Legal news
The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the third article in a series on issues in FCT v Ross and discusses the onus of proof of disproving a default assessment.
The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the second article in a series on issues in FCT v Ross and discusses death not being a factor to remit penalties.
The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the first article in a series on issues in FCT v Ross.
We wrote here and here about the Greensill (Thawley J) and Martin (Steward J) Federal Court decisions. In those decisions the Federal Court found in favour of the Australian Taxation Office (ATO) that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) did not disregard a non-taxable Australian property capital gain distributed to a foreign resident beneficiary of an Australian discretionary trust.
In Mussalli & Ors v FC of T [2021] FCAFC 71, the taxpayer entered into lease and licence agreements to operate several McDonald’s fast-food restaurants.
Section 254 of the Income Tax Assessment Act 1936 sets out the obligations, liabilities and rights of agents and trustees. An agent or trustee is answerable as taxpayer for things required to be done by the tax Acts in respect of income, or any profits or gains of a capital nature, derived by the agent or trustee in his/her representative capacity or derived by the principal by virtue of the agency.
Attracting and retaining high performing employees can be key to ensuring the long-term success and growth of a business – a significant challenge for many Australian businesses navigating through COVID-19. Implementing an employee share scheme (ESS) or incentive plan can be an effective means by which businesses can attract, motivate, and retain valued employees.
We have previously discussed the Full Federal Court decision in Addy v FCT [2020] FCAFC 135 here. In this case, the court held that Ms Addy, a working holiday maker, was not entitled to benefit from the tax-free threshold as she was not an Australian tax resident. The so-called ‘backpacker tax’.
On 1 March 2021, the Australian Taxation Office (ATO) released Draft Practical Compliance Guideline PCG 2021/D2 Allocation of professional firm profits – ATO compliance approach (Draft PCG) that sets out the ATO’s proposed compliance approach to the allocation of profits by professional firms.
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).
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?
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.
AAT denies deductions for work-related expenses: Lambourne v Commissioner of Taxation [2020] AATA 4562
The Administrative Appeals Tribunal (AAT) recently agreed with the Commissioner in disallowing certain deductions for work-related expenses.
