Legal news
In Ellison v Sandini Pty Ltd [2018] FCAFC 44, the Full Federal Court overturned decision which allowed Mr Sandini (the Taxpayer) to benefit from Capital Gains Tax (CGT) marriage breakdown rollover for the transfer of shares to an entity controlled by his former spouse, pursuant to a Family Court Order (FCO).
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.
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:
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).
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.
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.
