Partner is denied access to partnership’s carried forward tax losses
Sladen Snippet - Intangible assets and improvements to pre-CGT assets
On 25 January 2017, the Commissioner of Taxation (Commissioner) released Taxation Determination, TD 2017/1 (Determination) concerning whether intangible capital improvements made to a pre-CGT asset can be a separate asset for the purpose of subsections 108-70(2) or (3) of the Income Tax Assessment Act 1997.
Sladen Snippet – Last few weeks left to fix up non-commercial LRBA loans
Income from incidental activity is part of entity’s annual turnover and might bar CGT concessions
Sladen Snippet - ATO releases discussion paper on new GST rules for digital supplies
On 06 December 2016, the Commissioner of Taxation issued the Discussion Paper TDP 2016/1 on issues concerning electronic distribution platforms (EDPs). The discussion paper seeks feedback in relation to the new Goods and Services Tax (GST) rules for digital suppliers and services affecting EDPs from 1 July 2017.
Sladen Snippet - Changes to the Wine Equalisation Tax (WET) Rebate eligibility criteria and cap reduction
In light of the 2016-17 Federal Budget handed down earlier this year, followed by consultation with participants in the wine industry, the Turnbull Government has announced on 02 December 2016 reforms to the WET Rebate. The purpose of these reforms, as stated by Assistant Treasurer and Minister for Small Business, Kelly O’Dwyer is to address “distortions in the market through the misuse and exploitation of the WET Rebate scheme”.
Consolidations - ACA calculations and pre-CGT assets - High Court denies special leave in Financial Synergy Holdings case
Sladen Snippet - Changes to the Australian Taxation Office’s information gathering powers
Structuring Real Estate within an SMSF
Sladen Snippet - ATO update to the AXA Part IVA Decision Impact Statement and PS LA 2005/24
Sladen Snippet - Proposed “aggregate scheme” amendments to the debt-equity tax rules
On 10 October 2016, the Federal Government released an Exposure Draft to implement changes to the debt and equity tax rules in Division 974 of Income Tax Assessment Act 1997. The Exposure Draft is intended to effect recommendations made by the Board of Taxation in its April 2015 report Review of the Debt and Equity Tax Rules.
"The mere existence of a “service agreement” will not mean “service charges” are deductible".
Sladen Snippet - Variation to foreign resident CGT withholding payments
Small Business Restructure Roll-over - $10m turnover test
Foreign person duty and land tax surcharges
Sladen Snippet - Disclaimer of an interest in a trust – can this be tax effective?
Creating Entitlements in Discretionary Trusts
Modest and infrequent maintenance activities of a property whose “main use” is to derive rent will not entitle a taxpayer to access the small business CGT concessions.
In its recent decision in The Executors of the Estate of the late Peter Fowler and Commissioner of Taxation, the Administrative Appeals Tribunal (AAT) held that Mr Fowler was not entitled to apply the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997, on the sale of a block of 10 residential units (Manly Property) as he was not carrying on a business and the Manly Property did not qualify as an “active asset”.
Sladen Snippet – Foreign person duty surcharge to increase to 7% from 1 July 2016 and related changes
The Victorian Government has passed legislation to increase the duty surcharge on purchasers of residential property by foreign persons to 7% for contracts entered into from 1 July 2016. The changes contain a number of other changes to the foreign purchaser duty regime.