On 22 October 2018, Treasury released a consultation paper to seek views on proposed amendments to Division 7A.

Last week the Australian Taxation Office (ATO) updated its ‘advice under development’ pages to include back-to-back capital gains tax (CGT) roll-overs and what is a ‘restructuring’ for purposes of the demerger provisions.

On 12 October 2018, Treasury released exposure draft legislation concerning the latest changes to the small business capital gains tax (CGT) concessions (the concessions).

The taxation of trusts and foreign benefi ciaries is complex. As the world globalises, what was an exception is now “the new black”. Reform is long overdue.

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).

We reported on the Full Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 here.

The Board of Taxation (the Board) released a consultation guide for the review of the income tax residency rules for individuals.

The case of Wu v FCT [2018] FCA 1339 illustrates the importance of correctly stating the grounds for a taxation objection.

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.

Lately, revenue authorities have focused heavily on investigating medical, dental, optometry and other allied health clinics.

On 20 September 2017, the Senate passed the Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 (the Bill).

This article discusses the nature of the trustee’s right of indemnity

On 15 August 2018, the Commissioner finalised his views on trust vesting in Taxation Ruling TR 2018/6. We previously commented on the draft (TR 2017/D10) version of this ruling here.

One of the most significant consequences of the transfer balance cap is the effect it has on the payment of death benefits.

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).

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. 

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.

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 [2018] FCA 1084 (Greig) reiterates the uncertainty in respect of the revenue and capital dichotomy and draws on well-known case law principles.

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.