On 10 October 2016, the Federal Government released an Exposure Draft to implement changes to the debt and equity tax rules in Division 974 of Income Tax Assessment Act 1997. The Exposure Draft is intended to effect recommendations made by the Board of Taxation in its April 2015 report Review of the Debt and Equity Tax Rules.

The Government’s second tranche of super changes include the draft laws for the 5 year concessional contributions cap “catch up measure”. 

The Government has released its second tranche of superannuation budget measures.

The Government has released the draft rules for the $1.6 million super pension cap in its second tranche of super measures. The measure to be known as the “transfer balance cap” is to commence from 1 July 2017.  

The Australian Taxation Office (ATO) has released Taxation Determination TD 2016/16 which provides further guidance on its view as to the application of the non-arm’s length income (NALI) rules to the non-commercial limited recourse borrowing arrangement (LRBA) loans from related parties to the trustees of self managed superannuation funds (SMSF). 

The Full Bench of the Fair Work Commission (FWC) has issued yet another decision emphasising the incredibly strict approach taken to the enterprise agreement making rules.

The Fair Work Commission’s (FWC) long awaited decision on weekend penalty rates is unlikely to be handed down for months, after the Full Bench issued further directions in relation to adducing additional evidence in the matter.

Sladen Snippet – Government dumps lifetime $500K NCC cap.  Alternative measures announced

The Administrative Appeals Tribunal’s decision in Case 4/2016 illustrates the importance of observing the terms of a Services Agreement and ensuring that the actions of the parties to the agreement are consistent with the written agreement.

PAYG withholding variation for foreign resident capital gains withholding payments – deceased estate and legal personal representatives

The federal government has released for consultation the first tranche of super changes announced in the 2016 federal budget. 

On 6 September, 2016 Sladen Legal delivered an event titled Complex estate planning in a complex world.

In it the following issues were examined:

The Government has confirmed that the proposed increase of the aggregated turnover threshold to $10 million applies to the Small Business Restructure Roll-over relief.

From 10 October 2016, IP Australia fees for applications, registrations, oppositions and the sale of documents for trade marks, designs and patents are changing.

Sladen Legal’s Phil Broderick was invited to present at The Tax Institute’s National Superannuation Conference. His topic was titled “SMFSs and Dividend Stripping and Dividend Washing Arrangements”.

Sladen Snippet – ATO gives further guidance on its 2016/17 priorities for SMSFs and recent enforcement actions

Following on from its recent decision to vary the rules around annual leave the Fair Work Commission (Commission) has developed a new standard Time Off in Lieu of Overtime (TOIL) provision. 

The Supreme Court of New South Wales, in the decision of Bideena Pty Ltd as trustee for the Bideena Pty Ltd Superannuation Fund, has confirmed that the trustee of a SMSF does not always require judicial advice as to whether the trustee will have a right to indemnify itself out of the SMSF assets for legal costs in pursuing litigation.

In a recent speech, James O’Halloran, Deputy Commissioner of Superannuation, Australian Taxation Office (ATO), announced that the ATO will focus on the following self managed superannuation fund (SMSF) issues during 2016/17:

Recent correspondence from the United Kingdom’s revenue authority (HMRC) has confirmed that the HMRC will not register a self managed superannuation fund (SMSF) as a Qualifying Recognised Overseas Pension Scheme (QROPS) unless the SMSF trust deed limits the membership to persons who are aged 55+.