Legal news
Following last year’s consultation process with employers and interest groups in relation to current impediments and opportunities for streamlining the workplace gender equality reporting process, the Minister for Employment, Senator Eric Abetz, has announced a series of reporting amendments designed to ease the reporting obligations for employers.
No changes have been made to the gender equality framework under the Workplace Gender Equality Act 2012 (Act).
The recent Federal Court case of Krok v Commissioner of Taxation has provided a reminder that a taxpayer may impliedly waive their right to legal professional privilege by disclosing documents which refer to the purpose and reasoning of legal advice. As a result of the implied waiver, the taxpayer may be required to discover documents that would otherwise have been protected by legal professional privilege.
Sladen Legal is delighted to announce the appointments of Leneen Forde and Louise Houlihan (formerly partners of Cornwall Stodart Lawyers) as principals of the firm.
Louise is joined by senior associate, Jane O’Brien, and associate, Joanna Shields (also formerly of Cornwall Stodart Lawyers) and together they will strengthen Sladen Legal’s existing Employment, Industrial Relations and Occupational Health and Safety team.
Leneen has joined the existing litigation group and new recruit, Lawyer, Andrew Blyth, forming Sladen Legal’s new Commercial Disputes team.
This article was written by Renuka Somers for the Tax Institute’s Journal, Taxation in Australia, published in November 2014.
It discusses some of the taxation and trusts issues encountered when structuring family law settlements. Managing these issues appropriately through careful planning and the preparation of appropriate documentation can ensure the best financial and taxation outcome for clients.
The Australian Taxation Office (ATO) has set out its view in ATO Interpretative Decisions, ATO ID 2015/2 and ATO ID 2015/3 that the superannuation laws and tax laws prohibit superannuation death benefits from being paid by mere journal entries.
In the ATO IDs, the taxpayer/beneficiary and self managed superannuation fund (SMSF) trustee wished to effect the death benefit to the beneficiary by the transfer of money from the deceased member's account, to the beneficiary's own account in the SMSF by way of journal entry (to save on transactions costs). The ATO noted that set offs can occur in a superannuation context, but that there needs to be “mutual liabilities between the taxpayer and the SMSF and there is an agreement between those parties to set-off the liabilities”. Here, the ATO found there was “not a mutual liability in this case as the taxpayer does not have a liability to the SMSF”.