, , , , ,

Part 1: tax consolidation for SMEs series: pros and cons of forming a consolidated group?

, , , , ,
Part 1: tax consolidation for SMEs series: pros and cons of forming a consolidated group?

This is the first article in a series that aims to demystify the application of the tax consolidation rules in Part 3-90 of the Income Tax Assessment Act 1997 for private groups and small and medium enterprises (SMEs).

, ,

Minerva – Part IVA - Full Federal Court gives the taxpayer back its “Liberty”

, ,
Minerva – Part IVA - Full Federal Court gives the taxpayer back its “Liberty”

In 2022, the decision of the Federal Court in Minerva Financial Group Pty Ltd v Commissioner of Taxation [2022] FCA 1092 raised the question that tax benefits emanating from trustee decisions could be subject Part IVA. At that time, we said we think ‘no’ (see here).  

, ,

Victoria’s new commercial and industrial property tax – a tale of two regimes

, ,
Victoria’s new commercial and industrial property tax – a tale of two regimes

As we’ve noted previously, commercial and industrial properties sold or transferred on or from 1July 2024, will enter the new commercial and industrial property regime. Broadly, the regime will operate such that future transfers will not trigger land transfer (stamp) duty but rather the property will be subject to a (further) set of land tax, known as commercial and industrial property tax (CIPT).

, , , ,

Quy v FCT: less than 2 months in Australia … I still call Australia home

, , , ,
Quy v FCT: less than 2 months in Australia … I still call Australia home

The Administrative Appeals Tribunal (Tribunal) has held in Quy v FCT [2024] AATA 245 that a taxpayer, who was physically in Australia for less than 2 months each year, was a resident of Australian tax purposes.

,

TR 2024/D1: Navigating the draft ruling TR 2024/D1 on software distribution arrangements

,
TR 2024/D1: Navigating the draft ruling TR 2024/D1 on software distribution arrangements

On 17 January 2024, the Australian Taxation Office (ATO) issued a revised draft taxation ruling, TR 2024/D1, which addresses the taxation implications of payments relating to software distribution arrangements.

,

When is a public company not a public company?

,
When is a public company not a public company?

In the realm of tax law, the differences between the definitions of private and public company for tax purposes carries profound implications, particularly within the framework of Division 7A. Advisors must understand these nuances to guarantee compliance and adeptly manage their financial matters.

, , , ,

Disputed Debts with the ATO – teamwork makes the dream work?

, , , ,
Disputed Debts with the ATO – teamwork makes the dream work?

The ATO has a new collaborative and tailored approach to managing the collection and recovery of disputed debts.

, , , ,

Bowerman: an unusual case that may have unusual implications

, , , ,
Bowerman: an unusual case that may have unusual implications

In an “unusual outcome” concerning a main residence, the AAT has highlighted the breadth of what constitutes a profit-making scheme and the functionality of ATO public rulings.

, , ,

UPEs as loans - end of an era?

, , ,
UPEs as loans - end of an era?

If 16 December 2009 was the beginning of the Australian Taxation Office (ATO) treating an unpaid present entitlement (UPE) with a corporate beneficiary as a loan for purposes of Division 7A, could 28 September 2023 be the end of that era?

, ,

AAT strikes a blow against the ATO’s NALI crusade

, ,
AAT strikes a blow against the ATO’s NALI crusade

The ATO has taken an aggressive approach on non-arm’s length income (NALI) for a number of years now, both in its public documents and via its audit teams. This has culminated in an approach that puts a high expectation on SMSF’s in relation to proving arrangements are on an arm’s length basis – in particular, in relation to benchmarking such arrangements.

, , ,

BBlood v FCT: section 100A, more guidance on tax avoidance purpose

, , ,
BBlood v FCT: section 100A, more guidance on tax avoidance purpose

The Full Federal Court in the BBlood appeal found for the ATO on section 100A and the taxpayer dividend stripping (albeit on a technical, non-substantive basis).

The 100A analysis was limited to ‘tax avoidance purpose’ with the Full Court holding that, in certain circumstances, the purpose of advisors can be relevant.

 

, ,

Sladen Snippet – ATO issues a draft legislative instrument to ensue directors (and politicians) can make personal deductible contributions

, ,
Sladen Snippet – ATO issues a draft legislative instrument to ensue directors (and politicians) can make personal deductible contributions

As a result of recent changes to the work test, a technical deficiency was identified, such that, persons who are not common law employees, like directors and politicians, could no longer make personal deductible superannuation contributions.