MC Tax Advisors

September 30, 2021

Tax Bulletin – September 2021

During September, the ATO has outlined its focus on disguising foreign sourced income as gifts and loans from overseas parties, and also its evidentiary requirements for genuine gifts and loans. Also this month, IGTO has released a report on the ATO’s strict rules for deferral requests for JobKeeper, creating an opening for prior deferral requests to be reviewed. STIMULUS UPDATE […]
August 31, 2021

Tax Bulletin – August 2021

The Treasurer has declared the latest State Government Covid-19 grants to be tax-free, whilst the ATO has issued a draft Tax Ruling on the deductibility of holding costs on vacant land. A taxpayer has also successfully argued at the AAT that they are carrying on a rental property business. STIMULUS UPDATE State Government grants The Victorian Government has announced further extensions […]
July 30, 2021

Tax Bulletin – July 2021

With more lockdowns in July, there have been further stimulus measures introduced. On the ATO front, it has now finalised the Law Companion Ruling in regard to the application of the NALE rules to superannuation funds, which requires trustees to ensure all expenditure is occurring on arm’s length terms. STIMULUS UPDATE Additional State Government grants The Victorian Government has announced further […]
July 2, 2021

Tax Bulletin – June 2021

Parliament was sitting in June and so a large number of tax and superannuation legislation has now been passed. There have also been some case decisions that are of relevance to SMEs, including on superannuation guarantee and non-residents deriving capital gains via a discretionary trust. LEGISLATION UPDATE With Parliament sitting this month a large number of Bills have been passed. Treasury […]