Tax

Part 2: International tax series: income tax consequences for non-resident beneficiaries

Part 2: International tax series: income tax consequences for non-resident beneficiaries

Our international tax series discusses Commonwealth tax issues relating to non-resident beneficiaries or non-resident trustees of a trust.

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.

Sladen Snippet - Tax audits on rental properties

Sladen Snippet - Tax audits on rental properties

As reported recently by The Age and ABC News, the Australian Taxation Office (ATO) is targeting property investors particularly taxpayers who may have made mistakes, errors or false claims on their tax returns in relation to property owned for investment purposes.

If you don’t ask, you’ll never know: Pedley and allocation of payments made to the ATO

If you don’t ask, you’ll never know: Pedley and allocation of payments made to the ATO

In Deputy Commissioner of Taxation v Pedley (No 2) (2018) FCA 2015 (Pedley), the Federal Court confirmed the wide discretion available to the Australian Taxation Office’s (ATO) to allocate payments made to it for tax debts especially where the taxpayer has not provided explicit direction as to what payments should be applied to which debts.

ATO guidance on Capital/Revenue in property developments turns on subtle facts

ATO guidance on Capital/Revenue in property developments turns on subtle facts

On 9 July 2018, the Australian Taxation Office (ATO) recently released the Draft Property and Construction Website Guidance (the Guidelines) providing guidance in relation to the ATO position on property development and whether relevant property is held by the taxpayer on capital or revenue account.

GST withholding: finalised ATO guidance does not even out the bumps

GST withholding: finalised ATO guidance does not even out the bumps

GST withholding on taxable supplies of certain new residential premises or potential residential land is now in effect and applies to contracts entered into on or after 1 July 2018 (or contracts before that date where the first consideration other than the deposit is paid on or after 1 July 2020).

Sladen Snippet – Australian-owned private companies exempt from public disclosure taxation rules

Sladen Snippet – Australian-owned private companies exempt from public disclosure taxation rules

Australian-owned private companies are now exempt from public disclosure taxation rules, as the Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015 (the Bill) passed through the Senate yesterday.

The Bill amends the Taxation Administration Act 1953 to exempt Australian-owned private companies from the requirement that the Commissioner of Taxation publish information about a corporate tax entity with a total income equal to or exceeding $100 million for an income year.