No entitlement to GST input tax credits
The AAT has found that a company, which operated a car repair business, was not entitled input tax credits (ITCs) of some $92,000 because the BASs lodged by the company for the relevant tax periods between 1 January 2016 and 30 June 2016 were lodged 4 years after they were required to have been lodged. Accordingly, the AAT ruled that the company was no longer entitled to claim ITCs in relation to those periods. (H & B Auto Repair Centre Pty Ltd and FCT [2022] AATA 3561, 25 October 2022.)
New appointment to APRA
The Government has announced new appointments to the board of the Australian Prudential Regulation Authority (APRA). John Lonsdale has been appointed to be the next Chair, Margaret Cole to become a Deputy Chair, and Suzanne Smith and Therese McCarthy Hockey to become Members. Mr Lonsdale has been a Deputy Chair of APRA since 2018 with responsibility for APRA’s regulation of banks, building the prudential regulator’s crisis resolution capability and strengthening its collaboration with peer regulators.
Treasury Annual Report 2021 22 released
The Treasury Annual Report 2021‑22 has been released. It outlines performance against outcomes, program and performance information contained in the Portfolio Budget Statements 2021‑22, Portfolio Additional Estimates Statements 2021‑22 and the Treasury Corporate Plan 2021‑22.
Victorian Melbourne Cup public holiday
TSA’s Daily Update will not be published tomorrow [Tuesday 1 November] in view of the Victorian Melbourne Cup public holiday. It will resume publication on Wednesday 2 November 2022.
