Legal news
A surprise inclusion in the Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) could mean good news for recipients of certain non-commutable ‘legacy’ pensions.
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.
While SMSF trustees should be aware of the ATO’s concerns in relation to property development (for example, as outlined in SMSFRB 2020/1), a recent Full Court of the Supreme Court of South Australia has highlighted the commercial risks of such arrangement.
In this 10th part of our payroll tax series, we explore the grouping provisions contained in the Payroll Tax 2007 (PTA 2007). While we will refer to the Victorian legislation, similar provisions exist in all states and territories due to a harmonisation of the law.
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.
As previously discussed here, the ATO has now finalised the legislative instrument Self-Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 (Determination). The Determination does not materially differ from the draft version.
