Sladen Snippet - ATO extends Division 7A guideline to UPEs under Sub-Trust Arrangements maturing in the 2019 Income Year
On 15 August 2018, the Australian Tax Office (ATO) updated Practical Compliance Guideline (PCG) 2017/13 to extend its application to Division 7A sub-trust arrangements adopted in accordance with Practice Statement Law Administration 2010/4 (PS LA 2010/4) that mature in the 2019 income year.
Greig v Commissioner of Taxation: revenue vs capital and lessons for investors
Greig v Commissioner of Taxation [2018] FCA 1084 (Greig) reiterates the uncertainty in respect of the revenue and capital dichotomy and draws on well-known case law principles.
Crypto-to-Crypto Trades: Bursting the Bubble on the Tax-Free Fantasy
Taxation of cryptocurrency continues to gain substantial attention in the media. Our thoughts on the implications of having a commercial nature when acquiring and selling cryptocurrency and the general uncertainty around taxation of cryptocurrency were recently shared in Forbes.
Changes in the wind: increased tightening of taxpayers’ eligibility to CGT small business concessions
The application of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (CGT Concessions) is an area of interest for the Australian Taxation Office (ATO).
Beware of the Fork in the Road: Taxation and Cryptocurrency Chain Splits
The Federal Commissioner of Taxation (Commissioner) recently updated his guidelines on cryptocurrency and for the first time addressed the taxation of cryptocurrency acquired as the result of a chain split.
Sladen Snippet - Individuals’ financial affairs at risk of being reported to foreign jurisdictions by the ATO
Sladen Snippet - Proposed laws targeting illegal phoenix activity
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.
Sladen Snippet - Consumer protection laws set to be strengthened
The Federal Government has released draft versions of legislation and regulations to strengthen consumer protection laws. The changes would give effect to proposals contained in the 2017 Australian Consumer Law (ACL) Review Final Report agreed to by Commonwealth, State and Territory Consumer Affairs Ministers last year. The public has until the end of February to submit views on the draft changes.
Unfair contract terms – is your business compliant?
In the space of a fortnight, the Australian Competition and Consumer Commission (ACCC) has commenced two sets of proceedings in the Federal Court against large Australian businesses, claiming breaches of the unfair contract provisions applicable to standard form small business contracts contained in the Australian Consumer Law.
Private companies to benefit from extension of crowd-sourced equity funding legislation
The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 was introduced into Parliament on 14 September 2017. If passed, as is expected, the Bill will extend the reach of the Crowd-sourced Equity Funding (CSEF) legislation that will at this stage apply only to public companies from 29 September 2017.
Secure IP rights overseas and obtain financial assistance with the Export Market Development Grant
Proposed laws targeting illegal phoenix activity
Sladen Snippet - Registered Trade Marks Required for WET Rebate
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
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
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
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”.