As previously reported in February 2018 (see here), the Commonwealth Government introduced into Parliament legislation that would require purchasers of taxable supplies of new residential premises or new subdivisions of potential residential land to pay either 1/11, or 7% if the margin scheme applies, of the purchase price to the Australian Taxation Office (ATO) at settlement.

The recent Federal Court case of Aussiegolfa Pty Ltd v FCT1 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.

two-tiered company tax rates create compliance and practical issues for trusts that distribute to bucket companies — not just for companies.

Two-tiered company tax rates create compliance and practical issues for trusts that distribute to bucket companies — not just for companies.

The ATO has effectively ruled, from 1 July 2017, that SMSFs can no longer create most types of reserves or have “unexplained increases” in pre-1 July 2017 reserves.

On 12 March 2018 the Medical Treatment Planning and Decisions Act 2016 commenced in Victoria.

Sladen Legal recently held an event at the RACV club titled Property development - topical tax and commercial issues.

Are the eggs you buy really ‘free range’?  From 26 April 2018, you will be able to tell as all egg producers will be required to state on their carton labels the maximum outdoor stocking density if packaging ‘free range’ eggs. 

In a recent Fair Work Commission decision, Deputy President Val Gostencnik found that under Australian law, Uber drivers are independent contractors, and therefore ineligible for unfair dismissal protection.  However, DP Gostencnik commented that due to the increasing “gig economy”:

In a recent speech, James O’Halloran, Duty Commissioner Superannuation at the ATO, set out the ATO’s current areas of focus for the self managed superannuation fund (SMSF) sector. This includes that the ATO:

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.