Sladen Thoughts
Legal industry latest news and insights
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Family trust distribution tax – reversal of the ATO interpretation of the meaning of “distributes”
The ATO has published a new draft taxation determination that alters their previous published interpretation of the meaning of “distributes” for the purposes of the family trust distribution tax (FTDT).
Sladen Snippet – death benefit pensions may be commuted into accumulation prior to 1 July 2017
There is some good news and some bad news with the ATO’s release of Practical Compliance Guide PCG 2017/6. The good news is that spouses in receipt of death benefit pensions may commute their death benefit pensions in excess of the transfer balance cap back into accumulation before 1 July 2017. The bad news is that this concession does not apply to non-spouses and won’t apply after 30 June 2017.
Sladen Snippet - New GST remission requirements for purchasers of newly constructed residential premises or land in new subdivisions
It was announced as part of the 2017 Federal Budget that from 1 July 2018, purchasers of “newly constructed residential premises” or “new land subdivisions” will be required to remit GST directly to the Australian Taxation Office as part of settlement. Details have not yet been provided on how this measure will be implemented or operate.
Sladen Snippet – Last chance to transfer property between spouses duty free
The Victorian government has announced in its 2017 budget that it plans to abolish, from 1 July 2017, the spouse to spouse duty exemption, unless it is a transfer of a principal place of residence or a transfer as a result of a relationship breakdown.
Sladen Snippet – ATO gives guidance on how to commute pensions by 30 June 2017 for the transfer balance cap measure
The Australian Taxation Office (ATO) has released Practical Compliance Guideline PCG 2017/5 which gives guidance as to how trustees of self managed superannuation funds (SMSFs) can commute pensions by 30 June 2017 in order to comply with the new transfer balance cap measure.
Sladen Legal video presentations on the new super laws
On 28 February 2017, Sladen Legal’s Phil Broderick, Melissa Colaluca and Rob Jeremiah gave presentations on the new super laws.
Units trusts and cost base resets under the transfer balance cap (TBC)
In February 2017, Phil Broderick of Sladen legal article was published “Units trusts and cost base resets under the TBC” in the Tax Institute’s Journal, Taxation in Australia.
Deemed to be a “fixed trust” – draft guidelines
In January 2017 “Deemed to be a “fixed trust” – draft guidelines” written by Sladen Legal's Daniel Smedley and Patricia Martins was published in the Tax Institute’s Journal, Taxation in Australia.
Are foreign trusts the new black?
In November 2016, "Are foreign trusts the new black?” written by Sladen Legal’s Phil Broderick was published in The Tax Institute Journal, Taxation in Australia.
Sladen Snippet - More flexible small business restructure rollover and new corporate tax cuts passed by Senate
The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was recently passed by the Senate containing amendments to progressively reduce the corporate tax rate and increase the small business turnover thresholds for access to small business tax concessions.
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.
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
With that date fast approaching it is important that SMSF trustees look to rectify any outstanding related party non-commercial LRBA loans in the next couple of weeks.
Income from incidental activity is part of entity’s annual turnover and might bar CGT concessions
The Federal Court of Australia denied the application of the CGT small business concession on the basis that an unusual activity carried on by an associated entity to the taxpayer contributed to the aggregated annual turnover of that entity to be more than $2,000,000.
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
Financial Synergy Holdings Pty Ltd v FC of T [2016] FCAFC 31 - High Court denies application for special leave to appeal
Sladen Snippet - Changes to the Australian Taxation Office’s information gathering powers
Reporting entities must prepare a report setting out the required information about transactions in a specified period, such as an income year or other period.
Structuring Real Estate within an SMSF
On the 26th October 2016 Sladen Legal’s Phil Broderick was invited to present a paper at The Tax Institute 2016 VIC Property Intensive event.