RSEs have until 1 July 2022 to formulate retirement income strategy
APRA and ASIC have released a joint letter to all registrable superannuation entity (RSE) licensees notifying them of the requirement to formulate a retirement income strategy by 1 July 2022 following the introduction of the retirement income covenant to the Superannuation Industry (Supervision) Act 1993 (Cth).
Decision Impact Statement: Clough
The ATO has issued a Decision Impact Statement on the decision in Clough Ltd v FCT (No 2)  FCAFC 197 (covered in the Birchstone Brief for the week ended 19 November 2021).
In its Decision Impact Statement, the ATO states the decision is an application of well-settled principles regarding the operation of section 8-1 to the facts before the Court and is consistent with the reasoning in IT 2656. It also states that while the Commissioner acknowledges that whether a payment for the cancellation of employee entitlements in the context of a merger or acquisition event is deductible under section 8-1 is fact and circumstance-specific, Clough provides authority for the characterisation of outgoings in similar arrangements as being on capital account.
The Commissioner has applied to the High Court of Australia for special leave from the decision of the Full Federal Court in FCT v Shell Energy Holdings Australia Ltd  FCAFC 2.
Duties and Payroll Tax (Tas)
The Tasmanian Government has introduced a Bill that:
- retrospectively increases the maximum dutiable value of property that is eligible for the first home buyers and downsizing pensioners stamp duty discount to $600,000 from 1 January 2022; and
- extends the COVID-19 payroll tax rebate scheme for apprentices, trainees and youth employees in Tasmania to 30 June 2024.
Land Tax (Tas)
The Tasmanian Government has introduced a Bill that amends the Land Tax Rating Act 2000 (Tas) by:
- doubling the tax-free threshold for land tax to $100,000;
- increasing the upper tax threshold for land tax to $500,000; and
- decreasing the tax rate for land valued between $100,000 and $500,000 to 0.45 cents for each dollar exceeding $100,000.