ATO Documents

Class ruling CR 2020/11 BlackWall Limited - demerger of WOTSO Limited

Tax Cases

Greig v FCT [2020] FCAFC 25 The Full Federal Court allowed a taxpayer’s appeal and held that $11.85m in share losses, as well as legal fees incurred, in respect of the compulsory transfer of shares for nil consideration in a company which went into voluntary administration were deductible under section 8-1 of the Income Tax Assessment Act 1997. For further details on the decision, please refer to our Tax Insight.

Progress of Legislation

Bill Treasury Laws Amendment (2020 Measures No. 1) Bill 2020
Description Broadens the definition of significant global entity; removes impediments to mergers between complying superannuation funds.
Status Introduced in House of Reps 12.02.20
Bill Treasury Laws Amendment (2018 Measures No. 2) Bill 2019
Description Reintroduces measures in lapsed Bill to establish the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes.
Status Received Royal Assent 26.02.20 Act No 8 of 2020
Bill Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019
Description Reintroduces measures in lapsed Bill to provide a one off amnesty for employers not meeting their superannuation obligations.
Status Passed both Houses 24.02.20
Bill Treasury Laws Amendment (2019 Measures No. 3) Bill 2019
Description Amends the Income Tax Assessment Act 1936 to provide that the tax concessions for income received by minors from a testamentary trust only apply to income generated by assets of the deceased estate which are transferred to the testamentary trust or the disposal or investment of such assets. Also makes minor amendments to 30 Acts regarding taxation, superannuation, corporations and credit.
Status Introduced in the Senate 12.02.20
Bill Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019
Description Makes a number of amendments to the eligibility of taxpayers to claim the R&D tax offset and extends Part IVA of the Income Tax Assessment Act 1936 to include the R&D tax offset. Amends the existing R&D recoupment and feedstock adjustment clawback rules so the rules become consolidated and uniform.
Status Introduced in the Senate 10.02.20