When most people think of self managed superannuation funds (SMSFs) they mostly think of a vehicle to provide retirement benefits and their concessional tax treatment. In contrast, the asset protection benefit provided by SMSFs is often not considered.

The recent AAT decision of The Trustee for the Whitby Trust and Commissioner of Taxation
[2019] AATA 5637 signifies the dire tax implications of family trusts failing to observe documentary formalities.

The rules for testing whether a trust can utilise a prior year tax loss are complex.

This article provides tips and traps around accessing land transfer duty exemptions for the transfer of Victorian real estate from a trust to a beneficiary.

Funding buy-sell agreements via insurance policies is a favoured option. Advisers should consider the merits of holding these policies via trust structures.

Careful consideration of the identity of the appointor of a trust, and the scope of their powers, is essential in succession planning.

While consistent with recent ATO views, TD 2019/D6 and TD 2019/D7 provide minimal clarification on the taxation of Australian discretionary trusts distributing capital gains to foreign beneficiaries.

The Administrative Appeals Tribunal (Tribunal) has determined, in opposition to the Commissioner of Federal Taxation (Commissioner), that a luxury car dealer was entitled to decreasing Luxury Car Tax (LCT) and Goods and Services Tax (GST) input credits on the acquisition of a luxury vehicle.

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.

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).

This is the sixth in our international tax series.

In this article we recap and summarise previous articles as those articles relate to:

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.

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”.

As previously reporting here, the Government recently resurrected measures to deny the capital gains tax (CGT) main residence exemption to foreign tax residents.

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.

On 16 October 2019, the High Court handed down its decision in FCT v Sharpcan Pty Ltd unanimously allowing the Commissioner of Taxation’s (Commissioner) appeal from the Full Federal Court’s decision.

Our international tax series considers tax issues for non-resident beneficiaries of Australian trusts and Australian beneficiaries of non-resident trusts.

As we enter the Halloween season, zombies and other ghoulish creatures are no doubt at the forefront of people’s minds.

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.

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.