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If you don’t ask, you’ll never know: Pedley and allocation of payments made to the ATO

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If you don’t ask, you’ll never know: Pedley and allocation of payments made to the ATO

In Deputy Commissioner of Taxation v Pedley (No 2) (2018) FCA 2015 (Pedley), the Federal Court confirmed the wide discretion available to the Australian Taxation Office’s (ATO) to allocate payments made to it for tax debts especially where the taxpayer has not provided explicit direction as to what payments should be applied to which debts.

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Sladen Snippet - Active Asset Test – land used for storage: Eichmann v Commissioner of Taxation [2019] AATA 162

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Sladen Snippet - Active Asset Test – land used for storage: Eichmann v Commissioner of Taxation [2019] AATA 162

The Administrative Appeals Tribunal (AAT) has determined that land, used to store tools and materials for the purposes of operating a business, constituted an “active asset” for the purposes of the small business capital gains tax (CGT) concessions.

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Challenging a discretionary decision of A Self Managed Superannuation Fund trustee in respect of the payment of a deceased member’s death benefits

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Challenging a discretionary decision of A Self Managed Superannuation Fund trustee in respect of the payment of a deceased member’s death benefits

The case of Re Marsella; Marsella v Wareham [2018] VSC 312 (13 June 2018) concerned a claim by the widower of the willmaker for further provision from the estate of the deceased pursuant to Part IV of the Administration and Probate Act 1958. 

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Sladen Snippet – Marsella – is this the end for SMSF trustee death benefit discretionary determinations?

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Sladen Snippet – Marsella – is this the end for SMSF trustee death benefit discretionary determinations?

What is “better” for paying out death benefits in a self managed superannuation fund (SMSF) - a binding death benefit nomination (BDBN) or trustee discretion? As a result of a number of cases, where BDBNs were found to be defective, trustee discretion was becoming a favoured method for some advisors.

Sladen Snippet - ATO changes it view on what is love and affection

Sladen Snippet - ATO changes it view on what is love and affection

On 6 February 2019, the Australian Taxation Office (ATO) withdrew its long-standing Interpretative Decision 2003/589 that a company can forgive a debt owed by a natural person for reasons of “natural love and affection” and not trigger consequences under the commercial debt forgiveness rules.

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‘What is mine is yours: Tomaras and the substitution of tax debtors’

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‘What is mine is yours: Tomaras and the substitution of tax debtors’

The High Court in Commissioner of Taxation v Tomaras & Ors (2018) HCA 62 (Tomaras) has confirmed the Federal Circuit Court had jurisdiction to make orders altering the property interests of parties to a marriage substituting one party for the other party as sole debtor to the Commissioner of Taxation (Commissioner) in respect of income tax liabilities owed by the first party.

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Sladen Snippet - Tribunal determines that transfer of land between SMSFs does not trigger duty

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Sladen Snippet - Tribunal determines that transfer of land between SMSFs does not trigger duty

In a recent case of Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue [2019] NSWCATOD 3, the NSW Civil and Administrative Tribunal (NCAT) considered the application of an available duty concession for the transfer of property in connection with persons changing superannuation funds, including self-managed superannuation funds (SMSFs).