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Tax Practitioners Board

The Tax Practitioner’s Board has released its annual report.  In this video John Jeffreys, Tax and Super Australia’s Tax Counsel, comments on the key issues in the report.  He also comments on the pressures on tax agents and his recommendation for the type of relationship that should exist between the Tax Practitioner’s Board and tax

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Working holiday makers

The Federal Court recently decided that a UK citizen was a resident of Australia and, although holding a working holiday visa, was not subject to the working holiday maker tax rates.  This is because the non-discrimination article of the Australian/United Kingdom Double Taxation Agreement applied to the taxpayer.

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Tax residency – Working holiday maker

The Federal Court recently decided a tax residency issue in relation to a working holiday maker that visited Australia from the USA.  The taxpayer argued that she was a resident of Australia.  The case demonstrates the difficulty that tax agents often have with deciding whether an individual is a tax resident of Australia.

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Foreign Residents: Main Residence Exemption, tax planning (part 2)

The Federal Government has reintroduced the legislation to deny foreign residents of Australia the main resident exemption.  In this 2nd video on this topic,  John Jeffreys discusses issues with the new law and planning techniques to help reduce capital gains tax made by foreign residents on the sale of their Australian main residences.

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Foreign residents — Main residence exemption (part 1)

The Federal Government has reintroduced the tax legislation that denies the main residence exemption for foreign residents of Australia.  This controversial legislation, if passed,  now contains some carve-outs when certain “life events” occur to the taxpayer or their family.  Also, the transitional provision that prevents the legislation operating has been extended to 30 June 2020.

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Genuine redundancy & early retirement

A change to the tax law, applying from 1 July 2019, has just passed Federal Parliament in relation to genuine redundancy payments and early retirement scheme payments.  Now, such payments can be made up to a person’s pension age, rather than the previous age of 65.  This will benefit older employees who leave, in some

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High Court deduction case

An ATO appeal against a gaming machine operator’s win over a large tax deduction has been won. It may have long ramifications for other gaming machine operators, as well as future treatments of “blackhole” deductions.

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Real property: GST paid at settlement

New fact sheets are available on GST payment at settlement, with for buyers and for sellers. GST to be paid on a withholding bases for certain GST-registered vendors as well as purchasers. And what to do about there being no guidance on “potential” residential property.

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Fundamental international tax change

Global taxation of multinational enterprises could be about to change. BEPS strategies are being targeted by the OECD, with proposals to reduce a dependence on physical presence, profit allocation based on location of sales and more.

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Super Guarantee opt-out

Avoid extra tax on excess concessional contributions, but note there’s a new ATO form to be filled out — time restriction applies.

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