Razzy Part 2 – Does the super fund to super fund duty exemption apply to the redemption of units?
In this part 2 of our series on the decision of Razzy Australia Pty Ltd & Anor v Commissioner of State Revenue [2021] VSC 124 we look at whether the exemption in section 40 of the Duties Act 2000 (Vic) (Act) includes transactions other than transfers.
Documentary protocols and disclaimers
ATO’s Next 5,000 Audit Program – Our Top 5 Tips for how you can be ready
Changes to the taxation of testamentary trusts
Sladen Snippet – Another trust deed variation found to be defective
Rectifying mistakes in trust deeds
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.
Defining the beneficiaries of a discretionary trust
Defining the beneficiaries of a discretionary trust
Sladen Snippet – Addy – ATO wins backpacker tax case in the Full Federal Court
As we discussed in Coelho v FCT [2020] AATA 2474, different tax rates apply to residents and non-residents. Further, under Pt III of Sch 7 to the Income Tax Rates Act 1986, a working holiday maker pays tax at 15% on the first $37,000 of income in Australia. Commonly referred to as the ‘backpacker tax’.
Capital gains, discretionary trusts, and foreign residents – round 2 to the ATO
We wrote here on the decision of Thawley J of the Federal Court in Peter Greensill Family Co Pty Ltd (trustee) v FCT (Greensill) where the Commissioner of Taxation was successful in arguing that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) does not disregard a capital gain distributed to a foreign resident beneficiary of an Australian discretionary trust. The taxpayer has appealed that decision to the Full Federal Court.
Residency of a trust: don’t get it wrong
Life interest trusts and their use among blended families
Sladen Snippet - ATO releases draft legislative instrument to deal with in-house asset issues for SMSFs offering rent deferrals to related party tenants
The Australian Taxation Office (ATO) has released a welcome draft legislative instrument, Self Managed Superannuation Funds (COVID-19 Rental income deferrals - In-house Asset Exclusion) Determination 2020 (SPR 2020/D2), that will exclude COVID-19 related rental deferrals from being ‘loans’ under the in-house asset rules.
Coronavirus and SMSFs: Keeping Ahead of the Changes
Judge sets aside contributions to SMSF as part of family law proceedings
In the recent decision of R -v- T [2020] WASCA 109, the Western Australia (WA) Court of Appeal has upheld interim property orders of the WA Family Court to set aside contributions made by a de facto husband to an SMSF.
Sladen Snippet –Trust deeds of discretionary trusts holding NSW residential land must now be amended before 31 December 2020 to avoid foreign surcharges
As referred to in our previous articles, the State Revenue Legislation Further Amendment Bill 2020 (NSW) has now received royal assent on 24 June 2020.
Transfer to a trustee found to be non-dutiable
The Victorian Court of Appeal’s decision in MD Commercial Pty Ltd v Commissioner of State Revenue [2019] VSCA 295 was a culmination of the battle between the Victorian Commissioner of State Revenue and the taxpayers’ statutory interpretation of a duty exemption contained in s 35 of the Duties Act 2000 (Vic) (Act) and whether the trustee had to be in a “bare trustee” relationship with no active powers being held by the trustee.
