Sladen Snippet - Khan: self-education expenses not deductible
Sladen Snippet - NSW Supreme Court holds manager of protected estate cannot make BDBN on behalf of protected person
Payroll Tax Update: Commissioner’s Appeal to the High Court Denied, A Win for Taxpayers
The NSW Chief Commissioner of State Revenue’s (Commissioner) application to the High Court for special leave to appeal the NSW Court of Appeal’s decision in Chief Commissioner of State Revenue v Downer EDI Engineering Pty Ltd [2020] NSWCA 126 has been denied, the High Court finding the appeal “would have insufficient prospects of success”.
ZBFF v FCT: can an agreement to remit sale proceeds reduce a capital gain?
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).
ATO’s Next 5,000 Audit Program – Our Top 5 Tips for how you can be ready
Bitcoin's back - but the ATO never left
With news and social media feeds being filled with tales of cryptocurrency (in particular bitcoin) prices fluctuating many taxpayers are making, or considering making, investments. However before jumping in taxpayers should understand that the anonymity that was originally touted as the shining crown of cryptocurrencies is not the invisibility cloak many may think it to be. What does the ATO really know about your cryptocurrency holdings and what do you need to disclose?
Sladen Legal announce their exclusive legal resource subscription - Sladen Smart.
Sladen Legal have launched Sladen Smart, an online membership providing access to premium legal resources. This exciting new offering will give professionals on demand access to interactive content and publications not publicly available and also includes impressive discounts on their online service offerings.
Sladen Snippet – do intermediary LRBAs count for the total super balance add back provisions?
An intermediary limited recourse borrowing arrangement (LRBA) differs from a standard LRBA in that the bare trustee, rather than the SMSF trustee, enters into an LRBA borrowing as principal with a lender.
Current Issues With LRBAs
Sladen snippet – default interest subject to duty
Land transfer duty is calculated on the dutiable value of the property. In Commissioner of State Revenue (Vic) v 1043 Melton Highway Pty Ltd [2020] VSC 820, the Supreme Court considered default interest is included in ‘consideration’ for the transfer of dutiable property.
Sladen snippet - Wind farm turbines considered to be chattels not fixtures
In the recent decision of AWF Prop Co 2 Pty Ltd and Ararat Wind Farm Pty Ltd v Ararat Rural City Council and Valuer General Victoria [2020] VSC 853, the Supreme Court of Victoria ruled in favour of the wind farm owners and determined the various wind farm assets (such as wind turbines) to be chattels rather than fixtures.
The .au domain name is coming – are you ready?
We Aussies like to shorten everything. So, it comes as no surprise that the Australian Domain Administration (auDA) has announced plans to make available a shortened Australian country domain by releasing a brand new second-level domain (2LD) for eligible Australian businesses – the highly anticipated <.au> namespace.
Sladen snippet – High Court refuses leave to appeal finding that dentist is covered by super guarantee
As discussed here, the decision in Dental Corporation Pty Ltd v Moffet [2020] FCAFC 118 (16 June 2020) (Moffet) marked an important shift in how the courts have interpreted the employee/contractor distinction for the purposes of superannuation guarantee obligations.
Sladen snippet – share trading course not deductible for SMSF
The ATO has released a private binding ruling (Ruling) on the deductibility of certain expenses incurred by a self managed superannuation fund (SMSF) trustee in managing the SMSF’s share portfolio.
COVID and State Taxes: What Victorians need to know in 2021
A Guide To Understanding Payroll Tax Part 1: The Basics
Payroll tax is a state and territory tax. It is assessed where total Australian taxable wages paid or payable to employees by an employer exceed specific thresholds. The tax is self-assessed and as such the obligation falls to employers to ensure they are aware of their total wage bill across Australian states and territories and whether those are taxable.
