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Sladen Snippet: COVID-19 – changes to foreign investment review regime announced

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Sladen Snippet: COVID-19 – changes to foreign investment review regime announced

On 29 March 2020 the Federal Government announced changes to the foreign investment review regime as Australia continues to deal with the economic implications of COVID-19.

Once the legislation is passed, effective from 29 March 2020, all proposed foreign investment into Australia subject to the Foreign Acquisitions and Takeovers Act 1975 will require approval, regardless of the value of the investment or nature of the foreign investor. This is to be achieved by reducing to $0 the monetary screening thresholds for all foreign investment under the Act.

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Sladen Snippet: COVID-19: ‘JobKeeper’ support payment

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Sladen Snippet: COVID-19: ‘JobKeeper’ support payment

As foreshadowed in our earlier article, on 30 March 2020 the Federal Government announced further COVID-19 business support – the JobKeeper Payment.

Under the JobKeeper Payment, businesses significantly affected by Coronavirus outbreak be able to access a subsidy from the Government to continue paying their employees.

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COVID-19: Government and ATO support available

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COVID-19: Government and ATO support available

The COVID-19 virus is having a devastating effect on Australian businesses.

Federal, State, and Territory Governments have introduced a range of business stimulus measures and the Australian Taxation Office (ATO) is supplying administrative support to affected taxpayers. We expect further support initiatives as the crisis unfolds.

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Sladen Snippet: Greig - Full Federal Court decision on capital revenue question

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Sladen Snippet: Greig - Full Federal Court decision on capital revenue question

As we previously reported here, in the decision of Thawley J in Greig v Commissioner of Taxation [2018] FCA 1084 the taxpayer was unsuccessful in arguing the loss on selling shares was deductible on the basis he was in the business of dealing in shares. The taxpayer appealed this decision.

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SMSF and Asset Protection from Creditor Claims

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SMSF and Asset Protection from Creditor Claims

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.

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TD 2019/D6 and TD 2019/D7: (further) unintended consequences?

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TD 2019/D6 and TD 2019/D7: (further) unintended consequences?

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.

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AAT cautions the Commissioner on his sceptical approach towards taxpayers and offers a reminder in relation to burden of proof requirements

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AAT cautions the Commissioner on his sceptical approach towards taxpayers and offers a reminder in relation to burden of proof requirements

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.

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Sladen Snippet - Federal Court finds land used for storage not an active asset

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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).

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HOW FAR CAN A SPLIT TRUST BE SPLIT?

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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.

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“The new normal – ATO announces increasing review and tax assurance activity in relation to private groups”

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“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”.