As previously discussed here, the definition of non-arm’s length income (NALI) under the Income Tax Assessment Act 1997 was amended in mid-2018 to include non-arm’s length expenses or NALE. NALE includes not just an expenditure, but also a loss or outgoing that is lower than an arm’s length amount, and also includes where there is a nil amount (ie, no expenditure).

As discussed here, as part of the ATO COVID-19 administrative concessions, the ATO announced that temporary repayment relief could be offered for limited recourse borrowing arrangements (LRBA) loans. The repayment relief must reflect similar terms to what commercial banks offered for real estate investments loans as a result of COVID-19.

On 11 March 2021, the Australian Taxation Office (ATO) released Draft Taxation Ruling TR 2021/D2 on the operation of personal services income (PSI) rules and the personal services business (PSB) tests.

Individuals cannot currently claim a tax deduction under s 8-1 of the Income Tax Assessment Act 1997 for education and training expenses unless the expense leads to, or is likely to lead to, an increase in the individual’s income from current income-earning activities.

As discussed here and here, the decisions in Re Narumon [2019] 2 Qd R 247 and Re SB; Ex Parte AC [2020] QSC 139 made it clear (at least in Queensland) that:

The Australian Taxation Office (ATO) has issued Taxation Determination TD 2021/2 that contains the ATO view that companies which carry on a business will be unable to benefit from the small business capital gains tax (CGT) concessions if the relevant asset is mainly used to derive rent (TD 2021/2 was issued as Draft TD 2019/D4 that we discussed here).

The ATO has commenced issuing notices for its compliance program focusing on the “Next 5000” private groups in Australia. This article provides our top tips for preparing for an audit and how we can assist you in doing this.

With news and social media feeds being filled with tales of cryptocurrency (in particular bitcoin) prices fluctuating many taxpayers are making, or considering making, investments. However before jumping in taxpayers should understand that the anonymity that was originally touted as the shining crown of cryptocurrencies is not the invisibility cloak many may think it to be. What does the ATO really know about your cryptocurrency holdings and what do you need to disclose?

An intermediary limited recourse borrowing arrangement (LRBA) differs from a standard LRBA in that the bare trustee, rather than the SMSF trustee, enters into an LRBA borrowing as principal with a lender.

Land transfer duty is calculated on the dutiable value of the property. In Commissioner of State Revenue (Vic) v 1043 Melton Highway Pty Ltd [2020] VSC 820, the Supreme Court considered default interest is included in ‘consideration’ for the transfer of dutiable property.

As discussed here, the decision in Dental Corporation Pty Ltd v Moffet [2020] FCAFC 118 (16 June 2020) (Moffet) marked an important shift in how the courts have interpreted the employee/contractor distinction for the purposes of superannuation guarantee obligations.

The ATO has released a private binding ruling (Ruling) on the deductibility of certain expenses incurred by a self managed superannuation fund (SMSF) trustee in managing the SMSF’s share portfolio.

The coronvirus pandemic continues to have an impact on the health of Victorians and the econmy of the State. In recognition the Victorian Government continues to provide a number of state tax and duty relief measures to assist Victorians with the economic impact of the pandemic.

In a recent industry forum, the ATO confirmed they will be resuming superannuation guarantee (SG) compliance action following a pause due to COVID-19. The ATO indicated they have a considerable backlog of SG compliance cases as a result of COVID-19, which they are now working through.

A surprise inclusion in the Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) could mean good news for recipients of certain non-commutable ‘legacy’ pensions.

Our international tax series predominantly discusses Federal tax issues relating to non-resident (foreign) beneficiaries or non-resident trustees of a trust. This seventh article of the series focuses on the CGT main residence exemption (CGT MRE) for non-resident beneficiaries of deceased estates.

While SMSF trustees should be aware of the ATO’s concerns in relation to property development (for example, as outlined in SMSFRB 2020/1), a recent Full Court of the Supreme Court of South Australia has highlighted the commercial risks of such arrangement.

For a supply to trigger a GST liability, it needs (amongst other things) to be made in the course of furtherance of an enterprise. A common GST question is whether the sales of vacant lots of land amount to carrying on an ‘enterprise’ and are subject to GST.

As previously discussed here, the ATO has now finalised the legislative instrument Self-Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 (Determination). The Determination does not materially differ from the draft version.

When varying a trust deed is vital to ensure that the variation is in accordance with the variation power and, critically, whether the particular variation can be made at all.