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Legal industry latest news and insights
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CGT Discount Denied for Employee Share Scheme interest holder
The Administrative Appeals Tribunal (AAT) has denied a taxpayer a capital gains tax (CGT) discount on a gain on the disposal of shares she acquired as part of an employee share scheme (ESS).
Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes
A taxpayer has been found liable for a tax bill of $106,058 in relation to shares they acquired as part of an employee share scheme (ESS) with their previous employer, NewSat Limited, a now insolvent company with a share value of nil.
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).
Sladen Snippet – Harding decision has been appealed
As reported in our earlier article on Harding v FCT [2018] FCA 837, the Federal Court ruled that the taxpayer who lived and worked in Bahrain was an Australian tax resident.
Corporate tax residency – tax ruling highlights the need for foreign companies to manage residency risk
Foreign companies that may be controlled by an Australian entity should review their key decision-making procedures following the newly issued Australian Taxation Office (ATO) Taxation Ruling, TR 2018/5 (TR 2018/5) which gives guidance on when the ATO could find a foreign company’s central management and control (CMC) is located in Australia.
Sladen Snippet - New ATO penalty relief for taxpayers
The ATO are giving a second chance to certain taxpayers who are generally compliant with their tax obligations but may have made an inadvertent error or taken a tax position which is not reasonably arguable.
CGT marriage breakdown rollover does not apply to entities controlled by former spouses
In Ellison v Sandini Pty Ltd [2018] FCAFC 44, the Full Federal Court overturned decision which allowed Mr Sandini (the Taxpayer) to benefit from Capital Gains Tax (CGT) marriage breakdown rollover for the transfer of shares to an entity controlled by his former spouse, pursuant to a Family Court Order (FCO).
Sladen Snippet - What is “market value” for the purpose of the MNAV test
In Commissioner of Taxation v Miley, the Federal Court overturned decision of the Administrative Appeals Tribunal (AAT) concerning the share valuation method for the purposes of the maximum net asset value (MNAV) test in s 152-15 of the Income Tax Assessment Act 1997.
Sladen Snippet - ATO to disclose overdue tax debts to credit agencies
In the 2016-2017 Economic and Fiscal Outlook (http://www.budget.gov.au/2016-17/content/myefo/download/09-Appendix-A-Revenue.pdf), the Government announced that the Australian Taxation Office (ATO) would be allowed to report to credit reporting agencies the tax debt information of entities that don’t effectively engage with the ATO to manage those tax debts.
Sladen Snippet - Differential streaming of franked dividends and franking credits case granted special leave
On 23 October 2017, the Commissioner was granted special leave to appeal to the High Court against the Full Federal Court’s decision from earlier this year in Thomas v Commissioner of Taxation 2017 FCAFC 57.
Case illustrates primacy of Part IVC in challenging assessments
The strength of the Commissioner of Taxation’s (Commissioner) hand in raising taxation assessments, and the difficulties taxpayers face in challenging a taxation assessment other than under Part IVC of the Taxation Administration Act 1953 (Administration Act) has again been illustrated in the Federal Court decision of Chhua v Commissioner of Taxation [2017] FCA 1127 (Chhua).
Recent case illustrates the importance of drafting
The recent Full Federal Court cases of Bazzo v FCT [2017] FCAFC 139 illustrates the importance of drafting in agreements and, in particular, agreements with revenue authorities.
ATO provides a “safe harbour” for fixed trusts
The Australian Taxation Office (ATO) published the final version of the Practical Compliance Guidelines (PCG) 2016/16, which provides guidance in relation to what will be considered by the Commissioner when exercising his discretion to treat an interest in the income or capital of a trust as being a fixed entitlement and by extension whether a trust is a fixed trust for the purposes of the tax law.
GST on the sale of residential property – a lesson from the Sebel Manly Beach Hotel
The Administrative Appeals Tribunal (AAT) recently held in the case of MSAUS v FC of T that Division 135 of the Good and Services Tax (GST) Act did not apply to impose an increasing adjustment [an amount of GST on an otherwise GST-free transaction] to the sale of leased residential apartments
Sladen Snippet - ATO guidance on liability of a legal personal representative of a deceased person
The Australian Taxation Office (ATO) has released for public comment draft Practical Compliance Guideline (PCG) 2017/D12, which gives guidance to the legal personal representative (LPR) of a deceased person as to circumstances where the LPR may be personally liable for the deceased’s tax liability.
Sladen Snippet - Commissioner is under no duty to issue amended land tax assessments
The High Court of Australia has recently allowed an appeal against a decision of the Victoria Court of Appeal and held that the Commissioner was not under a duty to issue amended assessments and refund an excess amount of land tax that has erroneously been paid by a taxpayer.
Partner is denied access to partnership’s carried forward tax losses
The Administrative Appeals Tribunal (AAT) has recently held that tax losses were not available to a partner in a property development partnership.
Consolidations - ACA calculations and pre-CGT assets - High Court denies special leave in Financial Synergy Holdings case
Financial Synergy Holdings Pty Ltd v FC of T [2016] FCAFC 31 - High Court denies application for special leave to appeal
Sladen Snippet - ATO update to the AXA Part IVA Decision Impact Statement and PS LA 2005/24
The ATO has recently updated its Decision Impact Statement on FCT v AXA Asia Pacific Holdings Ltd 2010 ATC 20-224 to include amendments made in September 2016.
"The mere existence of a “service agreement” will not mean “service charges” are deductible".
The Administrative Appeals Tribunal’s decision in Case 4/2016 illustrates the importance of observing the terms of a Services Agreement and ensuring that the actions of the parties to the agreement are consistent with the written agreement.