In line with the 2021/22 Victorian Budget announcements and following targeted consultations with various stakeholders, the Victorian Government has recently tabled a Bill to introduce the windfall gains tax - Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 (Bill).

Legal professional privilege (LPP) has once again become a topic of significant interest following the recent Full Federal Court decision of CUB Australia Holding Pty Ltd v FCT [2021] FCAFC 171 (CUB Decision) and the release of the draft LPP protocol from the Australian Taxation Office (ATO).

In 2014, the Australian Taxation Office (ATO) undertook the high-profile amnesty – Project DOIT – that allowed Australian taxpayers to voluntarily disclose (undeclared) offshore income in return for a range of ATO administrative concessions on the period-of-review, penalties, and shortfall interest.

This is part 7 of our Land Tax Series which aims to deconstruct the various aspects of the complex land tax legislation.

In this Part 8 in our series of articles on land tax we examine the charities exemption as well as some other exemptions under the Land Tax Act 2005 (Vic) (LTA).

To recap: land tax is a state and territory tax levied on the total taxable value of land held by taxpayers in particular jurisdictions. Land tax is assessed on a calendar year basis on the land you own at midnight on 31 December.

Part IVC of the Taxation Administration Act 1953 gives taxpayers statutory avenues to argue, in the Administrative Appeals Tribunal (AAT) or Federal Court, that the substantive liability imposed by an assessment is excessive through a review or appeal of an objection decision. Where an assessment is found to be excessive, the Commissioner must amend the assessment.

In the recent decision of Chandrala v Chief Commissioner of State Revenue [2021] NSWCATAD 50, the NSW Civil and Administrative Tribunal (NCAT) has determined that rural land, that was leased to a tenant, was not exempt from land tax under the primary production exemption.

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.

A taxpayer includes a net capital gain in assessable income. That is well known. But can an agreement to remit an amount from sale proceeds reduce the amount of a net capital gain?

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 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.

In CCSR v Benidorm Pty Ltd [2020] NSWCA 285, the NSW Court of Appeal found that a ‘declaration of trust’ did not trigger duty on the basis that it merely acknowledged the existence of an existing trust.

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.

The AAT has rejected the Federal Commissioner of Taxation’s (Commissioner) view that a discretionary payment received by an employee upon his termination should be taxed as ordinary income. Despite the payment being made upon the termination of the employee the Commissioner argued that it was received in respect of their employment as it was calculated in relation to fees earnt.

The Australian Taxation Office (ATO) has begun issuing notices for its compliance program focusing on the “Next 5,000” private groups in Australia (Next 5000 Program).

The Full Federal Court in FCT v Healius [2020] FCAFC 173 has upheld the Australian Taxation Office’s (ATO) appeal of the Federal Court decision in Healius v COT [2019] FCA 2011 which considered whether lump sum payments made by a medical centre to its doctors were assessable on revenue or capital account.

Over the last 18 months several decisions of the Administrative Appeals Tribunal, Federal and Full Federal Courts considered the application of Australian tax residency laws including Harding v FCT [2019] FCAFC 29, FCT v Addy [2020] FCAFC 135, Stockton v FCT [2019] FCA 1679, Handsley v FCT [2019] AATA 917 and Coelho v FCT [2020] AATA 2474.

An employment agency contract involves a contract between two parties where one of the parties (the employment agent) procures the services of a person for a client. The relevant test is whether the employment agent provided individuals who would comprise, or who would be added to, the workforce of the client for the conduct of the client's business.

After 6 months of, and multiple revisions to the administration to, JobKeeper, the extension to the scheme – labelled JobKeeper 2.0, begins today. JobKeeper 2.0 runs until 28 March 2021. In this article we summarise the main elements and qualification requirements of JobKeeper 2.0.