Treasury releases information sheet on “30% tax” on $3m+ super balances
Treasury has released an information sheet on how the new “30% tax rate” for super balances over $3 million will work.
Digital Assets And SMSFs – BEE Alert Or BEE Alarmed?
According to the ATO’s March 2022 statistical data (see here), the total value of crypto assets held by SMSFs was $220 million. That is less than 0.03% of all SMSF investments. The number of SMSFs that held crypto assets was 3,345 SMSFs being 0.6% of SMSFs.
NSW Government determines that surcharge purchaser duty and surcharge land tax is inconsistent with international tax treaties
On 21 February 2023 Revenue NSW announced that it has been determined that NSW surcharge purchaser duty and surcharge land tax (Surcharge Provisions) are inconsistent with international tax treaties entered into by the Australian Federal Government with New Zealand, Finland, Germany, and South Africa (Treaty Countries).
Windfall Gains Tax Deductions Shelved
The introduction of windfall gains tax under the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 (Vic) (Act) has been highly controversial from the outset due to real concerns as to whether the tax truly captures a purported “windfall” by landowners who rezone land in Victoria and its punitive tax rate of 50% of such gains.
Back To Basics: With Flexibility Can Come Complications: The Use Of Trusts
Paid Family and Domestic Violence Leave Entitlement Comes into Force
Recently, the paid family and domestic violence leave entitlement provisions in the Fair Work Act 2009 came into force. This new entitlement is available to nearly all employees in Australia and imposes new obligations on employers. So, what is the new entitlement and what do employers need to do when they are faced with a request to take the leave? We provide the answers in our Employment Law team’s most recent article.
Guardian AIT: 100A or ATO’s Part IVA angel in disguise?
This time last year, we published an article querying whether the Federal Court decision in Guardian AIT Pty Ltd ATF Australian Investment Trust v FCT [2021] FCA 1619 (First Instance Decision) would ignite an administrative and judicial quest for clarity on the interpretation of section 100A of the Income Tax Assessment Act 1936 (ITAA 1936).
Treasury proposes NALI tax rate of 225%
After industry pushback against the disproportionate application of the non-arm’s length income (NALI) and non-arm’s length expenses (NALE) rules, Treasury has a released a discussion paper to modify the application of the NALI/NALE rules.
Vicinity Funds – Choice of forum for state taxes matters - Supreme Court vs VCAT
The High Court of Australia has dismissed the special leave application by the taxpayer, Vicinity Funds Re Ltd (Taxpayer) to appeal from a decision of the Court of Appeal of the Supreme Court of Victoria (Court of Appeal).
Sladen Snippet – ATO warns on SMSF gift and loan back (asset protection) arrangements
In an interesting development, the ATO has released a warning in relation to SMSFs entering into gift and loan back arrangements.
Sladen Legal Promotion
We congratulate Shenelle Teunissen on her promotion to Special Counsel. Shenelle has been an important cog in a very busy team. Shenelle works across all facets of commercial property development and retail and commercial leasing.
TR 2022/3: personal services income: key changes from draft ruling TR 2021/D2
On 23 November 2022, the Australian Tax Office (ATO) released Taxation Ruling TR 2022/3, finalising its views on personal services income (PSI) and personal services businesses (PSB).
Failure to disclose director’s convictions results in costly breach of labour hire licensing legislation
Lost trust deeds
Marriage revokes your will – how is marriage defined?
Federal Court finding distinguishes employment class actions from commercial class actions
Secure Jobs, Better Pay Bill: Key Changes at a Glance
The Secure Jobs, Better Pay Bill (Bill) passed both Houses of Parliament and received Royal Assent in early December 2022.
The Bill amends the Fair Work Act 2009 (Cth) (FW Act) to make changes across a wide range of areas including:
prohibiting sexual harassment in connection with work and introducing a sexual harassment dispute resolution process;
amendments to bargaining dispute provisions, including the introduction of intractable bargaining declarations and changes to workplace determinations;
industrial action changes including in relation to protected industrial action;
changes to enterprise agreement termination;
simplifying the initiation of bargaining;
abolishing the ROC and ABCC;
sunsetting zombie agreements;
introducing expert panels;
changes to the enterprise agreement approval process and streamlining the ‘better off overall test’;
significant changes to multi-employer bargaining;
prohibiting pay secrecy clauses in employment contracts and requiring advertising to reflect accurate and lawful pay;
changing the objects of the FW Act and increasing the small claims jurisdiction to $100,000;
introducing a right to make flexible working requests and an associated dispute resolution process; and
prohibiting fixed term employment contracts unless certain exceptions apply.
Sladen Legal has developed an overview of the key changes to the FW Act, including information about the timing of commencement of the changes. Sladen Legal’s summary of the key changes and timing can be accessed at the link below.
Jasmine O'Brien
Principal
M +61 401 926 108 | T +61 3 9611 0149
E: jobrien@sladen.com.au
Katherine Dennis
Principal Lawyer
M +61 407 013 010 | T +61 3 9611 0151
E: kdennis@sladen.com.au
Stephan Hill
Lawyer
T +61 9611 0165
E shill@sladen.com.au
Costly Lesson for Employee’s Conduct – Vicarious Liability and Sexual Harassment
Primary production land tax exemption denied for landowner that entered into a property development agreement
In the recent Victorian Civil and Administrative Tribunal (Tribunal) decision in Lavender Rain Pty Ltd v Commissioner of State Revenue (Review and Regulation) [2022] VCAT 1264 (Lavender Rain) the primary production land tax exemption for urban zoned land was denied on the basis that the land owning company operated a number of businesses, including the entering into a property development agreement.