,

Stern – Transfer Balance Account calculated to include Defined Benefit Pension – in accordance with the operative provisions, not the guide

,
Stern – Transfer Balance Account calculated to include Defined Benefit Pension – in accordance with the operative provisions, not the guide

In the decision of Stern v Commissioner of Taxation [2024] FCAFC 21 the Full Federal Court found against the taxpayer, who raised an argument that Division 294 of the Income Tax Assessment Act 1997 (ITAA 97) should not be interpreted such that both his pension was to be commuted under a commutation authority issued by the Australian Taxation Office (ATO) due to his pensions exceeding his transfer balance cap, and that he also must pay excess transfer balance tax for exceeding his transfer balance cap.

,

TR 2024/D1: Navigating the draft ruling TR 2024/D1 on software distribution arrangements

,
TR 2024/D1: Navigating the draft ruling TR 2024/D1 on software distribution arrangements

On 17 January 2024, the Australian Taxation Office (ATO) issued a revised draft taxation ruling, TR 2024/D1, which addresses the taxation implications of payments relating to software distribution arrangements.

, ,

Vacant Residential Land Tax Changes and Significant Actions Required by Landowners

, ,
Vacant Residential Land Tax Changes and Significant Actions Required by Landowners

Changes to the Victorian vacant residential land tax (VRLT) will take effect from 1 January 2025 and 1 January 2026.

As vacant residential land tax assessments for 2025 will be based on usage from 1 January 2024 to 31 December 2025- it is critical that landowners are across the changes now.

, ,

Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented

, ,
Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented

Expansion of the Vacant Residential Land Tax, from 1 January 2025, will start to capture holiday homes outside of inner/middle Melbourne. Therefore, holiday homeowners should consider their vacant residential land tax position.

,

Sladen Snippet - Cihan - Transfer of land to an SMSF reversed for unconscionable dealing

,
Sladen Snippet - Cihan - Transfer of land to an SMSF reversed for unconscionable dealing

The NSW Supreme Court decision of Cihan Family Trust v Cihan Family Superannuation Fund [2023] NSWSC 1289 found that a transfer of land from a family trust to a SMSF should be reversed on the basis of unconscionable conduct of a son against his father.

,

Sladen Snippet – Corbisieri – BDBN invalid due to relationship breakdown

,
Sladen Snippet – Corbisieri – BDBN invalid due to relationship breakdown

The case of Corbisieri v NM Superannuation Proprietary Limited [2023] FCA 1319  involved an appeal by the mother of a deceased against the decision of the Australian Financial Complaints Authority (AFCA) to uphold a BDBN to benefit the de facto spouse of her late son, which was to be funded out of life insurance proceeds in AMP Superannuation.

Sladen Snippet – van Camp – deathbed BDBN found to be valid

Sladen Snippet – van Camp – deathbed BDBN found to be valid

In this Judgment of the NSW Supreme Court, a binding death benefit nomination (BDBN) signed on the date of death of the sole member of a self managed superannuation fund (SMSF) was upheld. Challenges to the BDBN’s validity, by the SMSF trustee and two of the deceased’s executors, based on lack of capacity and unconscionability both failed.

The AHRC Releases Guidance on New ‘Positive Duty’ for Employers

The AHRC Releases Guidance on New ‘Positive Duty’ for Employers

The Australian Human Rights Commission (the Commission) has released guidance for employers on how to comply with the new positive duty under section 47C of the Sex Discrimination Act 1984 (Cth) (the Sex Discrimination Act).

Are Foreign Surcharge Stamp Duty and Land Taxes Illegal?

Are Foreign Surcharge Stamp Duty and Land Taxes Illegal?

The Federal Government’s Mid-Year Economic and Financial Outlook 2023-24 (MYEFO) (released on 13 December 2023) has again raised the legality of the ability of the States to impose foreign purchaser land transfer (stamp) duty surcharge and foreign owner land tax (together, the foreign surcharges).

,

When is a public company not a public company?

,
When is a public company not a public company?

In the realm of tax law, the differences between the definitions of private and public company for tax purposes carries profound implications, particularly within the framework of Division 7A. Advisors must understand these nuances to guarantee compliance and adeptly manage their financial matters.

Flexible Working Arrangements

Flexible Working Arrangements

Recent amendments to the Fair Work Act 2009 expand employee rights to make flexible working arrangement requests.  The changes also require employers to follow a detailed process upon receipt of such requests. The amendments also permit employees to escalate their requests and seek orders from the Fair Work Commission (FWC).