Sladen Thoughts
Legal industry latest news and insights
Stay up to date with legal industry news and updates. Sladen Legal provide regular updates on changes and news in the Australian Legal Industry.
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Tax Disputes: Part 5 – ATO Reviews and Audits
When in a dispute with the Australian Taxation Office (ATO), attention needs to be given on how to respond to, and engage with, the ATO during a review or audit.
Part 5: Australian residents, foreign trusts, and foreign funds
Our international tax series considers tax issues for non-resident beneficiaries of Australian trusts and Australian beneficiaries of non-resident trusts.
Back From The Dead – The Proposed Removal Of The CGT Main Residence Exemption For Foreign Residents Reappears Just In Time For Halloween!
As we enter the Halloween season, zombies and other ghoulish creatures are no doubt at the forefront of people’s minds.
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
This article looks at what determines the tax residence of a trust and what the consequences can be from a change of tax residence.
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?
On 13 September 2019, the High Court refused the Commissioner of Taxation’s (Commissioner) application for special leave to appeal the Full Federal Court decision in Harding v Commissioner of Taxation (Harding).
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
When a shareholder in a company wishes to leave, and the remaining shareholders are happy for this to occur, basically there are two ways the separation can occur:
· The remaining shareholders can purchase the shares from the departing shareholder; or
· The company can buy back its shares.
Part 4: Tax consequences for non-resident beneficiaries of deceased estates
Our international tax series considers tax issues for non-resident beneficiaries of Australian trusts and Australian beneficiaries of non-resident trusts. The series considers the tax residency rules and income tax and capital gains tax (CGT) consequences for beneficiaries and trusts alike.
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
When involved in a dispute with the Australian Taxation Office (ATO), the possibility of resolving that dispute by way of settlement should always be carefully considered including what approach should be taken in negotiating with the ATO to get the best outcome for taxpayers.
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?
The “similar business test” to make it easier for companies (and listed trusts) to deduct losses became law in March 2019.
Sladen Snippet - ATO To Begin Conducting Data Matching Program On Lifestyle Assets
The Australian Taxation Office (ATO) will commence a data matching program to obtain information on insurance policies for lifestyle assets, including boats, yachts, enthusiast motor vehicles, thoroughbred race horses, fine art and aircrafts.
Part 3: Australian trusts – capital gains consequences for foreign beneficiaries
Our international tax series discusses tax issues relating to non-resident beneficiaries of Australian trusts and resident beneficiaries of foreign trusts.
Tax Disputes: Part 2 – Voluntary disclosures
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.