CGT Discount Denied for Employee Share Scheme interest holder

CGT Discount Denied for Employee Share Scheme interest holder

The Administrative Appeals Tribunal (AAT) has denied a taxpayer a capital gains tax (CGT) discount on a gain on the disposal of shares she acquired as part of an employee share scheme (ESS).

Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes

Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes

A taxpayer has been found liable for a tax bill of $106,058 in relation to shares they acquired as part of an employee share scheme (ESS) with their previous employer, NewSat Limited, a now insolvent company with a share value of nil. 

Sladen Snippet; company tax rates – amongst the chaos a beacon emerged

Sladen Snippet; company tax rates – amongst the chaos a beacon emerged

We have previously written (see here and here) about the Tax Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 (the Bill) that proposes to deny the lower 27.5% corporate tax rate to corporate tax entities with less than $25 million of turnover that derive predominantly (80% or more) passive income (‘base rate entity passive income’) has not been debated by the Parliament since 12 February 2018.

Sladen Snippet - Individuals’ financial affairs at risk of being reported to foreign jurisdictions by the ATO

Sladen Snippet - Individuals’ financial affairs at risk of being reported to foreign jurisdictions by the ATO

Australia is obligated under Automatic Exchange of Information (AEOI) regimes to automatically exchange financial account information with foreign jurisdictions.

Sladen Snippet - More flexible small business restructure rollover and new corporate tax cuts passed by Senate

Sladen Snippet - More flexible small business restructure rollover and new corporate tax cuts passed by Senate

The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was recently passed by the Senate containing amendments to progressively reduce the corporate tax rate and increase the small business turnover thresholds for access to small business tax concessions. 

Sladen Snippet - New rules for clearly distinguishable advertising

Sladen Snippet - New rules for clearly distinguishable advertising

In the digital age, brands are increasingly making use of innovative marketing and advertising such as native or integrated advertising, social media accounts, bloggers and Instagram influencers. These strategies have been shown to increase audience engagement and brand awareness, and are an effective use of a marketing budget. 

Income from incidental activity is part of entity’s annual turnover and might bar CGT concessions

Income from incidental activity is part of entity’s annual turnover and might bar CGT concessions

The Federal Court of Australia denied the application of the CGT small business concession on the basis that an unusual activity carried on by an associated entity to the taxpayer contributed to the aggregated annual turnover of that entity to be more than $2,000,000.

Sladen Snippet - ATO releases discussion paper on new GST rules for digital supplies

Sladen Snippet - ATO releases discussion paper on new GST rules for digital supplies

On 06 December 2016, the Commissioner of Taxation issued the Discussion Paper TDP 2016/1 on issues concerning electronic distribution platforms (EDPs). The discussion paper seeks feedback in relation to the new Goods and Services Tax (GST) rules for digital suppliers and services affecting EDPs from 1 July 2017.

Sladen Snippet - Changes to the Wine Equalisation Tax (WET) Rebate eligibility criteria and cap reduction

Sladen Snippet - Changes to the Wine Equalisation Tax (WET) Rebate eligibility criteria and cap reduction

In light of the 2016-17 Federal Budget handed down earlier this year, followed by consultation with participants in the wine industry, the Turnbull Government has announced on 02 December 2016 reforms to the WET Rebate. The purpose of these reforms, as stated by Assistant Treasurer and Minister for Small Business, Kelly O’Dwyer is to address “distortions in the market through the misuse and exploitation of the WET Rebate scheme”.