Tribunal Decisions uphold ATO stance on GST and UPEs
The AAT rejected a taxpayer’s late input tax credit claim, while the Full Federal Court upheld a decision that unpaid present entitlements (UPEs) are not considered loans for Division 7A purposes.
Superannuation support contractor case
Sessional lecturer entitled to superannuation support The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor. The ATO reviewed the situation and concluded that the lecturer was entitled to […]
Discretionary trusts and corporate beneficiaries
Tax treatment of deemed dividends When a trustee of a trust makes a decision to create an entitlement to income of the trust in favour of a corporate beneficiary (i.e., a privately held company), certain steps need to be taken to ensure that if the entitlement to the distribution remains unpaid (that is, no cash […]
Pandemic Leave Disaster Payment reinstated
Pandemic Leave Disaster payment In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end as of 30 June 2022. Eligibility for the payment will be backdated to […]
Black economy recommendations
Black economy recommendations will impact day-to-day business Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removing tax deductions for PAYG failure The Government is currently considering […]
Super Guarantee (SG) Amnesty
SG Amnesty still pending The proposed superannuation guarantee (SG) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019). It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. The ‘carrot’ currently on the table is […]
