Back From The Dead – The Proposed Removal Of The CGT Main Residence Exemption For Foreign Residents Reappears Just In Time For Halloween!
Sladen Snippet – Full Federal Court Affirms No CGT Discount on Share Disposal
The Full Federal Court in Hart v FCT affirmed the Federal Court’s decision in Paule v FCT that the capital gains tax (CGT) discount did not apply to the sale of shares owned by a trust.
Australian trusts, capital gains, and foreign beneficiaries: more controversy, more angst?
The Australian Taxation Office (ATO) recently released Taxation Determinations TD 2019/D6 and TD 2019/D7 (together the Determinations) that concern Australian discretionary trusts distributing capital gains to foreign beneficiaries.
Sladen Snippet - Further ATO Guidance on what is love and affection
On 6 February 2019, and as previously reported here, the Australian Taxation Office (ATO) withdrew its longstanding public guidance that a company could forgive a debt for “natural love and affection” under the exception in the commercial debt forgiveness rules (CDF Rules) in Division 245. At that time, the ATO said it is developing guidance on the issue.
Residency of a trust: don’t get it wrong
ATO professional practice guidelines – where are we now?
On 24 September 2019, the Australian Taxation Office (ATO) updated its guidance on “Assessing the risk: allocation of profits within professional firms”.
Residency - Harding and Handsley – what’s the difference?
Tax disputes: Part 4 - mitigation of interest and penalties
When involved in a dispute with the Australian Taxation Office (ATO), dealing with the interest and penalties that may be imposed by the ATO in relation to a tax liability by seeking remission of those amounts, objecting, or having a reasonably arguable position opinion can be an important part of any dispute resolution strategy.
Business restructuring and share buy-backs
Part 4: Tax consequences for non-resident beneficiaries of deceased estates
Sladen Snippet - Sunsetting PAF Guidelines to be remade
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.
