Redundancy Payments - The AAT Rejects the Commissioner's Position on Discretionary Sums Paid to Terminated Employee
The AAT has rejected the Federal Commissioner of Taxation’s (Commissioner) view that a discretionary payment received by an employee upon his termination should be taxed as ordinary income. Despite the payment being made upon the termination of the employee the Commissioner argued that it was received in respect of their employment as it was calculated in relation to fees earnt.
Important Tips and Traps of Small Business Structuring
Sladen Snippet – Taxpayer Appeals Federal Court Decision in Eichmann
In our earlier article, we noted the Federal Court in FCT v Eichmann [2019] FCA 2155 (Eichman) in late 2019 had found in favour of the Australian Taxation Office (ATO) (appealing a decision of the Administrative Appeals Tribunal) and held land used for storage was not an active asset for the purposes of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (ITAA 1997).
Transfers to Bare Trusts: Court of Appeal Provides Clarity on Duty Exemption
The Court of Appeal handed down its decision in MD Commercial Pty Ltd v Commissioner of State Revenue [2019] VSCA 295 in late 2019. The decision has provided further clarity on the application of section 35 of the Duties Act 2000 (Vic) which provides an exemption from duty for transfers to bare trusts.
Sladen Snippet - Federal Court finds land used for storage not an active asset
The Federal Court in FCT v Eichmann [2019] FCA 2155 (Eichmann) held that land used for storage was not an active asset for purposes of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (ITAA 1997).
Sladen Snippet - Active Asset Test – land used for storage: Eichmann v Commissioner of Taxation [2019] AATA 162
![Sladen Snippet - Active Asset Test – land used for storage: Eichmann v Commissioner of Taxation [2019] AATA 162](https://images.squarespace-cdn.com/content/v1/516cccdae4b0bacecd415c77/1550800383431-H7RONZRVYCF73VGD8R4T/Federal_Taxes.jpg)
Sladen Snippet – off and running (almost), Senate passes tightened requirements to CGT concessions for companies and trusts from 8 February 2018
CGT Discount Denied for Employee Share Scheme interest holder
Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes
Sladen Snippet; company tax rates – amongst the chaos a beacon emerged
We have previously written (see here and here) about the Tax Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 (the Bill) that proposes to deny the lower 27.5% corporate tax rate to corporate tax entities with less than $25 million of turnover that derive predominantly (80% or more) passive income (‘base rate entity passive income’) has not been debated by the Parliament since 12 February 2018.
Changes in the wind: increased tightening of taxpayers’ eligibility to CGT small business concessions
The application of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (CGT Concessions) is an area of interest for the Australian Taxation Office (ATO).