Daniel Smedley

Federal Court reminds us of the complexity of income tax deductibility, and what it means to carry on a business.

Federal Court reminds us of the complexity of income tax deductibility, and what it means to carry on a business.

In Watson as trustee for the Murrindindi Bushfire Class Active Settlement Fund v Commissioner of Taxation [2019] FCA 228 (Watson), the Federal Court ruled that an investment trust established to hold funds received as compensation for victims of the black Saturday bush fires could not deduct administrative expenses associated with the trust’s operation.  

ATO releases ruling on when a company carries on a business, providing useful guidance for small business corporate taxpayers

ATO releases ruling on when a company carries on a business, providing useful guidance for small business corporate taxpayers

The Federal Commissioner of Taxation (Commissioner) has issued Taxation Ruling TR 2019/1 (Ruling) which addresses when a company carries on a business within the meaning of:

No Discount Capital Gain On The Sale Of Shares - Paule V FCT, Hart v FCT [2019] FCA394

No Discount Capital Gain On The Sale Of Shares - Paule V FCT, Hart v FCT [2019] FCA394

The Federal Court has ruled, in a decision that the Court itself described as an “unpalatable result”, that the capital gains tax (CGT) discount did not apply to the sale of shares held by a trust.

Draft Tax Determination highlights the risks of back-to-back CGT Roll-overs.

Draft Tax Determination highlights the risks of back-to-back CGT Roll-overs.

We have previously written on the ATO releasing guidance on demergers and back-to-back CGT roll-overs. The ATO recently released Draft Taxation Determination TD 2019/D1 concerning demergers although the ATO’s draft views may be illustrative of the Commissioner’s views in the context of back-to-back CGT rollovers.

Sladen Legal trio voted among Australia’s Best Lawyers

Sladen Legal trio voted among Australia’s Best Lawyers

Sladen Legal’s Daniel Smedley, Neil Brydges and Phil Broderick have received recognition in the 12th Edition of The Best Lawyers in Australia. The list of impressive legal professionals was announced in the Australian Financial Review on 22 March 2019.

Sladen Snippet - ATO changes it view on what is love and affection

Sladen Snippet - ATO changes it view on what is love and affection

On 6 February 2019, the Australian Taxation Office (ATO) withdrew its long-standing Interpretative Decision 2003/589 that a company can forgive a debt owed by a natural person for reasons of “natural love and affection” and not trigger consequences under the commercial debt forgiveness rules.

Sladen Snippet - International Tax Complexities for individuals – Double Tax Agreements

Sladen Snippet - International Tax Complexities for individuals – Double Tax Agreements

In an every day more globalised world, trade, technology and the ease in which individuals move around the globe have created considerable opportunities for Australian individuals and foreigners who have decided to establish themselves in Australia.

TD 2018/13 - a commercial transaction may not stop Division 7A

TD 2018/13 -  a commercial transaction may not stop Division 7A

The Australian Taxation Office (ATO) recently released Taxation Determination TD 2018/13 (TD 2018/13) confirming its view that the (often overlooked) interposed entity provisions in section 109T of Division 7A of the Income Tax Assessment Act 1936 can apply to ordinary commercial transactions.

The Bitcoin Rush: A taxing issue for pioneers

The Bitcoin Rush: A taxing issue for pioneers

The Federal Commissioner of Taxation  (Commissioner) recently updated his guidelines on cryptocurrency addressing some of the many questions that have been raised. However, these guidelines offer little assistance for early adopters of cryptocurrency who find themselves in a unique position.

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 – Sladen Legal Principal Daniel Smedley Again Named As One Of Australia’s Best Lawyers

Sladen Snippet – Sladen Legal Principal Daniel Smedley Again Named As One Of Australia’s Best Lawyers

Sladen Legal Principal, Daniel Smedley, has again been named as one of Australia’s best lawyers in the 11th edition of the Best Lawyers In Australia, for his work in Tax Law. The accolade was announced in the Australian Financial Review on 12 April 2018.

CGT marriage breakdown rollover does not apply to entities controlled by former spouses

CGT marriage breakdown rollover does not apply to entities controlled by former spouses

In Ellison v Sandini Pty Ltd [2018] FCAFC 44, the Full Federal Court overturned decision which allowed Mr Sandini (the Taxpayer) to benefit from Capital Gains Tax (CGT) marriage breakdown rollover for the transfer of shares to an entity controlled by his former spouse, pursuant to a Family Court Order (FCO).

Sladen Snippet - Access to CGT Concessions to be tightened for ownership interests in companies and trusts from 1 July 2017

Sladen Snippet - Access to CGT Concessions to be tightened for ownership interests in companies and trusts from 1 July 2017

On 8 February 2018, the Government released for public consultation exposure draft legislation to implement the announcement in the 2017 Budget regarding integrity improvements to the small business capital gains tax (CGT) concessions.