Rob Jeremiah

Court rules on “present entitlement” and “disclaimer of entitlement” to trust income

Court rules on “present entitlement” and “disclaimer of entitlement” to trust income

The concept of “present entitlement” within the meaning of section 97 of the Income Tax Assessment Act 1936 and validity of a “disclaimer of entitlement of income” were considered by the Full Federal Court in the recent case of Lewski v Commissioner of Taxation [2017] FCAFC 145 (Lewski) that illustrates the importance of having trust law and taxation law concepts properly aligned. Lewski was an appeal from a decision of the Administrative Affairs Tribunal.

Sladen Snippet - Intangible assets and improvements to pre-CGT assets

Sladen Snippet - Intangible assets and improvements to pre-CGT assets

On 25 January 2017, the Commissioner of Taxation (Commissioner) released Taxation Determination, TD 2017/1 (Determination) concerning whether intangible capital improvements made to a pre-CGT asset can be a separate asset for the purpose of subsections 108-70(2) or (3) of the Income Tax Assessment Act 1997.

Asset Protection Strategies

Asset Protection Strategies

On 16 February, 2016 Sladen Legal delivered a presentation on Asset Protection Strategies.

Topics presented were:

  • Protecting distributions, gifts and loans including the use of gift and loan arrangements – by Rob Jeremiah;
  • Super contributions and asset protection – including the bankruptcy clawback rules – by Phil Broderick;
  • Secured intra-family group loans and the Family Court – by Daniel Smedley.

Handouts from the presentation are now available to download.

Further information on SMSFs and Asset Protection are available from a presentation delivered by Phil Broderick, on SMSFs and Asset Protection, as part of the Television Education Network’s 3rd Annual Asset Protection Conference, on 15 October 2015.

CGT issues when creating and dealing with UPEs

CGT issues when creating and dealing with UPEs

In December 2015, an article written by Sladen Legal's Sam Campbell was published in the Tax Institute’s Journal, Taxation in Australia.

The article discusses the tax issues raised when creating and dealing with unpaid present entitlements by trusts, including CGT issues, which should always be carefully considered before embarking on a proposed transaction.

CGT Hotspots in Restructuring Trusts in Estate Planning

CGT Hotspots in Restructuring Trusts in Estate Planning

On 22 October 2015, Rob Jeremiah delivered a presentation at the ‘Taxation Aspects of Estate Planning and Business Succession – The First Annual Symposium’ held in Melbourne by Television Education Network.

At this event, Rob presented a paper called ‘CGT Hotspots in Restructuring Trusts in Estate Planning,’ written by Sam CampbellWill MonottiAshleigh Eynaud and himself.

Hot Issues in Structuring and Rewarding Employees

Hot Issues in Structuring and Rewarding Employees

On 28 October, 2015 Sladen Legal delivered a presentation on various topics in the area of Hot Issues in Structuring and Rewarding Employees.

Topics presented were:

  • Professional Practices Structures – the ATO views and the law - Rob Jeremiah
  • Superannuation and employees - Phil Broderick
  • Employment risks in corporate and business restructures - Louise Houlihan
  • The new employee share scheme regime – the promised land or a mirage? - Carlos Barros

Victorian Powers of Attorneys to change from 1 September 2015

Victorian Powers of Attorneys to change from 1 September 2015

New powers of attorneys will come into effect in Victoria from 1 September 2015.

Do trustees no longer have unlimited assessment periods?

Do trustees no longer have unlimited assessment periods?

In June 2015, an article written by Sladen Legal's Sam Campbell titled "Do trustees no longer have unlimited assessment periods?" was published in the Tax Institute’s Journal, Taxation in Australia.

This article discusses whether a new law administration practice statement will give trustees comfort that the Australian Taxation Office will not issue an assessment outside of the normal 2/4 year periods.

Read the published article.

Sladen Legal presents at the Tax Institute's Trusts & Estates Forum

Sladen Legal presents at the Tax Institute's Trusts & Estates Forum

The attached presentation was delivered by Sladen Legal’s Rob Jeremiah and Phil Broderick at the Tax Institute’s Trusts & Estates Club on 17 June, 2015.

In this presentation, Rob discussed “Beneficial interests” in and “beneficial ownership” of trust property – trustees, trusts and beneficiaries, while Phil addressed issues about Superannuation and insurance – the good, the bad and the ugly.

Draft exposure legislation regarding ‘look-through’ CGT treatment to earnout arrangements released by Treasury

Draft exposure legislation regarding ‘look-through’ CGT treatment to earnout arrangements released by Treasury

The Treasury has finally released long awaited draft exposure legislation regarding ‘look-through’ CGT treatment to earnout arrangements (Draft Bill).

On 12 May 2010, the former Assistant Treasurer, Senator the Hon. Nick Sherry disseminated a media release announcing the previous Government’s intention to amend the law to provide look-through capital gains tax (CGT) treatment for qualifying earnout arrangements entered into as part of the sale of business assets.

Tax disputes - what not to do

Tax disputes - what not to do

Our previous article Tax disputes – what to do discussed some of the general stratagems taxpayers can employ when in dispute with the Australian Taxation Office (ATO).

As previously highlighted, quick and early professional advice, assessment of the nature and extent of a dispute and engagement with the ATO can lead to better ultimate outcomes.

Similarly, there are certain things that a taxpayer in dispute with the ATO should not do

Tax disputes - what to do

Tax disputes - what to do

As the old saying goes there are two certainties in life; death and taxes. Every man, woman, child and business entity in this country, whether they realise it or not, will have their day-to-day lives impacted by Australian taxation laws whether in their work, what they buy, their assets or investments, how their business operates or the cost of goods and services.

As it is the Australian Taxation Office (ATO) that administers and enforces Australian taxation laws it pays to know what to do should you ever wish to dispute a decision by the ATO. Fundamentally, if you do not agree with a decision made by the ATO in relation to your taxation liability or position you are in dispute. The real question is what are you do about any such dispute.

Sladen Snippet – 2015 Intergenerational Report and Australian migration

Sladen Snippet – 2015 Intergenerational Report and Australian migration

Underpinning any discussion of the shape and demographics of Australia into the future must consider migration.

Recently, the Commonwealth government released the ‘2015 Intergenerational Report’ which assesses the long-term sustainability of current Government policies and how changes to Australia’s population size and age profile may impact on economic growth, workforce and public finances over the next 40 years. 

Sladen Snippet - A warning to exercise caution in disclosing the ‘gist’ of advice: implied waiver of legal professional privilege

Sladen Snippet - A warning to exercise caution in disclosing the ‘gist’ of advice: implied waiver of legal professional privilege

The recent Federal Court case of Krok v Commissioner of Taxation has provided a reminder that a taxpayer may impliedly waive their right to legal professional privilege by disclosing documents which refer to the purpose and reasoning of legal advice. As a result of the implied waiver, the taxpayer may be required to discover documents that would otherwise have been protected by legal professional privilege.

Updated SMSF deed and our new SMSF corporate trustee stakeholders agreement

Updated SMSF deed and our new SMSF corporate trustee stakeholders agreement

Sladen Legal has conducted a major review of our self managed superannuation fund (SMSF) documents including the SMSF deed, the SMSF deed update and the SMSF pension agreements. We are pleased to announce our new SMSF corporate trustee stakeholders agreement.