Legislation to be introduced to “enshrine right to super”
The Government has announced that legislation will be introduced into Parliament this week to “enshrine a right to superannuation payments” under the “National Employment Standards”. The Government said that the proposed change would allow workers not covered by a modern award or enterprise agreement that contains a right to superannuation to take direct legal action for recovery of unpaid superannuation.
TPB: Guidance documents re providing services for a fee or reward
The Tax Practitioners Board has released the following Information Sheets in relation to the requirement that entities that provide a tax agent or BAS services for a fee or other reward must be registered: TPB(I) 38/2023 – What is a tax agent service?; TPB(I) 39/2023 – What is a BAS service?; and, TPB(I) 40/2023 – What is a fee or other reward?.
Taxpayer fails to prove default assessments were “excessive”
A taxpayer who carried on a consulting business has failed to prove that default assessments issued to him for failing to lodge tax returns were “excessive”. The default assessments were issued for the 2002 to 2009, 2012 and 2013 income years, however he only challenged the assessments for the 2003 to 2005 income years and the 2009 income years. In finding that the taxpayer failed to prove that those assessments were excessive and what his actual taxable income was in any of those relevant years, the AAT noted that the taxpayer’s characterisation of the bank account transactions in question were “self-serving statements and overwhelmingly uncorroborated’. It further noted that the taxpayer’s alleged amounts of taxable income for the relevant years to 2009 were inconsistent with the BASs he lodged those years. (Bloom and FCT [2023] AATA 417, 20 March 2023.)
GST Determination: waiver of tax invoice for vehicle under novated lease
The A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Acquisition of a Motor Vehicle Under a Novated Lease Arrangement) Determination 2023 has been made. It waives the requirement for an employer making a creditable acquisition of a motor vehicle by way of a lease through a full or split full novation arrangement to hold a tax invoice (where the document meets particular requirements) – and replaces the previous legislative instrument made in 2013.
Legislative instrument: Payment summary exemption for passbook accounts
The Taxation Administration (Exemption from Providing Payment Summaries to Passbook Account Holders) Legislative Instrument 2023 has been made. It exempts passbook account providers from the requirement to provide a payment summary to a holder of a passbook savings account for certain payments made to that account and repeals the previous Notice of exemption from providing payment summaries to passbook account holders (made on 30/11/2012).
Qld: Tax concessions for investment in affordable rental housing
The Queensland Government has announced that it will slash land tax by up to 50% for “Build-to-Rent” developments that feature at least 10% of rental homes as affordable housing. Specifically, the range of investment-attracting tax concessions for “Build-to-Rent” developments will include: a 50% discount on land tax payable for up to 20 years; a full exemption from the 2% foreign investor land tax surcharge for up to 20 years; and a full exemption from the Additional Foreign Acquirer Duty for the future transfer of a Build-to-Rent site.
