Taxation issues will regularly arise in the family law context, especially in those cases that involve the division of property.

A recent Full Federal Court decision reflects the diversity of issues which can arise in the complex world of discretionary trusts.

In the recent decision of Chandrala v Chief Commissioner of State Revenue [2021] NSWCATAD 50, the NSW Civil and Administrative Tribunal (NCAT) has determined that rural land, that was leased to a tenant, was not exempt from land tax under the primary production exemption.

Individuals cannot currently claim a tax deduction under s 8-1 of the Income Tax Assessment Act 1997 for education and training expenses unless the expense leads to, or is likely to lead to, an increase in the individual’s income from current income-earning activities.

A taxpayer includes a net capital gain in assessable income. That is well known. But can an agreement to remit an amount from sale proceeds reduce the amount of a net capital gain?

On 1 March 2021, the Australian Taxation Office (ATO) released Draft Practical Compliance Guideline PCG 2021/D2 Allocation of professional firm profits – ATO compliance approach (Draft PCG) that sets out the ATO’s proposed compliance approach to the allocation of profits by professional firms.

The Australian Taxation Office (ATO) has issued Taxation Determination TD 2021/2 that contains the ATO view that companies which carry on a business will be unable to benefit from the small business capital gains tax (CGT) concessions if the relevant asset is mainly used to derive rent (TD 2021/2 was issued as Draft TD 2019/D4 that we discussed here).

The ATO has commenced issuing notices for its compliance program focusing on the “Next 5000” private groups in Australia. This article provides our top tips for preparing for an audit and how we can assist you in doing this.

With news and social media feeds being filled with tales of cryptocurrency (in particular bitcoin) prices fluctuating many taxpayers are making, or considering making, investments. However before jumping in taxpayers should understand that the anonymity that was originally touted as the shining crown of cryptocurrencies is not the invisibility cloak many may think it to be. What does the ATO really know about your cryptocurrency holdings and what do you need to disclose?

Land transfer duty is calculated on the dutiable value of the property. In Commissioner of State Revenue (Vic) v 1043 Melton Highway Pty Ltd [2020] VSC 820, the Supreme Court considered default interest is included in ‘consideration’ for the transfer of dutiable property.

In the recent decision of AWF Prop Co 2 Pty Ltd and Ararat Wind Farm Pty Ltd v Ararat Rural City Council and Valuer General Victoria [2020] VSC 853, the Supreme Court of Victoria ruled in favour of the wind farm owners and determined the various wind farm assets (such as wind turbines) to be chattels rather than fixtures.

Many state and federal taxing provisions provide different tax outcomes on the trustees of trusts depending on what type of trust is involved. One example of this is contained in the NSW land tax rules which provides for a land tax surcharge on unit trusts that are “special trusts” rather than “fixed trusts”.

Our international tax series predominantly discusses Federal tax issues relating to non-resident (foreign) beneficiaries or non-resident trustees of a trust. This seventh article of the series focuses on the CGT main residence exemption (CGT MRE) for non-resident beneficiaries of deceased estates.

In CCSR v Benidorm Pty Ltd [2020] NSWCA 285, the NSW Court of Appeal found that a ‘declaration of trust’ did not trigger duty on the basis that it merely acknowledged the existence of an existing trust.

Many states now have foreign land tax surcharges that apply to foreign persons including trustee of foreign trusts. As a result many trustees will consider amending their trust deeds to ensure that they don’t inadvertently trigger such surcharges.

For a supply to trigger a GST liability, it needs (amongst other things) to be made in the course of furtherance of an enterprise. A common GST question is whether the sales of vacant lots of land amount to carrying on an ‘enterprise’ and are subject to GST.

AAT denies deductions for work-related expenses: Lambourne v Commissioner of Taxation [2020] AATA 4562

The Administrative Appeals Tribunal (AAT) recently agreed with the Commissioner in disallowing certain deductions for work-related expenses.

Restructuring and CGT roll-overs: tips for Advisors Slide Overview

1. Roll-overs Relief 101;

Restructuring and CGT roll-overs: tips for Advisors Slide Overview

We have previously written about carefully reading the clauses of a trust deed when seeking to make variations. The recent Federal Court decision of Advanced Holdings once again exemplifies the adverse outcomes that can arise when protocols prescribed in a trust deed are not followed.