Sladen snippet - Further integrity measures regarding small business CGT concessions in relation to partnerships
On 12 October 2018, Treasury released exposure draft legislation concerning the latest changes to the small business capital gains tax (CGT) concessions (the concessions).
Trusts, income tax, CGT and foreign residents
Here we go, Treasury releases Division 7A consultation
As we have previously reported, the Government announced in the 2017 Budget that amendments would be made to Division 7A incorporating recommendations from the 2014 Board of Taxation’s final report on the ‘Post Implementation Review of Division 7A of Part III of the Income Tax Assessment Act 1936’ (the earlier report).
Sladen Snippet - Pintarich – a Clayton’s decision denied High Court special leave
We reported on the Full Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 here.
Sladen Snippet – further consultation on individual tax residency rules
The Board of Taxation (the Board) released a consultation guide for the review of the income tax residency rules for individuals.
Wu: taxation objections - get your grounds right
The case of Wu v FCT [2018] FCA 1339 illustrates the importance of correctly stating the grounds for a taxation objection.
Living and Leisure: Victorian leases and the State tax implications
The Victorian Court of Appeal in its recent decision of Living and Leisure Australia Pty Ltd vs Commissioner of State Revenue (Living and Leisure) dismissed the appeal by the taxpayers and upheld the Victorian Supreme Court’s conclusion that the contended leases in respect of Crown lands within the alpine resorts granted exclusive possession and were leases.
Victorian Supreme Court strikes a blow to payroll tax clampdown against the healthcare industry: The Optical Superstore Case
Sladen Snippet – off and running (almost), Senate passes tightened requirements to CGT concessions for companies and trusts from 8 February 2018
The nature of the trustee’s right of indemnity
Trust vesting – the Commissioner finalises his views
Death Benefit Planning in the New Superannuation Environment
CGT Discount Denied for Employee Share Scheme interest holder
Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes
Sladen Snippet; company tax rates – amongst the chaos a beacon emerged
We have previously written (see here and here) about the Tax Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 (the Bill) that proposes to deny the lower 27.5% corporate tax rate to corporate tax entities with less than $25 million of turnover that derive predominantly (80% or more) passive income (‘base rate entity passive income’) has not been debated by the Parliament since 12 February 2018.
Sladen Snippet - ATO extends Division 7A guideline to UPEs under Sub-Trust Arrangements maturing in the 2019 Income Year
On 15 August 2018, the Australian Tax Office (ATO) updated Practical Compliance Guideline (PCG) 2017/13 to extend its application to Division 7A sub-trust arrangements adopted in accordance with Practice Statement Law Administration 2010/4 (PS LA 2010/4) that mature in the 2019 income year.
Greig v Commissioner of Taxation: revenue vs capital and lessons for investors
Greig v Commissioner of Taxation [2018] FCA 1084 (Greig) reiterates the uncertainty in respect of the revenue and capital dichotomy and draws on well-known case law principles.
Crypto-to-Crypto Trades: Bursting the Bubble on the Tax-Free Fantasy
Taxation of cryptocurrency continues to gain substantial attention in the media. Our thoughts on the implications of having a commercial nature when acquiring and selling cryptocurrency and the general uncertainty around taxation of cryptocurrency were recently shared in Forbes.
Don’t you forget about me: ATO also considering property developers and their GST obligations?
A recent ATO post on its social media channels may signal the Commissioner of Taxation’s focus on the GST obligations of taxpayers involved in the development of property for sale at a profit and whether they are required to register for GST.