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Tax return lodgments: Are you going to miss the bus?

By John Jeffreys, Tax Counsel I am very aware that many of you will have great difficulty in meeting the 85% lodgment requirement of the ATO for tax returns for the year ended 30 June 2020. Many of you are saying that it is impossible to meet lodgment targets. With this being so obvious, why

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Briefing a barrister

By Paul Jeffreys, Barrister at the Victorian Bar When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you and your client move towards a solution with confidence. Barristers (who are also referred to as ‘counsel’) are independent specialists

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Daily updates: 26-30 April

30 April ATO’s monthly performance scorecard records a few misses The ATO publishes a performance report on its service commitment activities each month, and the latest shows a few areas where it could have done better. Up to 31 March, responding within timeframes to SG employee notification issues within four months rated well below expectations

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Daily updates: 19-23 April

23 April Newly registered tax practitioners encouraged to join the conversationThe ATO holds open forums on a regular basis, and is encouraging new practitioners to take part in the upcoming sessions. Attendees can ask questions and hear tips and tricks that will help advance their career. See a list of topics here, and scroll down for

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Change of menu for business registration, and director ID regime is the entrée

The Modernising Business Registers program is well and truly under way, with Australian Securities and Investments Commission (ASIC) Registry employees already sharing office space and coffee mug cupboards with ATO staff. The plan is to unify the Australian Business Register (ABR) and 31 separate business registers administered by ASIC onto a single platform. The rolling out

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Deductibility of lump sum payments to secure medical centres’ business model

By Paul Jeffreys, Barrister at the Victorian Bar A Full Court of the Federal Court Australia has held that the Commissioner correctly denied tax deductions to a business operating medical centres on the basis that lump sum payments made by the business to medical practitioners, which secured the practitioners’ exclusive practice at the centres, were

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Updated guidance on PSI and PSB rules

by John Jeffreys In a kind of companion piece to PCG 2021/D2, the ATO has also released a draft ruling, TR 2021/D2, that consolidates and updates earlier guidance material on the operation of the personal service income and personal service business rules (TR 2001/7 and TR 2001/8). These highly prescriptive substance-over-form rules were introduced into

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Daily updates: 12-16 April

16 April Women and leadership development $5,000 scholarships applications openWomen & Leadership Australia is looking to encourage more women to step into leadership roles across the legal, finance and accounting sectors, and is therefore offering scholarships for three leadership development programs. Development scholarships of up to $5,000 per person are available. The present round of funding is available to women across

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The SME Recovery Loan Scheme is now open

Loans for small to medium enterprises (SMEs) are available from 1 April 2021 until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to firms that are eligible flood-affected businesses. Treasury says

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Daily updates: 6-9 April

9 April Retention of refunds on outstanding notifications A final practice statement, expected to be issued later this month, will conclude the approach outlined in PS LA 2020/D2. This will outline the Commissioner’s discretion to retain refunds on outstanding notifications under taxation law. The final outcome will also be guided by responses taken during public

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