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A Sydney-based AFSL holder has agreed to close some of its digital advisory offerings after ASIC made approaches to it with concerns over the quality of advice distributed by the robo tools. The online robo tools concerned were providing automated financial...

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RobotSadHome
For some time now, the ATO has been making efforts to transition tax practitioners from the incumbent tax agent and BAS agent portals to its new Online services for agents system. A public beta version closed in August last year, and since...

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BusRushHome
The Federal Court has upheld an ATO decision regarding a US “gap year” worker (Stockton v Commissioner of Taxation [2019] FCA 1679). Aged 18 at the time of her first arriving in Australia, US citizen Rebekah Stockton spent most of...

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PeachesHome
The calculation of an individual’s total superannuation balance (TSB) will now include, in certain circumstances, the outstanding LRBA amount attributable to each member’s interest where the fund has an LRBA that was made under a contract entered into on or...

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CoupleQueryHome
Testamentary trust change proposed Expansion of estimates regime to GST, LCT and WET Extra time for new clients Super guarantee opt out form No more spreadsheet TBAR lodgments WTO looks to Australia for effective cross-border VAT model Jail after stealing...

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NeedToKnowHome
The ATO withdrew its long-standing Interpretative Decision 2003/589 in February this year, which dealt with circumstances where a company can forgive a debt owed for reasons of “natural love and affection” and not trigger consequences under the commercial debt forgiveness rules. Little...

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For some time now, the ATO’s data matching arm has been collecting bulk records from Australian cryptocurrency designated service providers. It follows a growth in Australian taxpayer participation with bitcoin and other cryptocurrency assets over recent years, with estimations from...

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BitcoinTrapHome
The Federal Court has held that the Taxation Commissioner Chris Jordan be allowed access to information that one of his Second Commissioners was holding as “protected information” about the tax affairs of Sydney accountant Vanda Russell Gould. Gould had claimed...

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LawBookHome
Every (yes, every) return to be ATO-scrutinised Love and affection re-think with commercial debt forgiveness Statement of tax record No discretion to remit superannuation excess transfer balance tax Residential vacancy fee: Annual return help, foreign owners Retirement income review: details...

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NeedToKnowHome
Non-arm’s length income (NALI) determinations from the ATO must crop up now and then in SMSF trustee nightmares, particularly in regard to LRBAs. While the NALI provisions are an accepted anti-avoidance measure designed to stop income that would otherwise attract...

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