Employee Share Schemes – another report champions essential reform!
The legislative and regulatory complexity of Employee Share Schemes has once again inspired recommended reforms, this time by the House of Representatives Standing Committee on Tax and Revenue, in a recent report.
Advanced Holdings – Full Federal Court reiterates to read the trust deed!
The Full Federal Court decision in Advanced Holdings Pty Limited as Trustee for The Demian Trust v FCT [2021] FCAFC 135 highlights important principles of trust deed interpretation and the limitations of statutory provisions concerning the evidentiary force of company records.
It also serves as a “sobering bookkeeping reminder” to directors of small companies and corporate trustees to keep good records, and as always, read the trust deed!
The Top Three Key Cross-Border Tax Issues in the Estate Plan
The Top Three Key Cross-Border Tax Issues in the Estate Plan
Capital gains, Discretionary Trusts and Foreign Residents: round 3 to the ATO
We wrote here and here about the Greensill (Thawley J) and Martin (Steward J) Federal Court decisions. In those decisions the Federal Court found in favour of the Australian Taxation Office (ATO) that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) did not disregard a non-taxable Australian property capital gain distributed to a foreign resident beneficiary of an Australian discretionary trust.
Latest Legislative Developments In Property
McCarthy: sale of two-lot development taxed as ordinary income
The Top Three Key Cross-Border Tax Issues In The Estate Plan
Documentary protocols and disclaimers
Allocation of professional firm profits – the ATO moves the goalposts!
On 1 March 2021, the Australian Taxation Office (ATO) released Draft Practical Compliance Guideline PCG 2021/D2 Allocation of professional firm profits – ATO compliance approach (Draft PCG) that sets out the ATO’s proposed compliance approach to the allocation of profits by professional firms.
Sladen Snippet – Small business CGT Concessions: Is your business primarily deriving rent?
The Australian Taxation Office (ATO) has issued Taxation Determination TD 2021/2 that contains the ATO view that companies which carry on a business will be unable to benefit from the small business capital gains tax (CGT) concessions if the relevant asset is mainly used to derive rent (TD 2021/2 was issued as Draft TD 2019/D4 that we discussed here).
Rectifying mistakes in trust deeds
Restructuring and CGT roll-overs: tips for Advisors
Restructuring And CGT Roll-Overs: Tips For Advisors
Sladen Snippet - Advanced Holdings: are you sure you have read the trust deed?
We have previously written about carefully reading the clauses of a trust deed when seeking to make variations. The recent Federal Court decision of Advanced Holdings once again exemplifies the adverse outcomes that can arise when protocols prescribed in a trust deed are not followed.
Healius: Full Court finds payments to doctors not deductible
The Full Federal Court in FCT v Healius [2020] FCAFC 173 has upheld the Australian Taxation Office’s (ATO) appeal of the Federal Court decision in Healius v COT [2019] FCA 2011 which considered whether lump sum payments made by a medical centre to its doctors were assessable on revenue or capital account.
Tax Traps in CGT Rollovers
Many business owners may be considering a restructure, merger, or demerger in the current economic environment to adapt, sustain, or promote growth in these tumultuous times. A change in a corporate structure typically entails either the change of ownership interests in the entire business or the transfer of specific assets of the business.
