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!
ATO to apply a more lenient approach to SG penalties
The super guarantee (SG) amnesty ended on 7 September 2020. The SG amnesty allowed employers to disclose and pay previously unpaid SG charge, including nominal interest, for the quarters between 1 July 1992 to 31 March 2018 without incurring the administration component or Part 7 penalties. In addition, payments of SG charge made to the ATO under the amnesty were tax deductible to the employer.
FCT v Ross Part 3: the onus of proof of disproving a default assessment
The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the third article in a series on issues in FCT v Ross and discusses the onus of proof of disproving a default assessment.
FCT v Ross Part 2: death not a factor to remit penalties
The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the second article in a series on issues in FCT v Ross and discusses death not being a factor to remit penalties.
FCT v Ross Part 1: 20% base penalty uplift can apply automatically
The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the first article in a series on issues in FCT v Ross.
ATO partially softens its view on non-arm’s length expenditure
After seeking advice from an independent advice panel, the ATO has released its finalised Law Companion Ruling setting out the ATO view on the non-arm’s length expenditure (NALE) amendments to section 295-550 of the Income Tax Assessment Act 1997 (ITAA97), LCR 2021/2. In addition, the ATO has amended its contribution tax ruling TR 2010/1. The final LCR and amendments to TR 2010/1 partially soften the ATO views on the application of NALE.
Tax Treatment of Non-Fungible Tokens (NFTs): ATO Guidance
Faster Tax Write Offs For Intangible Depreciating Assets – Should You Self Assess?
Sladen Snippet – SMSFs can have 6 members from 1 July 2021
The Bill which increases the maximum allowable number of members in an SMSF to six (the current maximum is four members) has passed both houses of Parliament and is now law. From 1 July 2021, SMSFs can now have anywhere between one to six members.
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.
Sladen snippet - music teacher found to be employee for super guarantee purposes
In the recent decision of Olias Pty Ltd as trustee for the Storer Family Trust and Commissioner of Taxation, the Administrative Appeals Tribunal (AAT) found that a “contract” music teacher fell within the ordinary definition of ‘employee’, and was therefore an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (Cth) (SG Act).
BDBNs e-Learning Course
Sladen Snippet - The Full Federal Court held prepayments of rent on capital account
In Mussalli & Ors v FC of T [2021] FCAFC 71, the taxpayer entered into lease and licence agreements to operate several McDonald’s fast-food restaurants.
Latest Legislative Developments In Property
McCarthy: sale of two-lot development taxed as ordinary income
TD 2021/5: ATO guidance on receiver’s obligation to retain money for post-appointment tax liabilities
Section 254 of the Income Tax Assessment Act 1936 sets out the obligations, liabilities and rights of agents and trustees. An agent or trustee is answerable as taxpayer for things required to be done by the tax Acts in respect of income, or any profits or gains of a capital nature, derived by the agent or trustee in his/her representative capacity or derived by the principal by virtue of the agency.
