Question:
Protect Assets: Register loan in 20 days or lose it!
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
A self-managed super fund may lose all of a loan it made to a Perth based public company that became insolvent six months later, after a Court ordered that it did not “perfect” its security over the loan funds by registering the loan on the Personal Property Securities Register within the 20 days required and in a period six months prior to the appointment of a voluntary administrator.
The Pozzebon Family Superannuation Fund lent $250,000 to Australian Gaming Entertainment Limited in December 2013. Six months later, when the trustees became concerned about the company’s financials, they registered their security interest.
A week later, the company was placed in voluntary administration with $860,000 in the bank and subsequently moved into liquidation in July 2014.
The presiding judge ruled that the super fund ranked only with unsecured creditors because it did not register the loan within the required 20 day period and also less than six months before insolvency and noted that it may not receive any dividend from the liquidation.
Pozzebon v Australian Gaming & Entertainment Limited [2014] FCA1034
NTAA November 14
s 588 FL of Corporations Act 2001
Andrew and Tony Lovett
8 December 2014
