The Commissioner issued TR 2017/D10 on 13 December 2017 with his “preliminary views” on amending a trust’s vesting date and the income tax consequences of a trust vesting.

As previously reported in November 2017 (see here), the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 introduced to the Parliament in October of that year dropped, without notice or explanation, reference to the proposed change to the CGT main residence exemption as that exemption applies to foreign residents.

On 7 February 2018 the Commonwealth Government introduced into Parliament legislation which if enacted will, subject to a transitional rule (discussed further below), require from 1 July 2018 that purchasers of taxable supplies of new residential premises or new subdivisions of potential residential land pay either 1/11, or 7% if the margin scheme applies, of the purchase price to the Australian Taxation Office (ATO) at settlement (the Legislation). 

The recent decision of Aussiegolfa v FCT is an important decision for considering two aspects of the superannuation laws that are not often considered by the Courts, the in-house asset rules and the sole purpose test. This snippet looks at the former, another snippet looks at the latter.

The recent decision of Aussiegolfa v FCT is an important decision for considering two aspects of the superannuation laws that are not often considered by the Courts, the in-house asset rules and the sole purpose test. This snippet looks at the latter, another snippet looks at the former.

On 8 February 2018, the Government released for public consultation exposure draft legislation to implement the announcement in the 2017 Budget regarding integrity improvements to the small business capital gains tax (CGT) concessions.

Did you know that as of 22 February 2018, your business may be required to notify the Australian Information Commissioner if you experience a data breach?  Is your business ready?  Do have a data breach response plan in place?

The Federal Government has released draft versions of legislation and regulations to strengthen consumer protection laws.  The changes would give effect to proposals contained in the 2017 Australian Consumer Law (ACL) Review Final Report agreed to by Commonwealth, State and Territory Consumer Affairs Ministers last year.  The public has until the end of February to submit views on the draft changes. 

The Australian Securities & Investments Commission (ASIC) has released a media release putting the financial advice sector on notice about ensuring that binding death benefit nominations (BDBNs) are signed and witnessed correctly.

The ATO has announced the extension of the lodgment date for self managed superannuation (SMSF) annual returns for the 2016/17 year to 30 June 2018. Because 30 June 2018 falls on a Saturday, the ATO has confirmed the lodgment can occur on Monday 2 July 2018 without penalties.  

The Victorian Court of Appeal recently successfully allowed an appeal from the Supreme Court concerning the GST treatment of a property sale. The decision, in fact both decisions, illustrate the importance of ensuring that the contract of sale correctly sets out whether the price includes or excludes GST and the required due diligence including legal advice needed before signing such contracts.

The Commissioner issued Draft Taxation Ruling TR 2017/D10 “Income Tax: Trust Vesting – amending the vesting date and consequences of a trust vesting” on 13 December 2017.

The views in TR 2017/D10 are not materially different from those expressed at recent public forums, although TR 2017/D10 states those views in an administratively binding form and provides further detail (including several examples).