The Fair Work Commission’s (FWC) long-awaited decision on penalty rates applying on weekends, public holidays and late nights has been handed down this morning.

On 25 January 2017, the Commissioner of Taxation (Commissioner) released Taxation Determination, TD 2017/1 (Determination) concerning whether intangible capital improvements made to a pre-CGT asset can be a separate asset for the purpose of subsections 108-70(2) or (3) of the Income Tax Assessment Act 1997.

With the new super laws commencing from 1 July 2017, advisors and trustees of self managed superannuation funds (SMSFs) are starting to consider whether they need to update their SMSF trust deed or their pension documents.

In September 2016, an article written by Sladen Legal's Phil Broderick, Will Monotti and Ashleigh Eynaud was published in the Tax Institute’s Journal, Taxation in Australia.

This article addresses how trust deed variation clauses vary from trust to trust and gives examples of some of the problematic ones we’ve seen.

The ATO has released answers to frequently asked questions (FAQs) on the ATO’s safe harbour rules for related party limited recourse borrowing arrangement (LRBA) loans to super funds. The safe harbour rules are contained in PCG 2016/5 and have been discussed in a previous snippet. 

With that date fast approaching it is important that SMSF trustees look to rectify any outstanding related party non-commercial LRBA loans in the next couple of weeks.