulings.
challenges arising from the digitalisation and 2021 edition of Revenue Statistics, which found
globalisation of the economy. Pillar Two is designed that, among other things, the impact of the
to establish a global minimum corporate tax rate of COVID-19 pandemic on tax revenues in OECD
15 per cent for multinational enterprises with countries was less pronounced than during
revenues greater than EUR750 million, with the previous crises, in part due to government
model rules being a template to assist jurisdictions support measures introduced to support
with implementing Pillar Two into domestic households and businesses.
legislation by: 2020 Mutual Agreement Procedure (MAP)
defining multinational enterprises within the Statistics covering 118 jurisdictions. The MAP
scope of Pillar Two statistics show that the top 25 jurisdictions
setting out a mechanism for calculating the account for 95 per cent of MAP cases and the
effective tax rate on a jurisdictional basis and number of transfer pricing cases has continued
determining the amount of top-up tax to grow since 2016. MAP cases continue to take
payable and a long time to resolve, with the average transfer
pricing case taking 35 months to resolve, and
imposing the top-up tax in accordance with an
15 per cent of cases outstanding at the end of
agreed rule order.
2020 had been pending for at least five years.
Further clarification in relation to the rules is Measuring effective taxation of housing, which
expected to be provided with the Implementation examines taxation policy and effective tax rates
Framework in mid-2022. For further details read for owner-occupied and investment property in
PwC’s Tax Policy Alert. 40 OECD member and partner countries. The
At the 14th Plenary meeting of the OECD’s report finds that the level and components of
Forum on Tax Administration, held on housing taxation varies greatly based on the
16-17 December 2021, tax commissioners from investment scenario., and that this tax differential
across the globe agreed to prioritise support for should be reduced to increase equity.
implementation of the Two-Pillar Solution, including
through the possible further development of tax Australia-UK Free Trade
certainty tools to help prevent disputes and reduce Agreement
burdens, and to develop a new strategic framework
Australia has signed a comprehensive Free Trade
covering both digitalisation and digital
Agreement with the United Kingdom (UK). Upon
transformation to inform both domestic reforms and
entering into force, the agreement will reduce or
international collaboration.
eliminate tariffs on over 99 percent of Australia
Other OECD updates goods exports to the UK and on almost all UK goods
imports, provide the same level of access for
The OECD has published the following: Australian professionals to the UK job market as EU
The 2022 edition of Transfer Pricing Guidelines nationals, provide the right for Australian businesses
for Multinational Enterprises and Tax to bid for UK government contracts and provide for
Administrations, which provides guidance on the best practice investment rules to encourage UK
arm’s length principle, the international businesses to invest in Australia. The agreement is
consensus on valuation of cross-border intended to enter into force during 2022.
transactions between associated enterprises for
income tax purposes. The latest edition includes Changes to tariff regulations
revised guidance on the application of the The Customs Tariff Amendment (2022 Harmonized
transactional profit split method, hard-to-value System Changes and Other Measures) Regulations
intangibles and financial transactions. 2021 and Customs Amendment (2022 Harmonized
2020 Peer Review Reports on Exchange of System Changes and Other Measures) Regulations
Information on Tax Rulings, which finds that the 2021 update tariff classification headings and
global reach of the BEPS Action 5 minimum subheadings in various regulations in Australia in
standard on tax rulings continues to increase, line with the Harmonized Commodity Description
with 22 000 tax rulings having been identified and Coding System (the Harmonized System)
and 41 000 exchanges between jurisdictions maintained by the World Customs Organisation
having taken place. According to the report, (WCO). The WCO reviews and updates the
January 2022
PwC 6PwC’s Monthly Tax Update
Harmonized System every five years, and this AAT decision on tariff
update implements the outcomes of the sixth review
that was completed in 2019 and is commonly classification of dishwashers
referred to as the 2022 Harmonized System. The Administrative Appeals Tribunal (AAT) has
found in favour of the Comptroller-General of
Updated excise guidelines Customs in its decision in Winterhalter (Australia)
The ATO has updated its excise guidelines for the Pty Ltd v Comptroller-General of Customs [2021]
alcohol industry to include the remission scheme for AATA 4407. The decision concerned whether
alcohol manufacturers that was announced in the commercial dishwashers with three standard
2021-22 Federal Budget. Under the scheme, eligible programs were covered by Tariff Concession Order
alcohol manufactures are able to receive an 1612840 which applied to dishwashers with one,
immediate remission of excise duty up to an annual two or four cycles. The taxpayer had argued that
cap of AUD 350,000, commencing from 1 July 2021. while the dishwashers contained three standard
The excise guidelines provide guidance on programs, each program used two cycles involving
eligibility for the scheme and application of the a wash and then rinse. The AAT had regard to
relevant criteria. expert evidence to conclude that the terms program
The ATO has also updated its excise guidelines for and cycle were used interchangeably in Australia so
duty free shops. that the dishwashers in question had three cycles
and were therefore not covered by the tariff
concession order.
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Chris Morris, Sydney Michael Bona, Brisbane Peter Collins, Melbourne
Australian Tax Leader Global Tax Leader International Tax Leader
+61 (2) 8266 3040 +61 (7) 3257 5015 +61 (3) 8603 6247
chris.j.morris@pwc.com michael.bona@pwc.com peter.collins@pwc.com
Michael Taylor, Melbourne Greg Weickhardt, Melbourne Nick Houseman, Sydney
Partner Partner Australian Transfer Pricing Leader
+61 (3) 8603 4091 +61 (3) 8603 2547 +61 (2) 8266 4647
michael.taylor@pwc.com greg.weickhardt@pwc.com nick.p.houseman@pwc.com
Angela Danieletto, Sydney Jayde Thompson, Sydney Jonathan Malone, Sydney
Partner Partner Partner
+61 (2) 8266 0973 +61 (4) 0367 8059 +61 (2) 8266 4770
angela.danieletto@pwc.com jayde.thompson@pwc.com jonathan.r.malone@pwc.com
Gary Dutton
Partner, Australian Trade Leader
+61 (4) 3418 2652
gary.dutton@pwc.com
Indirect Tax Update
Valuation methodology for GST valuations that regulated the use of hindsight
information, the valuation was not made contrary to
margin scheme professional standards and should be accepted as
The Administrative Appeals Tribunal (AAT) has held an approved valuation.
in Decleah Investments Pty Ltd & Anor as trustee for
the PRS Unit Trust v Federal Commissioner of
Overpayment of GST
Taxation [2021] AATA 4821 that a land valuation The AAT has held in M3K Services Pty Ltd v
using a discounted cashflow methodology to Federal Commissioner of Taxation [2021] AATA
conduct a land valuation as at 1 July 2000 was an 4416 that the taxpayer was not entitled to a refund
approved valuation for goods and services tax of overpaid GST on the basis that the excess GST
(GST) margin scheme purposes despite using had been passed on to customers. The taxpayer
hindsight information. The AAT accepted the supplied and administered cosmetic injectables and
taxpayer’s argument that since there were no accounted for GST assuming that the supplies were
professional standards relating to real property wholly taxable, when in fact the supplies included a
January 2022
PwC 7PwC’s Monthly Tax Update
mix of GST-free and taxable supplies. The AAT apply in cases where the supplies of adjustable
affirmed the decision of the Commissioner in beds, pressure management mattresses or pressure
refusing a refund of the overpaid GST as the management overlays are currently being treated as
taxpayer had not reimbursed customers for excess GST-free where in such cases the Commissioner
GST paid. will not seek to disturb this approach for tax periods
commencing prior to the Determination being
GST treatment of adjustable beds issued, or within three months after the issue of the
and pressure mattresses final Determination on 8 December 2021.
The Australian Taxation Office (ATO) has published Consultation on GST treatment
GST Determination GSTD 2021/2 on when the
supply of an adjustable bed, pressure management when meals are supplied in
mattress or pressure management overlay are GST- residential care
free. The determination uses an essential character The ATO is proposing an update to GST Ruling
test examining the basic nature, composition, GSTR 2012/3 which deals with when care services
function and other factors to determine if the bed, and accommodation provided to residents in
mattress or overlay is specifically designed for privately funded nursing homes, aged care hostels
people with an illness or disability and not widely and retirement villages are GST-free. The proposed
used by people without an illness or disability. changes will address when a retirement village
GSTD 2021/2 also contains a practical compliance operator is considered to ‘provide daily meals’ for all
approach to determining if the item is widely used by residents living within that operator’s serviced
people without an illness or disability. apartment in order for the residential care services
Although the Determination applies both before and to be GST-free. Comments on the draft update are
after its date of issue, transitional arrangements due by 25 February 2022.
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Matt Strauch, Melbourne Michelle Tremain, Perth Adrian Abbott, Sydney
Indirect Tax Leader Partner Partner
+61 (3) 8603 6952 +61 (8) 9238 3403 +61 (2) 8266 5140
matthew.strauch@pwc.com michelle.tremain@pwc.com adrian.abbott@pwc.com
Jeff Pfaff, Brisbane Brady Dever, Sydney Mark Simpson, Sydney
Partner Partner Partner
+61 (7) 3257 8729 +61 (2) 8266 3467 +61 (2) 8266 2654
jeff.pfaff@pwc.com brady.dever@pwc.com mark.simpson@pwc.com
Suzanne Kneen, Melbourne Shagun Thakur, Perth
Partner Partner
+61 (3) 8603 0165 +61 (8) 9238 3059
suzanne.kneen@pwc.com shagun.thakur@pwc.com
Personal Tax Update
AAT residency decisions Australia to visit them as often as he could, he
did not have a regular place of residence
The Administrative Appeals Tribunal (AAT) has overseas, he maintained a business and vehicle
considered the following in which the tax residency in Australia and he maintained Medicare and
of the taxpayer was considered: medical insurance in Australia.
Sanderson v Federal Commissioner of Taxation Oberg v Federal Commissioner of Taxation
[2021] AATA 4305 – the Tribunal found that the [2021] AATA 4606 – the AAT concluded that the
taxpayer was a tax resident of Australia despite taxpayer was a resident of Australia while
being in Australia for only 83 days. The taxpayer employed by a mining company and living
owned a business designing and constructing abroad. The AAT’s decision was based on a
theme parks in Asia and the Middle East and number of factors including the temporary nature
spent much of the year overseas. The AAT of the taxpayer’s accommodation while
concluded the taxpayer was resident in Australia overseas, the sharing of a vehicle with other
on the basis that he owned a home in Australia employees, his housing and visa status which
where his wife and child resided, he returned to were subject to his employment, the fact that his
January 2022
PwC 8PwC’s Monthly Tax Update
wife and child primarily continued to reside in Discretionary trust distribution
Australia, the use of his Australian home as the
address for his employment contracts, his return and reimbursement agreements
to Australia for significant events and continuing The Federal Court has found in favour of the
to maintain Australian bank accounts. taxpayer in Guardian AIT Pty Ltd ATF Australian
Investment Trust v Commissioner of Taxation [2021]
ATO’s views on residency and FCA 1619, the first case in more than a decade to
backpackers consider the meaning of “reimbursement
The Australian Taxation Office (ATO) has released agreement” in section 100A of the Income Tax
its decision impact statement on the decision of the Assessment Act 1936. The case broadly involved a
High Court in Addy v Federal Commissioner of situation where a private company (whose sole
Taxation [2021] HCA 34. In this case, the High shareholder was a discretionary trust) was
Court considered that the tax rates applicable to established to receive the benefit of the
working holiday makers, known as the ‘backpacker discretionary trust’s income. The corporate
tax’, contravened the non-discrimination article in beneficiary subsequently paid franked dividends to
the double tax agreement between Australia and the the trust to discharge the unpaid present
United Kingdom (UK). The ATO considers that the entitlement. The Federal Court held that there was
decision is relevant only to working holiday visa no relevant “reimbursement agreement” to trigger
holders that are a national of Chile, Finland, the application of section 100A.
Germany, Israel, Japan, Norway, Turkey and the UK The Commissioner also argued in the alternative
as Australia’s double tax agreements with these that the general anti-avoidance provisions (Part IVA
countries contain the type of clause that was of the Income Tax Assessment Act 1936) applied to
considered by the High Court. The ATO anticipates the “scheme”, on the basis that the dominant
that most working holiday makers would not purpose of a scheme was to derive a tax benefit.
ordinarily be a tax resident of Australia on the basis This argument also failed, with the judge finding
that they are likely to be in Australia for a holiday. there was no tax benefit, and even if there was, an
If a taxpayer wishes to contend that they are a analysis of the relevant factors would lead to a
resident under the residency tests, the conclusion that the dominant purpose of the scheme
Commissioner will expect an explanation as to why was risk minimisation and wealth accumulation.
they consider that they are a resident and may ask Whilst this case provides some guidance on the
for supporting evidence (whether or not the taxpayer application of section 100A, it is important to note
self-assessed as a resident or a non-resident). that the outcome is very fact specific, and it is not
The Commissioner will consider appropriate yet known if the Commissioner will appeal this
compliance strategies to ensure that working holiday decision to the Full Federal Court. The ATO is
maker visa holders are not self-assessing as expected to release proposed guidance on
residents when a consideration of the facts and section 100A in February 2022. For further insights
circumstances would show that they are not resident. into this decision, refer to our summary.
Comments on the decision impact statement are
due by 11 February 2022.
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Martina Crowley, Melbourne Glen Frost, Sydney Amy Etherton, Newcastle
Partner Partner Partner
+61 (3) 8603 1450 +61 (2) 8266 2266 +61 (2) 4925 1175
martina.crowley@pwc.com glen.frost@pwc.com amy.etherton@pwc.com
Samantha Vidler, Brisbane Matt Gurner, Perth Alistair Hutson, Adelaide
Partner Partner Partner
+61 (7) 3257 8813 +61 (8) 9238 3458 +61 (8) 8218 7467
samantha.vidler@pwc.com matthew.gurner@pwc.com alistair.hutson@pwc.com
January 2022
PwC 9PwC’s Monthly Tax Update
State Taxes Update
Victorian windfall gains tax and until 31 December 2021 to nominate a designated
beneficiary. If a designated beneficiary was not
build to rent concessions now law nominated for a discretionary trust, or if the notice
The Windfall Gains Tax and State Taxation and of designated beneficiary was submitted after
Other Acts Further Amendment Bill 2021 (Vic) is 31 December 2021, SA land tax will be assessed
now law. This legislation introduces a windfall gains against the trust held land at the trust land tax rates.
tax in Victoria that is designed to capture uplifts in
value above AUD 100,000 resulting from rezoning
NSW – Revised duty thresholds
and measures to provide land tax and absentee Revenue New South Wales (NSW) has issued a
owner surcharge concessions for eligible build-to- notice with transfer duty thresholds and base
rent developments. amounts applicable to transactions after
The legislation also contains other tax-related 1 February 2022 that are subject to duty. The
amendments to: notice was published to correct errors in thresholds
and base amounts published in a previous notice
extend the motor vehicle duty exemption for that would result in less duty being payable.
vehicles that are specially converted for The thresholds and base amounts in the previous
wheelchair access notice will apply to transactions that have already
provide a point of consumption framework for incurred a duty liability, or incur a liability before
keno tax 1 February 2022, duty, if not already assessed.
require land to be occupied exclusively for NSW – land tax rulings on low
charitable purposes in order for charities to be
eligible for a land tax exemption cost accommodation and
remove the land tax exemption for non-racing boarding houses
clubs from private gender-exclusive and gender Revenue NSW has issued the following land
restrictive clubs; and tax rulings:
provide tax offsets for emergency relief
LT 111 which outlines the approved guidelines
measures.
for the 2022 land tax year for landowners to
ACT circular on landholder duty claim an exemption or reduction in taxable land
value in respect of boarding houses, and
The Australian Capital Territory (ACT) Revenue
Office has issued Revenue Circular LHD002 LT 112 which sets out the approved guidelines
which identifies how landholder duty in the ACT is for the 2022 land tax year for landowners to
calculated, including how relevant acquisitions claim an exemption or reduction in taxable land
are valued. The circular, which is effective from value in respect of low cost accommodation
2 December 2021, confirms that duty is only situated near the Sydney central
payable once an acquisition results in ownership of business district.
50 per cent or more of a landholder and the method Queensland land tax changes
of calculating landholder duty depends on whether
there was a single acquisition or multiple The Queensland Government, as part of its 2021-22
acquisitions in the three-year period before the Mid-Year Fiscal and Economic Review, has
relevant acquisition. announced that additional land tax will be payable
on the taxable Queensland landholdings of entities
SA land tax – designated that own land in multiple jurisdictions. The proposed
beneficiaries of discretionary amendments will amend current land tax rules to
account for the value of land held interstate in
trusts determining the taxpayer’s QLD land tax liability.
Revenue South Australia (SA) has published details The timing of commencement of this measure will
on how to nominate a designated beneficiary of a be subject to the passage of appropriate legislative
discretionary trust to limit exposure to surcharge amendments.
land tax rates. Trustees of discretionary trusts had
January 2022
PwC 10PwC’s Monthly Tax Update
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Rachael Cullen, Sydney Barry Diamond, Melbourne Stefan DeBellis, Brisbane
Partner Partner Partner
+61 (4) 0947 0495 +61 (3) 8603 1118 +61 (7) 3257 8781
rachael.cullen@pwc.com barry.diamond@pwc.com stefan.debellis@pwc.com
Cherie Mulyono, Sydney Matthew Sealey Jess Fantin, Brisbane
Partner Partner Partner
+61 (2) 8266 1055 +61 (4) 0068 4803 +61 (7) 3257 5501
cherie.mulyono@pwc.com matthew.sealey@pwc.com jess.fantin@pwc.com
Rachael Munro, Perth
Partner
+61 (8) 9238 3001
rachael.munro@pwc.com
Superannuation Update
Draft guidance on exclusion of such as financial hardship or distress or events that
occurred after the benefit was received.
super benefits from assessable
Comments on the draft practice statement and
income taxation determination are due by 4 February 2022.
Generally, a superannuation benefit received by an
individual is taxed concessionally. However, a
Treatment of veterans’s invalidity
superannuation benefit received by an individual pensions to be changed
from a complying superannuation fund otherwise The Government has announced that it will amend
than in accordance with relevant superannuation the tax treatment of superannuation benefits that
regulations is included in their assessable income commenced on or after 20 September 2007 and
under Division 304 of the Income Tax Assessment were affected by the Full Federal Court decision in
Act 1997 and assessed according to the individual’s Commissioner of Taxation v Douglas [2020] FCAFC
marginal tax rates. This is however subject to the 220 so that they are taxed as superannuation income
exercise of the Commissioner’s discretion that it stream benefits, rather than as lump sums. A new
would be unreasonable to include the non refundable tax offset will apply to recipients of
superannuation benefit in the individual’s income, invalidity pensions paid from the impacted schemes,
having regard to the nature of the fund the but will operate in a manner that ensures that
superannuation benefit was paid from. veterans who would be better off in a particular
The Australian Taxation Office (ATO) has issued income year if the invalidity pension were still treated
draft taxation determination TD 2021/D6 that as lump sums would retain that tax benefit.
clarifies the tax treatment when the Commissioner Although the proposed changes will apply
exercises his discretion. In particular, the draft retrospectively, in the interim, the ATO’s legislative
determination considers how Division 304 interacts instrument MS 2022/1 continues with an alternative
with the other Divisions of the tax law which set out method for calculating the tax-free and taxable
the relevant tax rules for amounts paid as components of superannuation benefits paid under
superannuation member benefits or superannuation defence force invalidity pensions during the 2021-22
death benefits. financial year.
The ATO has also issued draft law administration
practice statement PS LA 2021/D3 that sets out the Regulations to allow ATO to pay
circumstances where the Commissioner will amounts to KiwiSaver accounts
exercise his discretion to exclude a superannuation
The Treasury Laws Amendment (KiwiSaver
benefit from an individual’s assessable income
Scheme) Regulations 2021 prescribe certain criteria
when paid in breach of legislative requirements.
that must be satisfied for the ATO to pay an amount
Discretion is more likely to be exercised where the
to a KiwiSaver scheme provider. The regulations
circumstances were outside of the individual’s
support amendments to superannuation legislation
control, which is more likely to be the case with
allowing individuals to direct the ATO to pay
regulated funds that are managed at arm’s length.
unclaimed superannuation amounts to a KiwiSaver
The PS LA also lists out factors that should have
scheme under the Trans-Tasman Retirement
little or no weight in the Commissioner’s decision,
Savings Portability scheme which allows Australians
January 2022
PwC 11PwC’s Monthly Tax Update
and New Zealanders to transfer their retirement time for the notice to be given or to disregard the
savings between Australia and New Zealand. notice requirement despite the taxpayer’s claims of
hardship.
Division 293 tax: No discretion to
disregard lump sum payout Assets found not to be held by
The Administrative Appeals Tribunal (AAT) has held SMSF
that there is no discretion for the ATO to alter, The Federal Court has held in Frigger v Trenfield
reduce, remove, disregard or reallocate (No 10) [2021] FCA 1500 that certain assets were
superannuation contributions to a different financial not assets held by a self-managed superannuation
year for purposes of applying the Division 293 fund (SMSF) and were therefore divisible amongst
superannuation contributions tax. In KXCS v the creditors of the taxpayers as undischarged
Federal Commissioner of Taxation [2021] AATA bankrupts. In the facts of this case, the assets were
4498, the taxpayer was made redundant in the held in the name of only one of the trustees and
second last month of the financial year and received were not clearly identified as assets of the SMSF as
a large redundancy payment and payouts for distinct from personal assets, including by being
accrued annual leave and long service leave which legally recorded as owned by the SMSF.
increased his income and superannuation
contributions for the 2017-18 financial year to MySuper and Choice heatmaps
$257,546, which exceeded the Division 293 published
earnings threshold of $250,000. The taxpayer
The Australian Prudential Regulation Authority
argued that this outcome was unfair and the ATO
(APRA) has published the annual statistics for
should exercise a discretion to excuse him from the
individual superannuation funds and products for
additional tax. The AAT found that there is no
2021. A number of statistics are reported including
discretion within Division 293 to disregard any
fund performance, fees and profile and structure.
amount of leave payout from the amount of the
taxpayer’s 2017-18 income. APRA has also published the Choice Heatmap (on
products actively chosen by members) and
Division 293 tax: Crown MySuper Heatmap, supported by an insights paper
Prosecutor a constitutionally and technical papers. The Choice Heatmap
provides information on investment returns, fees
protected office and costs and sustainability of member outcomes.
The AAT has found that a Victorian Senior Crown It has been reported that 60 per cent of the Choice
Prosecutor was a constitutionally protected higher investment options considered gave returns belows
level office holder, holding a position equivalent to APRA’s benchmark over seven years and
the head of a government department, performance varied significantly more than MySuper
instrumentality or agency and accordingly was not products. In respect of MySuper products, 31 of 69
subject to Division 293 superannuation contributions delivered returns belows APRA’s benchmarks and
tax. The decision in Rogers v Federal Commissioner twenty-two MySuper products had closed since the
of Taxation [2021] AATA 4478 was made on the last Heatmap was published.
basis that a Crown Prosecutor enjoyed significant
autonomy to conduct proceedings in the name of Superannuation Data
the Director of Public Prosecutions and was Transformation FAQs
effectively stepping into the shoes of the Director
when conducting proceedings. As a result, the APRA has also published additional frequently
taxpayer was exempt from Division 293 tax imposed asked questions (FAQs) for registrable
on superannuation contributions. superannuation entities (RSE) on the
Superannuation Data Transformation Phase.
No deduction for personal super The FAQs clarify reporting issues raised by
contributions RSE licensees.
The AAT has held in Khanna v Federal Remake of the sunsetting super
Commissioner of Taxation [2022] AATA 33 that a co-contribution regulations
taxpayer was not able to claim a deduction for
personal superannuation contributions on the basis Federal Treasury has released for comment draft
that the required notice to his superannuation fund Superannuation (Government Co-contribution for
was not lodged on or before the date of the relevant Low Income Earners) Regulations 2022 that will
income tax return for the income year in which the remake the Superannuation (Government
contribution was made. The AAT found that there Co-contribution for Low Income Earners)
was no discretion in the legislation to extend the Regulations 2004 which sunset on 1 April 2022.
January 2022
PwC 12PwC’s Monthly Tax Update
The proposed new regulations will simplify and Super splitting in WA
restructure the previous regulations while also
omitting certain redundant provisions. The The Superannuation Legislation Amendment
regulations also include changes to the definition of (Western Australia De Facto Superannuation
“eligible account” excluding those that only provide Splitting) Regulations 2021 ensure separating de
terminal medical condition benefits and to clarify facto couples in Western Australia (WA) receive a
where a government co-contribution should be fair split of superannuation property in separation
directed in certain circumstances. Comments on the proceedings. The regulations were enacted
draft regulations were due by 14 January 2022. pursuant to a referral of power from Western
Australia to the Commonwealth in respect of
superannuation matters in family law proceedings in
Western Australia.
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Naree Brooks, Melbourne Marco Feltrin, Melbourne Abhi Aggarwal, Brisbane
Partner Partner Partner
+ 61 (3) 8603 1200 + 61 (3) 8603 6796 + 61 (7) 3257 5193
naree.brooks@pwc.com marco.feltrin@pwc.com abhi.aggarwal@pwc.com
Alice Kase, Sydney Ken Woo, Sydney Allister Sime, Melbourne
Partner Partner Director
+ 61 (2) 8266 5506 + 61 (2) 8266 2948 +61 (3) 8603 1195
alice.kase@pwc.com ken.woo@pwc.com allister.sime@pwc.com
Sharyn Frawley
Director
+61 (3) 8603 1217
sharyn.frawley@pwc.com
Legislative Update
Federal Parliament resumes for the 2022 calendar Customs Amendment (Controlled Trials) Bill
year on 8 February 2022. Since our last update, the 2021, introduced into the House of
following Bills have been introduced into Parliament: Representatives on 25 November 2021, is part of
Corporate Collective Investment Vehicle the Government’s Simplified Trade System
Framework and Other Measures Bill 2021, agenda announced in the 2020-21 Budget. The
introduced into the House of Representatives on Bill establishes a new regulatory framework to
25 November 2021, which proposes to: facilitate proof-of-concept trials of new
technology, business models and regulatory
– establish the tax and regulatory framework for approaches with appropriate regulatory
the corporate collective investment vehicles oversight.
– extend the loss carry back measure for an The following legislation has received Royal Assent
additional year to 30 June 2023 and is now law:
– list additional deductible gift recipients Treasury Laws Amendment (2021 Measures
No 5) Act 2021 that gives effect to reforms to the
– make minor and technical amendments to
Australian screen production incentives and
treasury laws
makes minor and technical amendments to
– insert a new covenant requiring registrable various tax and superannuation measures.
superannuation entities to develop a Territories Stolen Generations Redress Scheme
retirement income strategy for beneficiaries (Consequential Amendments) Act 2021 that,
approach retirement, and amongst other things, ensures no tax is payable
– remove the cessation of employment as a on payments made under the Territories Stolen
taxing point for employee share scheme Generations Redress Scheme.
interests.
January 2022
PwC 13PwC’s Monthly Tax Update
The following Commonwealth revenue measures referred to in section 4 of the Military
were registered as a legislative instrument since our Superannuation and Benefits Act 1991 that
last update: specifies an alternative method for calculating
Treasury Laws Amendment (Miscellaneous the tax-free and taxable components of
Amendments) Rules 2021 which allows the superannuation benefits paid under defence
Australian Taxation Office (ATO) to make force invalidity pensions during the 2021-22
JobKeeper payments after the previous financial year.
31 March 2022 cutoff date when giving effect to Treasury Laws Amendment (Miscellaneous and
an objection decision. Technical Amendments No. 2) Regulations 2021
Income Tax Assessment (Developing Country which amend various Treasury portfolio
Relief Funds) Declaration 2021 that consolidates regulations for minor and technical changes,
previous developing relief fund declarations into including amendments to the Superannuation
a single instrument and declares four (Unclaimed Money and Lost Members)
additional public funds to be developing Regulations 2019 to ensure the recovery of
country relief funds. overpayment in Part 4B of the Superannuation
(Unclaimed Money and Lost Members) Act 1999
Treasury Laws Amendment (KiwiSaver Scheme) operates properly and consistent with the other
Regulations 2021 to prescribe further matters recovery of overpayment provisions in that Act.
that must be satisfied for the ATO to pay an
amount to a KiwiSaver scheme provider. Superannuation Legislation Amendment
(Western Australia De Facto Superannuation
Taxation Administration — Single Touch Payroll Splitting) Regulations 2021 that ensures that any
— 2021–22 and 2022–23 years Withholding provisions in regulations which deal with
Payer Number Exemption 2021 to exempt superannuation splitting under the Family Law
entities with a withholding payer number and no Act 1975 also apply to superannuation splits
Australian Business Number from reporting made by de facto couples in Western Australia.
under single touch payroll for the 2021-22 and
2022-23 income years. Customs Tariff Amendment (2022 Harmonized
System Changes and Other Measures)
Income Tax: Alternative method for calculating Regulations 2021 and Customs Amendment
the tax free component and taxable component (2022 Harmonized System Changes and Other
of a superannuation benefit paid during the Measures) Regulations 2021 that update tariff
2021-22 financial year for recipients of certain classification headings and subheadings to
pensions under the Defence Force Retirement implement the 2022 Harmonized System (refer
and Death Benefits Act 1973 and the Trust Deed to Global tax section for further details).
Let’s talk
For a deeper discussion of how these issues might affect your business, please contact:
Chris Morris, Sydney Michael Bona, Brisbane Warren Dick, Sydney
Australian Tax Leader Global Tax Leader Tax Reporting & Strategy Leader
+61 (2) 8266 3040 +61 (7) 3257 5015 +61 (2) 8266 2935
chris.morris@pwc.com michael.bona@pwc.com warren.dick@pwc.com
Sarah Hickey, Sydney James O’Reilly, Brisbane Jason Karametos, Melbourne
Sydney Tax Market Leader Brisbane Tax Leader Industries Tax Leader
+61 (2) 8266 1050 +61 (7) 3257 8057 +61 (3) 8603 6233
sarah.a.hickey@pwc.com james.oreilly@pwc.com jason.karametos@pwc.com
Kirsten Arblaster, Melbourne Rob Bentley, Perth Alistair Hutson, Adelaide
Melbourne Tax Leader Perth Tax Leader Partner
+61 (3) 8603 6120 +61 (8) 9238 5202 +61 (8) 8218 7467
kirsten.arblaster@pwc.com robert.k.bentley@pwc.com alistair.hutson@pwc.com
Liam Collins, Melbourne
Financial Services Tax Leader
+61 (3) 8603 3119
liam.collins@pwc.com
January 2022
PwC 14PwC’s Monthly Tax Update
Other News
ATO’s Next 5,000 findings report approach to determining if income earned by an
individual professional practitioner is not
The Australian Taxation Office (ATO) has released appropriately taxed and provides a risk assessment
its findings report containing observations and framework allowing taxpayers to self-assess their
insights into the findings of the privately owned and risk. The ATO is primarily concerned with
wealthy groups Next 5,000 program up to arrangements where profits are allocated in a way
5 November 2021. The ATO’s key observations of that does not have a genuine commercial basis and
the private groups reviewed to date include: contains high risk features such as non-arm’s length
a high percentage have governance processes financing arrangements or multiple classes of
and procedures, but most are not documented shares and units held by non-equity holders.
documentation of the tax return preparation, PCG 2021/4 will apply from 1 July 2022.
review process and identification of material Mid-Year Economic and Fiscal
transactions helps groups to recognise tax risk
and avoid errors, and Update
private groups that seek tax advice for material The Treasurer released the Mid-Year Economic &
risks and issues are more likely to make correct Fiscal Outlook (MYEFO) on 16 December 2021.
disclosures and adopt correct tax treatments. Whilst the majority of the tax and superannuation
measures contained in MYEFO had been previously
Common tax issues encountered include loans and
announced, there were some new measures and/or
payments to shareholders and associates not
changes to previously announced measures
complying with Division 7A of the Income Tax
including:
Assessment Act 1997 (deemed dividends and
private companies), lack of record keeping and an income tax exemption for the International
incorrect use of prior year losses, non-arm’s length Federation of Association Football (FIFA) and its
transactions involving family or related parties, and Australian subsidiary for the FIFA 2023 Women’s
treatment of property sales on capital account. World Cup to be held in Australia and New
Zealand in 2023
For further information, refer to PwC’s Next 5,000
website and summary of the ATO’s findings report. the establishment of a deductible gift recipient
(DGR) general category to enable funds that
Temporary full expensing ruling support pastoral care and analogous wellbeing
finalised services delivered to students in Australian
primary and secondary schools to access
The ATO has finalised Law Companion Ruling LCR DGR status
2021/3 on temporary full expensing. The final ruling
from 1 July 2021 to 30 June 2030, individuals will
contains additional guidance on the operation of
be allowed to re-contribute amounts withdrawn
temporary full expensing, based on feedback
as part of the COVID-19 early release of
received on the draft ruling that was released for
superannuation program as non-concessional
consultation.
contributions above and beyond the existing non-
By way of reminder, the temporary full expensing concessional cap
measure provides an optional temporary deduction
the Digital Games Tax Offset, which is proposed
for the full cost of certain depreciating assets
to be available from 1 July 2022, will be
acquired by taxpayers with aggregated turnover of
expanded to include qualifying expenditure on
up to AUD 5 billion. LCR 2021/3 provides guidance
eligible games following their public release, and
on a number of concepts relevant to this measure,
including in relation to eligible entities and eligible additional funding for the ATO to:
assets, interaction with other provisions such as tax – continue its personal income taxation and
consolidation and the research and development shadow economy compliance programs (now
(R&D) tax offset, and integrity issues. funded until 30 June 2023), and for an
independent review of the ATO’s ongoing
Allocation of professional firm resourcing requirements
profits guidance – develop a service that supports
The ATO has finalised Practical Compliance superannuation funds to transfer members’
Guideline PCG 2021/4 which deals with the superannuation balances to the ATO for
allocation of profits by professional services firms reunification with members’ eligible active
(PCG 2021/4). PCG 2021/4 outlines the ATO’s accounts identified via the service
January 2022
PwC 15You can also read
