The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation [2018] FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.   

Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.  

On 29 March 2018 the Treasury Laws Amendment (2018 Measures No. 1) Act amending the Taxation Administration Act 1953 (the Act) received Royal Assent.

The Federal Government’s 2018 Budget contained much less change for the superannuation sector than previous years.

A key focus of the Federal Budget was on personal income tax cuts, and measures aimed at large companies and the black economy.