Court rules on “present entitlement” and “disclaimer of entitlement” to trust income

Court rules on “present entitlement” and “disclaimer of entitlement” to trust income

The concept of “present entitlement” within the meaning of section 97 of the Income Tax Assessment Act 1936 and validity of a “disclaimer of entitlement of income” were considered by the Full Federal Court in the recent case of Lewski v Commissioner of Taxation [2017] FCAFC 145 (Lewski) that illustrates the importance of having trust law and taxation law concepts properly aligned. Lewski was an appeal from a decision of the Administrative Affairs Tribunal.

Private companies to benefit from extension of crowd-sourced equity funding legislation

Private companies to benefit from extension of crowd-sourced equity funding legislation

The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 was introduced into Parliament on 14 September 2017.  If passed, as is expected, the Bill will extend the reach of the Crowd-sourced Equity Funding (CSEF) legislation that will at this stage apply only to public companies from 29 September 2017.

Secure IP rights overseas and obtain financial assistance with the Export Market Development Grant

Secure IP rights overseas and obtain financial assistance with the Export Market Development Grant

Businesses exporting products around the world can now apply for the Export Market Development Grant (EMDG). Applications can be completed and submitted online up until 30 November 2017.

Increased CGT discount for affordable housing with a sting-in-the-tail

Increased CGT discount for affordable housing with a sting-in-the-tail

On 14 September 2017, the Government released for public consultation exposure draft legislation to implement the announcement in the 2017 Budget that from 1 January 2018 the CGT discount for eligible resident investors in qualifying affordable housing to 60% (from 50%). The change is part of the government’s policy to encourage increased investment in affordable rental housing.

Proposed laws targeting illegal phoenix activity

Proposed laws targeting illegal phoenix activity

The Federal Government has this week announced a number of proposed reforms aimed at those individuals, entities and advisors who undertake or facilitate illegal phoenix activity.

ATO provides a “safe harbour” for fixed trusts

ATO provides a “safe harbour” for fixed trusts

The Australian Taxation Office (ATO) published the final version of the Practical Compliance Guidelines (PCG) 2016/16, which provides guidance in relation to what will be considered by the Commissioner when exercising his discretion to treat an interest in the income or capital of a trust as being a fixed entitlement and by extension whether a trust is a fixed trust for the purposes of the tax law.

GST on the sale of residential property – a lesson from the Sebel Manly Beach Hotel

GST on the sale of residential property – a lesson from the Sebel Manly Beach Hotel

The Administrative Appeals Tribunal (AAT) recently held in the case of MSAUS v FC of T that Division 135 of the Good and Services Tax (GST) Act did not apply to impose an increasing adjustment [an amount of GST on an otherwise GST-free transaction] to the sale of leased residential apartments

Sladen Snippet - Registered Trade Marks Required for WET Rebate

Sladen Snippet - Registered Trade Marks Required for WET Rebate

Further to our Sladen Snippet, we are reminding and encouraging businesses with interests in producing and selling wine (and who rely on the WET Rebate) to ensure they have properly secured trade mark registration.