Tax Disputes: Part 6 – Objections
Sladen Snippet - Federal Court finds land used for storage not an active asset
The Federal Court in FCT v Eichmann [2019] FCA 2155 (Eichmann) held that land used for storage was not an active asset for purposes of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (ITAA 1997).
International tax series Part 6: recap: foreign residents, Australian residents, and capital gains
HOW FAR CAN A SPLIT TRUST BE SPLIT?
The Australian Taxation Office (ATO) sought to address this question through a public determination (first issued in draft as TD 2018/D3) that considered a range of features of an arrangement, that when considered together, were deemed to have resulted in the creation of a new trust over assets formerly held by an original trust.
“The new normal – ATO announces increasing review and tax assurance activity in relation to private groups”
Recently, the Australian Taxation Office (ATO) announced an expansion to its ‘Tax Avoidance Taskforce’, increasing its focus on “supporting and ensuring private groups and high wealth individuals pay the right amount of tax”.
Sladen Snippet - Calling all Australian expats: is it time to sell your Australian main residence?
Tax Disputes: Part 5 – ATO Reviews and Audits
Sharpcan: High Court provides more grist to the capital/revenue mill
Part 5: Australian residents, foreign trusts, and foreign funds
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.
