Treasury has released exposure draft Taxation Administration (Private Ancillary Fund) Guidelines 2019 (2019 Guidelines), in anticipation of the sunsetting of Private Ancillary Fund Guidelines 2009, which is scheduled to occur on 1 October 2019.
Tax Disputes: Part 3 - Settlements
Lost but not forgotten? The ATO’s position on Lost and Stolen Cryptocurrency
The anonymity central to the very nature of cryptocurrency means that if access details are misplaced, they are often lost forever. Despite the continual development of new online wallets and marketplaces to acquire, store and transmit cryptocurrency, the potential for theft of cryptocurrency remains.
Company tax losses – similar business test or same business test lite?
Sladen Snippet - ATO To Begin Conducting Data Matching Program On Lifestyle Assets
Part 3: Australian trusts – capital gains consequences for foreign beneficiaries
Tax Disputes: Part 2 – Voluntary disclosures
Tax Disputes: Part 1 – Early engagement strategies with the ATO
When involved in a dispute with the Australian Taxation Office (ATO), it is always in a clients’ best interest to seek to either resolve or narrow and define the relevant issues in dispute as quickly and efficiently as possible. We will always advise a client to seek to engage with the ATO to resolve a tax dispute, when possible.
Sladen Snippet - trustee obligations on the ATO radar
Sladen Snippet - What does the election mean for tax?
Labor’s Tax Policies and What They Mean for Discretionary Trusts
Discretionary trusts are prevalent in the small to medium enterprise (SME) market due to their income tax effectiveness, distribution flexibility, and asset protection features. However, this may be about to change. The Australian Labor Party (ALP) has proposed a number of amendments to existing tax laws should they win the election on 18 May 2019.
Part 2: International tax series: income tax consequences for non-resident beneficiaries
Sladen Snippet - Paule decision has been appealed
Part 1 International tax series: are you a resident or non-resident?
Sladen Snippet: ATO to begin data matching program on cryptocurrency holdings
The Federal Commissioner of Taxation (Commissioner) has given notice that the Australian Taxation Office (ATO) will commence a data matching program on cryptocurrency.
Federal Court reminds us of the complexity of income tax deductibility, and what it means to carry on a business.
In Watson as trustee for the Murrindindi Bushfire Class Active Settlement Fund v Commissioner of Taxation [2019] FCA 228 (Watson), the Federal Court ruled that an investment trust established to hold funds received as compensation for victims of the black Saturday bush fires could not deduct administrative expenses associated with the trust’s operation.
ATO Decision Impact Statement on Pintarich – troubling views on when a decision may not be a decision
We previously reported here and here on the Full Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 (Pintarich) and the unsuccessful application for special leave to the High Court.
ATO releases ruling on when a company carries on a business, providing useful guidance for small business corporate taxpayers
Sladen Snippet - ATO releases draft tax determination on the application of the Small Business CGT concessions to investment properties
The Commissioner of Federal Taxation has expressed his preliminary views, in Tax Determination TD 2019/D4, that a company, which