JobKeeper 2.0 is go!
Capital gains, discretionary trusts, and foreign residents – round 2 to the ATO
We wrote here on the decision of Thawley J of the Federal Court in Peter Greensill Family Co Pty Ltd (trustee) v FCT (Greensill) where the Commissioner of Taxation was successful in arguing that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) does not disregard a capital gain distributed to a foreign resident beneficiary of an Australian discretionary trust. The taxpayer has appealed that decision to the Full Federal Court.
Sladen Snippet - JobKeeper 1.0 extension – new employees from 1 July 2020
Sladen Snippet: Division 7A and COVID-19: ATO announces streamlined process to kick the can down the road
ATO announces extension for Division 7A compliance
Capital gains, discretionary trusts, and foreign residents – first blood to the ATO
The Australian Taxation Office (ATO) position for several years has been a foreign beneficiary distributed a capital gain made by an Australian discretionary trust on an asset that is not taxable Australian property is assessed on the capital gain even though that would not occur if the foreign resident made the gain directly, or through a fixed trust. Some commentators disagree with that view, the Federal Court in a recent case agreed with the ATO position in what may be the first skirmish of a battle through the courts on this issue.
COVID-19: “JobKeeper is Go” - legislation passed
COVID-19: further detail on JobKeeper payments
Further to my article on the COVID-19 JobKeeper measure, and pending the release of legislation, on 5 April 2020 Treasury further updated and expanded its JobKeeper fact sheets and included a ‘frequently asked questions’ (FAQ) document.
Sladen Snippet: COVID-19: ‘JobKeeper’ support payment
As foreshadowed in our earlier article, on 30 March 2020 the Federal Government announced further COVID-19 business support – the JobKeeper Payment.
Under the JobKeeper Payment, businesses significantly affected by Coronavirus outbreak be able to access a subsidy from the Government to continue paying their employees.
COVID-19: Government and ATO support available
The COVID-19 virus is having a devastating effect on Australian businesses.
Federal, State, and Territory Governments have introduced a range of business stimulus measures and the Australian Taxation Office (ATO) is supplying administrative support to affected taxpayers. We expect further support initiatives as the crisis unfolds.
International tax series Part 6: recap: foreign residents, Australian residents, and capital gains
Part 5: Australian residents, foreign trusts, and foreign funds
Australian trusts, capital gains, and foreign beneficiaries: more controversy, more angst?
The Australian Taxation Office (ATO) recently released Taxation Determinations TD 2019/D6 and TD 2019/D7 (together the Determinations) that concern Australian discretionary trusts distributing capital gains to foreign beneficiaries.
ATO professional practice guidelines – where are we now?
On 24 September 2019, the Australian Taxation Office (ATO) updated its guidance on “Assessing the risk: allocation of profits within professional firms”.
