Sladen Snippet - Further ATO Guidance on what is love and affection

Sladen Snippet - Further ATO Guidance on what is love and affection

On 6 February 2019, and as previously reported here, the Australian Taxation Office (ATO) withdrew its longstanding public guidance that a company could forgive a debt for “natural love and affection” under the exception in the commercial debt forgiveness rules (CDF Rules) in Division 245. At that time, the ATO said it is developing guidance on the issue.

Bernie O’Sullivan Lawyers to join Sladen Legal

Bernie O’Sullivan Lawyers to join Sladen Legal

We’re delighted to announce that Bernie O’Sullivan Lawyers will be joining Sladen Legal, effective 1 October 2019. Coming together under the Sladen Legal brand this development will add depth and expertise to our already impressive team of Estate Planning, Tax, Business, Superannuation, Trusts and Dispute Resolution lawyers.

Sladen Snippet - Sunsetting PAF Guidelines to be remade

Sladen Snippet - Sunsetting PAF Guidelines to be remade

Treasury has released exposure draft Taxation Administration (Private Ancillary Fund) Guidelines 2019 (2019 Guidelines), in anticipation of the sunsetting of Private Ancillary Fund Guidelines 2009, which is scheduled to occur on 1 October 2019.  

Sladen Snippet - Victorian Budget 2019/20 – Royal Assent is received

Sladen Snippet - Victorian Budget 2019/20 – Royal Assent is received

The State Taxation Acts Amendment Bill 2019 (Vic) has received royal assent on 18 June 2019. Following this, the measures outlined below will take effect from 19 June 2019

Sladen Snippet - Victorian Budget 2019/20 – Corporate reconstructions and consolidations are no longer fully exempt and instead will receive a duty concession

Sladen Snippet - Victorian Budget 2019/20 – Corporate reconstructions and consolidations are no longer fully exempt and instead will receive a duty concession

As set out in the recent controversial Victorian Budget article, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments to the corporate reconstruction exemption.

Sladen Snippet - Victorian Budget 2019/20 – Increase of foreign duty and land tax surcharges

Sladen Snippet - Victorian Budget 2019/20 – Increase of foreign duty and land tax surcharges

As set out in the recent controversial Victorian Budget, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments directly impacting any foreign persons or entities holding Victorian properties.

Sladen Snippet - trustee obligations on the ATO radar

Sladen Snippet - trustee obligations on the ATO radar

As we approach 30 June, the Australian Taxation Office (ATO) announced that it is reviewing adherence to trustee obligations including the lodgment of tax file number (TFN) reports for TFN withholding for closely held trusts.

Sladen Snippet: ATO to begin data matching program on cryptocurrency holdings

Sladen Snippet: ATO to begin data matching program on cryptocurrency holdings

The Federal Commissioner of Taxation (Commissioner) has given notice that the Australian Taxation Office (ATO) will commence a data matching program on cryptocurrency.

Sladen Snippet – ATO to seek special leave to appeal to the High Court in Harding

Sladen Snippet – ATO to seek special leave to appeal to the High Court in Harding

We previously reported here in relation to the Full Federal Court decision in the residency case of Harding v COT [2019] FCAFC 29 (Harding) which found in favour of Mr Harding, reversing the Federal Court’s decision at first instance.

Sladen Legal trio voted among Australia’s Best Lawyers

Sladen Legal trio voted among Australia’s Best Lawyers

Sladen Legal’s Daniel Smedley, Neil Brydges and Phil Broderick have received recognition in the 12th Edition of The Best Lawyers in Australia. The list of impressive legal professionals was announced in the Australian Financial Review on 22 March 2019.

Sladen Snippet - Active Asset Test – land used for storage: Eichmann v Commissioner of Taxation [2019] AATA 162

Sladen Snippet - Active Asset Test – land used for storage: Eichmann v Commissioner of Taxation [2019] AATA 162

The Administrative Appeals Tribunal (AAT) has determined that land, used to store tools and materials for the purposes of operating a business, constituted an “active asset” for the purposes of the small business capital gains tax (CGT) concessions.

Sladen Snippet - Tribunal determines that transfer of land between SMSFs does not trigger duty

Sladen Snippet - Tribunal determines that transfer of land between SMSFs does not trigger duty

In a recent case of Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue [2019] NSWCATOD 3, the NSW Civil and Administrative Tribunal (NCAT) considered the application of an available duty concession for the transfer of property in connection with persons changing superannuation funds, including self-managed superannuation funds (SMSFs).