TAX ON THE COUCH TOPICS - NTAA
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Tax on the Couch
TAX ON THE COUCH TOPICS
HOT TOPICS – MONTH-BY-MONTH
January/February 2020 Hot Topic
FBT nightmare for employees being entertained by third-parties
March 2020 Hot Topic
A guide to paying benefits from an SMSF
April 2020 Hot Topic
Superannuation guarantee amnesty
May 2020 Hot Topic
Home Office Expenses
June 2020 Hot Topic
Tax implications of destroyed income-producing depreciating assets
July 2020 Hot Topic
Tax return update for 2020 business returns
August 2020 Hot Topic
Planning with the new catch-up concession for concessional contributions (‘CC’)
September 2020 Hot Topic
Division 7A and journalising minimum yearly repayments
October 2020 Hot Topic
The tax treatment of the disposal of real property
November 2020 Hot Topic
The new company loss carry-back rules
December 2020 Hot Topic
Practical Implications of the Cash Flow Boost
© 2020 National Tax & Accountants’ Association Ltd 1Tax on the Couch
ATO UPDATES/SPECIAL TOPICS – MONTH-BY-
MONTH
January/February 2020 ATO Update
ATO response to Bushfire crisis and using myGovID and RAM in your practice (with Assistant Commissioner,
Colin Walker)
March 2020 ATO Update
ATO response to bushfires (with Deputy Commissioner, Vivek Chaudhary)
April 2020 Special Update
Coronavirus – Update on ATO and TPB measures
May 2020 ATO Update
ATO update on the superannuation guarantee amnesty (with Assistant Commissioner, Nadia Alfonsi)
June 2020 ATO Update
ATO priorities for Tax Time 2020 (with Assistant Commissioner, Karen Foat)
July 2020 ATO Update
ATO priorities for Tax Time 2020 – Part Two (with Assistant Commissioner, Karen Foat)
August 2020 ATO Update
Early release of superannuation (with Assistant Commissioner, Larissa Evans)
September 2020 ATO Update
Update on the Cash Flow Coaching Kit (with Assistant Commissioner, Andrew Watson)
October 2020 ATO Update
Debts owed to the ATO (with Assistant Commissioner, Claire O’Neill)
November 2020 ATO Update
GST Withholding and the margin scheme (with the ATO’s Scott Walker)
December 2020 ATO Update
Fringe Benefits Tax and ensuring employers meet their obligations (with the ATO’s Andrea Ross)
© 2020 National Tax & Accountants’ Association Ltd 2Tax on the Couch
ALL TOPICS COVERED
January/February 2020
Monthly Legislative Update
• Annual legislative recap pending first 2020 sittings
• Treasury Laws Amendment (2019 Measures No.3) Bill 2019
Monthly Rulings Update
• TR 2019/D7 – Income tax: when are deductions allowed for employees’ transport expenses?
• PS LA 2019/1 – Remission of additional superannuation guarantee charge
Monthly Case Update
• Reid and Commissioner of Taxation (Taxation) [2019] AATA 4624
• Toowong Pastures Pty Ltd as Trustee for the DB Family Trust trading as KBE Contracting Australia
Pty Ltd and FCT [2019] AATA 4897
• Commissioner of Taxation v Scone Race Club Limited [2019] FCAFC 225 and Commissioner of
Taxation v Racing Queensland Board [2019] FCAFC 224
• Commissioner of Taxation v Eichmann [2019] FCA 2155
Other Developments
• MYEFO – 2019/20
• Expanding the TPB register
• Lifestyle assets continue to be an ATO audit target
Hot Topic
• FBT nightmare for employees being entertained by third-parties
ATO Update – ATO
• ATO response to Bushfire crisis and using myGovID and RAM in your practice
© 2020 National Tax & Accountants’ Association Ltd 3Tax on the Couch
March 2020
Monthly Legislative Update
• New and recently passed Bills, including Treasury Laws Amendment (Combating Illegal Phoenixing)
Bill 2019 (which introduces various measures, including making company directors personally liable
for their company’s GST liabilities in certain circumstances), Treasury Laws Amendment (2019/20
Bushfire Tax Assistance) Bill 2020 (which makes government support payments to volunteer
firefighters and relief and recovery payments tax-free) and Treasury Laws Amendment (2018
Measures No.2) Bill 2019 (which amends the venture capital and early stage investor provisions to
ensure they operate as intended in relation to CGT)
• Draft legislation (including a draft Bill regarding Single Touch Payroll Reporting and Child support
information)
• SPR 2020/D1 – Superannuation Industry (Supervision) In-house Asset Determination - Intermediary
Limited Recourse Borrowing Arrangement Determination 2020
Monthly Rulings Update
• TD 2019/14 – Will a trust split arrangement of the type described in this Determination cause a new
trust to be settled over some but not all assets of the original trust with the result that CGT event E1
happens?
• CRP 2020/1 – Taxation Administration (Remedial Power - Disclosure of Protected Information by
Taxation Officers) Determination 2020
• Addendum to TR 2009/2 – Genuine redundancy payments
• Addendum to MT 2006/1 – Meaning of an entity carrying on an enterprise for the purposes of an
entitlement to an Australian Business Number
Monthly Case Update
• AAT upholds trustee and default beneficiary assessments – The Trustee for the Whitby Trust and
Commissioner of Taxation (Taxation) [2019] AATA 5637
• CGT small business concessions not available because taxpayer did not satisfy the maximum net
asset value test – Miley and Commissioner of Taxation (Taxation) [2019] AATA 5540
• Employee not entitled to superannuation payments above the ‘maximum contribution base’ – Whitt v
Clough Projects [2019] FCCA 3457
Other Developments
• TPB Information Sheet TPB(I) 17/2013 – Update regarding taking reasonable care to ascertain a
client’s state of affairs
• Inquiry into Centrelink’s Compliance Program – ATO not allowed to garnish ‘Robodebts’
Hot Topic
• A guide to paying benefits from an SMSF
ATO Update – ATO
• ATO response to bushfires (with Vivek Chaudhary – Deputy Commissioner)
© 2020 National Tax & Accountants’ Association Ltd 4Tax on the Couch
April 2020
Monthly Legislative Update
• Coronavirus Economic Response Package Omnibus Bill 2020
• The exposure draft Bill and Regulations intended to give effect to the measure: Superannuation –
improving flexibility for older Australians, effective from 1 July 2020
Monthly Rulings Update
• Update regarding Draft TR 2019/D5 - Fringe benefits tax – car parking fringe benefits
• CR 2020/12 – Apex Salary Packaging Pty Ltd - use of an electric bicycle (e-bike) by an employee
• SMSFRB 2020/1 – Self-managed superannuation funds and property development
• New ATO guidance regarding SMSF investment strategies
Monthly Case Update
• Taxpayer successfully claims a deduction of over $12 million for losses incurred on trading shares,
and associated legal fees – Greig v Commissioner of Taxation [2020] FCAFC 25
• Part of amount paid to a majority shareholder of a company after acquiring his shares was of an
income and not of a capital nature – NQZG and Commissioner of Taxation [2020] AATA 379
• Profits made on selling three parcels of land by three separate trusts were ordinary income, and not
capital gains entitled to concessional taxation – Doyle and Commissioner of Taxation (Taxation) [2020]
AATA 345
Other Developments
• Productivity Commission study report: Remote Area Tax concessions and payments
• ATO: Lodging line entry data
• TPB Discussion paper TPB(DP) D1/2020 – Continuing professional education requirements for tax
practitioners under the Tax Agent Services Act 2009
Hot Topic
• Superannuation guarantee amnesty
Special Topic
• Coronavirus – Update on ATO and TPB measures
© 2020 National Tax & Accountants’ Association Ltd 5Tax on the Couch
May 2020
Monthly Legislative Update
• Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 and Coronavirus
Economic Response Package Omnibus (Measures No. 2) Bill 2020 were recently passed, which
implement the Government’s economic response to the spread of the Coronavirus.
• The Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 were registered
on 9 April to establish the JobKeeper payment scheme and specify details about the scheme
• A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination
2020
Monthly Rulings Update
• TR 2020/1 – Deductions for work expenses under section 8-1 of the Income Tax Assessment Act 1997
• TD 2020/3 – What are the rates to be applied on a cents per kilometre basis for calculating the taxable
value of a fringe benefit arising from the private use of a motor vehicle other than a car for the fringe
benefits tax year commencing on 1 April 2020?
• TD 2020/4 – Reasonable amounts under section 31G of the Fringe Benefits Tax Assessment Act 1986
for food and drink expenses incurred by employees receiving a living-away-from-home allowance
fringe benefit for the fringe benefits tax year commencing on 1 April 2020
• GN 2020/1 – Salary sacrifice and super guarantee
• PCG 2020/2 – Expansion of estimates regime to GST, LCT and WET
Monthly Case Update
• Lump sum payment received by the taxpayer of workers’ compensation was assessable when it was
received – Zaghloul v FCT [2020] FCA 469
• Taxpayer found to be carrying on a business on large property predominantly covered by native forest
for the purposes of the CGT small business concessions – SWPD v FCT [2020] AATA 555
Other Developments
• ASIC grants relief to tax agents providing advice about early access to superannuation and BAS
services expanded for COVID-19
• ATO announces support measures to assist those affected by COVID-19
• ATO releases frequently asked questions for SMSFs dealing with the COVID-19 pandemic
• TPB releases Q&As regarding reasonable care requirements for agents
Hot Topic
• Home Office Expenses
ATO Update – ATO
• ATO update on the superannuation guarantee amnesty
© 2020 National Tax & Accountants’ Association Ltd 6Tax on the Couch
June 2020
Monthly Legislative Update
• The Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in
Turnover Test Rules 2020 were registered on 23 April 2020 and set out alternative decline in turnover
tests for seven categories of entities where there is not an appropriate relevant comparison period in
2019 for the purposes of satisfying the decline in turnover test for the JobKeeper Scheme.
• The Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 2)
2020 were registered on 1 May 2020 and make various clarifications to the JobKeeper rules (including
confirming that the ‘one in all in’ principle applies) and establishes a modified decline in turnover test
for certain groups that include an employer entity.
Monthly Rulings Update
• LCR 2020/1 – JobKeeper payment - decline in turnover test
• PS LA 2020/1 – Commissioner's discretion to allow further time for an entity to register for an ABN or
provide notice to the Commissioner of assessable income or supplies
• PCG 2020/4 – Schemes in relation to the JobKeeper payment
Monthly Case Update
• The purchase of a 14 hectare vacant block of land for development was not a creditable acquisition
as the activity did not constitute the carrying on of an enterprise – 304 Wanda Street Pty Ltd v FCT
[2020] AATA 921
• Upfronts payments made on entering into several lease and licence agreements to operate a franchise
at various locations and which were treated as “prepaid rent” were not deductible as they were capital
in nature – Mussalli v FCT [2020] FCA 544
Other Developments
• ATO update – Reporting eligible employees and JobKeeper top-up payments via STP
• ATO update – Frequently asked questions about JobKeeper for employers and employees
• TPB update – Frequently asked questions – COVID-19 stimulus measures and Code obligations
Hot Topic
• Tax implications of destroyed income-producing depreciating assets
ATO Update – ATO
• ATO priorities for Tax Time 2020
© 2020 National Tax & Accountants’ Association Ltd 7Tax on the Couch
July 2020
Monthly Legislative Update
• The Legislative Instrument – Income Tax Assessment Act 1997 – Cents per Kilometre Deduction Rate
for Car Expenses 2020 has been issued to increase the 2021 rate for work-related car expense
deductions to 72 cents (up from 68 cents).
• The Draft Legislative Instrument – STP 2020/D3 has been released by the ATO proposing to extend
the STP exemption for small employers in relation to closely-held payees from 1 July 2020 to 1 July
2021 in response to the COVID-19 pandemic.
• The Treasury Laws Amendment (2019 Measures No.3) Bill 2019 has also received Royal Assent,
passing legislation (amongst other things) in relation to the taxation of Testamentary Trusts and the
inclusion of ride sourcing (such as Uber) in the FBT taxi travel exemption.
• The Treasury Laws Amendment (2020 Measures No.3) Bill has received Royal Assent implementing
the six month extension to the $150,000 instant asset write-off to 31 December 2020, a reduction of
the GDP adjustment factor for both PAYG and GST instalments and an extension of the cash flow
boost to alienated PSI (amongst other things).
• The Tax Agent Services (Specific BAS Services No.2) Instrument 2020 was
• Amongst a package of five Bills in total the Commonwealth Registers Bill 2019 and the Treasury Laws
Amendment (Registries Modernisation and Other Measures) Bill 2019 have established the frame
work for a central Commonwealth business register and also implemented the frame work for the
proposed DIN or Director Identifier Number system to be implemented over the next two years.
Monthly Rulings Update
• PCG 2020/6 – Timing of deductions for super contributions made through the SBSCH
• PCG 2020/5 – Super funds and non-arm’s length expenditure: ATO traditional compliance approach
Monthly Case Update
• JobKeeper direction made by employer suffering substantial decline in turnover made to an employee
to reduce their working hours by 71.5% has been upheld on the basis that the direction was reasonable
(particularly in light of the fact it would be reviewed monthly by the employer) – Application by W.C
[2020] FWC 2928
• The AAT has set aside a TPB decision to cancel a tax agent’s registration - HFFV v TPB [2020] AATA
1712
• Various work related expenses denied while self-education expenses were allowed for an IT worker
- Hiremani and FCT [2020] AATA 1653
Other Developments
• The new Government $25,000 homebuilder program
• ATO update – Instant asset write-off and the car limit
• ATO update – Franking deficits tax reminder for companies who had their PAYG refunded due to
COVID-19 pandemic
• ATO update – COVID-19 Stimulus measures ATO integrity concerns (including the superannuation
withdrawal and re-contribution strategy)
• ATO Update - Division 7A extension for MYR applications
• TPB update – Increased BAS and tax agent fees from 1 July 2020
Hot Topic
• Tax return update for 2020 business returns
ATO Update – ATO
• ATO priorities for Tax Time 2020 – Part Two (with Assistant Commissioner, Karen Foat)
© 2020 National Tax & Accountants’ Association Ltd 8Tax on the Couch
August 2020
Monthly Legislative Update
• The JobKeeper 2.0 Treasury Fact Sheet - The JobKeeper will be extended until 28 March 2021
converting to a dual payment system with ongoing decline in turnover eligibility requirements from the
end of September 2020.
• Update in relation to lodging 2020 DOD returns electronically in light of Taxation Administration
(Remedial Power — Disclosure of Protected Information by Taxation Officers) Determination 2020 -
The ATO has recently advised Tax Practitioners will again be permitted to lodge 2020 DOD returns
electronically from July 2020.
• Revised start dates for various legislative amendments - Update via media release from the
Government about revised (deferred) start dates for various legislative amendments, including reforms
to Division 7A.
Monthly Rulings Update
• TR 2020/2 – Income tax: Deductions for expenditure on environmental protection activities
• PCG 2020/3 – Claiming deductions for additional running expenses incurred whilst working from home
due to COID-19 – extension to 30 September 2020
• STP update for WPNs – Taxation Administration – Single Touch Payroll – 2020-21 year Withholding
Payer Number Exemption 2020
Monthly Case Update
• Decision Impact Statement – Greig v Commissioner of Taxation - The ATO has accepted the Full Federal
Court’s decision in Greig v Commissioner of Taxation [2020] FCAFC 25 which applied the Myer
Emporium principle to a share trader who had incurred just under $12 million in losses with respect of
the sale of shares in a single company when allowing the transition to be treated on revenue account
(i.e., as an isolated profit making transaction).
• AJ & PA McBride Ltd and Commissioner of Taxation (Taxation) [2020] AATA 1909 - No immediate
deduction was allowed for (extensive) fences that were acquired with a sheep station.
Other Developments
• PAYG obligations and claiming deductions for payments to workers – The ATO has reminded tax
practitioners that their business clients cannot claim deductions for payments to workers if they
have not met their PAYGW obligations due to new rules which took effect on 1 July 2019 and apply
to income tax returns lodged for the 2020 income year onwards.
• GST Withholding for residential property transactions – The ‘GST at settlement’ transitional
arrangements end on 30 June 2020. From 1 July 2020 contracts entered into before 1 July 2018
for new residential premises or potential residential land may be subject to the withholding
obligations under GST at settlement.
• 2019 Individual tax return deadline extended for continued child care support.
• ATO website update – Supporting information for PBR applications when carrying on a business.
Hot Topic
• Planning with the New catch-up concession for concessional contributions (‘CC’)
ATO Update – ATO
• Early release of superannuation (with Assistant Commissioner, Larissa Evans)
© 2020 National Tax & Accountants’ Association Ltd 9Tax on the Couch
September 2020
Monthly Legislative Update
• The JobKeeper - The JobKeeper has been extended until 28 March 2021 converting to a dual payment
system with ongoing decline in turnover eligibility requirements from 28 September 2020 (i.e.,
JobKeeper 2.0). In this month’s update, we consider the further adjustments announced on 7 August
2020 in relation to the tweaks to the ‘Decline in Turnover’ tests applicable to JobKeeper 2.0. We also
consider the extension of the eligible employee test to eligible employees employed on 1 July 2020
(in addition to the 1 March 2020 date) in the Legislative Instrument issued on 14 August 2020 (i.e., the
Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 7) 2020).
• Update on Treasury Law Amendment (More Flexible Superannuation Bill) 2020 and Treasury Laws
Amendment (Your Superannuation, Your Choice) Bill 2019.
• Other COVID-19 Economic Stimulus measures summary and update as summarised in the NTAA’s
fact sheet – JobKeeper 2.0 + more.
Monthly Rulings Update
• PS LA 2020/D1 - Remission of additional superannuation guarantee charge
• SPR 2020/D2 - Draft Self Managed Superannuation Funds (COVID-19 Rental income deferrals - In-
house Asset Exclusion) Determination 2020
Monthly Case Update
• Appeal decision of the Full Federal Court – Commissioner of Taxation v Fortunatow [2020] FCAFC 139 –
This appeal decision has overturned the earlier Federal Court decision in relation to PSI and passing the
personal services business ‘unrelated clients test’ when clients engage via an intermediary (i.e., recruitment
agency), specifically where recruitment agencies have identified the taxpayer via their LinkedIn profile.
• Chadbourne and Commissioner of Taxation [2020] AATA 2441 - Interest incurred by a discretionary
trust’s beneficiary held not to be deductible where funds were onlent (interest free) to the trust to
purchase income producing assets.
• Appeal decision of the Full Federal Court - Commissioner of Taxation v Addy [2020] FCAFC 136 – the
taxpayer (Ms Addy) was found to be an Australian tax resident under the 183 day test, however, the
FFC over turned the Federal Court’s earlier decision with respect to the application of Article 25 (i.e.,
the anti-discrimination clause) of the Australian and UK Double Taxation Agreement in relation to the
working holiday maker regime.
• Gilliland and ASIC [2020] AATA 2660 - The AAT has ruled that an SMSF auditor should not have been
disqualified by ASIC (for breaching auditor independence rules) in relation to his family SMSF.
Other Developments
• ATO Update – Clarification on Trust return compliance and Division 6AA eligible income
• FBT – ATO Fact Sheet : COVID-19 and car fringe benefits
• Income Tax and GST: ATO Fact Sheet – Government Grants and payments during COVID-19 and
Services Australia Fact Sheet – Pandemic Leave Disaster Payment
• Individual tax residency: ATO Fact Sheet – Residency and source of income
Hot Topic
• Division 7A and journalising minimum yearly repayments
ATO Update – ATO
• Update on the Cash Flow Coaching Kit (with Assistant Commissioner, Andrew Watson)
© 2020 National Tax & Accountants’ Association Ltd 10Tax on the Couch
October 2020
Monthly Legislative Update
Bills Before Parliament:
• Currency (Restrictions on the Use of Cash) Bill 2019; Treasury Laws Amendment (More Flexible
Superannuation) Bill 2020; and Treasury Laws Amendment (Self Managed Superannuation Funds)
Bill 2020
Bills that received Royal Assent and other Regulations/Instruments that have been registered:
• Coronavirus Economic Response Package (JobKeeper Payments) Amendment Bill 2020; Treasury
Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations (No. 3)
2020; Coronavirus Economic Response Package (Payments and Benefits) Alternative Reference
Period Determination 2020; Coronavirus Economic Response Package (Payments and Benefits)
Amendment Rules (No. 8) 2020; Coronavirus Economic Response Package (Payments and Benefits)
(Timing of Supplies Made and Decline in Turnover Test) Rules 2020 (No. 1); Coronavirus Economic
Response Package (Payments and Benefits) Higher Rate Determination 2020
Monthly Rulings Update
• WTI 2020/D1 - Goods and Services Tax: Waiver of Tax Invoice Requirement (Corporate Card
Statements) No. 2 Determination 2020
• TPB(PN) D42/2020 - Use and disclosure of a client’s TFN and TFN information in email
communications
• PS LA 2004/11 (updated) – Treating a document as a tax invoice or adjustment note
Monthly Case Update
• ASIC has appealed to the Federal Court against the decision in Gilliland and ASIC [2020] AATA 2660,
a case dealing with SMSF auditors and auditor independence.
• The Full Federal Court upheld the taxpayer’s appeal against a Federal Court decision in Eichmann v
Commissioner of Taxation [2020] FCAFC 155, confirming that vacant land used to store assets used
in a business, is capable of being treated as an ‘active asset’ for the purposes of applying the CGT
small business concessions.
• The Full Federal Court has held that adult beneficiaries of a discretionary trust had effectively
disclaimed their entitlement to trust income in Carter v Commissioner of Taxation [2020] FCAFC 150.
• The AAT held that a beneficiary had not effectively disclaimed a distribution made by a discretionary
trust in The Beneficiary and Commissioner of Taxation [2020] AATA 3136.
• The AAT held that an employee’s deductions for home-to-work travel when carrying bulky/heavy
equipment were to be denied due to there being a secure storage facility for the equipment at the
employee’s worksite in Bell and Commissioner of Taxation [2020] AATA 3194.
Other Developments
• COVID-19 relief: Changes to the Auditor Contravention Report and SMSF IAR instructions
• Transitional compliance approach to non-arm’s length expenditure – clarifying the obligations of SMSF
auditors
• Additional Support for Victorian Businesses
• Impact of JobKeeper payments on turnover tests for various concessions
Hot Topic
• The tax treatment of the disposal of real property
ATO Update – ATO
• Debts owed to the ATO (with Assistant Commissioner, Claire O’Neill)
© 2020 National Tax & Accountants’ Association Ltd 11Tax on the Couch
November 2020
Monthly Legislative Update
• Treasury Law Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020
• Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020
• Exposure draft – Corporations Amendment (Corporate Insolvency Reforms) Bill 2020
Monthly Rulings Update
• PCG 2020/3 – Update – Working from home 80 cents per hour method extended
• Variation 2020/1 – PAYG Withholding variation for foreign resident capital gains withholding payments
– no residue after a mortagagee exercises a power of sale 2020
• Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover
Test Rules (9 October 2020)
• LCR 2020/1A3 – Addendum – JobKeeper payment – decline in turnover test addendum
Monthly Case Update
• The Full Federal Court upheld the taxpayer’s appeal against a Federal Court decision, confirming that
vacant land used to store assets used in a business, is capable of being treated as an ‘active asset’
for the purposes of applying the CGT small business concessions. See Eichmann v Commissioner of
Taxation [2020] FCAFC 155.
• The AAT has decided that an unemployed taxpayer should be released from most of his tax debts on
grounds of serious hardship. See Cox and FCT [2020] AATA 3857.
Other Developments
• The ATO’s TAX GAP Update – Total Tax Gap
• SMSF valuations: ATO concession during COVID-19
• Payments to satisfy work test for super contributions
Hot Topic
• The new company loss carry-back rules
ATO Update – ATO
• GST Withholding and the Margin Scheme (ATO, Scott Walker)
© 2020 National Tax & Accountants’ Association Ltd 12Tax on the Couch
December 2020
Monthly Legislative Update
• Miscellaneous amendments to Treasury portfolio laws 2020
• Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 9) 2020
• Treasury Laws Amendment (2020 Measures No 4) Bill 2020
• Social Services and Other Legislation Amendment (Extension of Coronavirus Support) Bill 2020
• Social Services and Other Legislation Amendment (Coronavirus and Other Measures) Bill 2020
• Corporations Amendment (Corporate Insolvency Reforms) Bill 2020
• Treasury Laws Amendment (Self Managed Superannuation Funds) Bills 2020
• Treasury Laws Amendment (2020 Measures No. 5) Bill 2020
Monthly Rulings Update
• PS LA 2020/3 – Self-managed superannuation funds - administrative penalties imposed under
subsection 166(1) of the Superannuation Industry (Supervision) Act 1993
• PS LA 2020/D2 – The ATO's administrative approach to the extension of the Commissioner's
discretion to retain tax refunds
• CR 2020/55, CR 2020/56, CR 2020/59, CR 2020/60, CR 2020/67 - Various Class Rulings in relation
to approved Early Retirement Scheme Payments brought about at various universities as a result of
COVID-19
• Pending ATO Rulings for the 2021 calendar year
Monthly Case Update
• The AAT has held that a taxpayer was entitled to claim an input tax credit for an acquisition that
occurred before it was placed into administration, despite the fact that the related tax invoice had been
paid whilst it was in administration. See Coopers & Oxley Builders Unit Trust v FCT [2020] AATA
4325.
• The AAT has decided that a machinery repairman was not an extended definition employee for the
purposes of S.12(3) of the Superannuation Guarantee (Administration) Act 1992. See MWWD and
FCT [2020] AATA 4169.
Other Developments
• ATO asks auditors to check SAN misuse by SMSFs
• Inspector-General of Taxation News (IGOT) – Edition 14
• PAYG Instalments and company tax rates
Hot Topic
• Practical Implications of the Cash Flow Boost
ATO Update – ATO
• Fringe Benefits Tax and ensuring employers meet their obligations (with the ATO’s Andrea Ross)
© 2020 National Tax & Accountants’ Association Ltd 13You can also read
