Corporate Reconstruction and Consolidation Relief from duty – the Victorian provisions and requirements to make an application

Corporate Reconstruction and Consolidation Relief from duty – the Victorian provisions and requirements to make an application

Under the Duties Act 2000 (Vic) (Act) there are corporate reconstruction and consolidation relief provisions that provide for an exemption for the direct or indirect transfer of dutiable property (including landholder acquisitions).

CGT Discount Denied for Employee Share Scheme interest holder

CGT Discount Denied for Employee Share Scheme interest holder

The Administrative Appeals Tribunal (AAT) has denied a taxpayer a capital gains tax (CGT) discount on a gain on the disposal of shares she acquired as part of an employee share scheme (ESS).

Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes

Sladen Snippet - Fox v FC of T: A cautionary tale on Employee Share Schemes

A taxpayer has been found liable for a tax bill of $106,058 in relation to shares they acquired as part of an employee share scheme (ESS) with their previous employer, NewSat Limited, a now insolvent company with a share value of nil. 

Sladen Snippet; company tax rates – amongst the chaos a beacon emerged

Sladen Snippet; company tax rates – amongst the chaos a beacon emerged

We have previously written (see here and here) about the Tax Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 (the Bill) that proposes to deny the lower 27.5% corporate tax rate to corporate tax entities with less than $25 million of turnover that derive predominantly (80% or more) passive income (‘base rate entity passive income’) has not been debated by the Parliament since 12 February 2018.

Sladen Snippet - ATO extends Division 7A guideline to UPEs under Sub-Trust Arrangements maturing in the 2019 Income Year

Sladen Snippet - ATO extends Division 7A guideline to UPEs under Sub-Trust Arrangements maturing in the 2019 Income Year

On 15 August 2018, the Australian Tax Office (ATO) updated Practical Compliance Guideline (PCG) 2017/13 to extend its application to Division 7A sub-trust arrangements adopted in accordance with Practice Statement Law Administration 2010/4 (PS LA 2010/4) that mature in the 2019 income year.

Sladen Snippet - Aussiegolfa the Appeal Part 2 – Sole purpose trust not breached

Sladen Snippet - Aussiegolfa the Appeal Part 2 – Sole purpose trust not breached

We previously reported on the Federal Court decision of Aussiegolfa v FTC here and here. The Full Federal Court has now handed down its appeal decision. This case is an important because it considers two key planks of the superannuation prudential standards, the in-house asset rules and the sole purpose test. This snippet looks at the latter, another snippet looks at the former.

Sladen Snippet - Aussiegolfa the Appeal Part 1 - In-house asset rules and interests in trusts

Sladen Snippet - Aussiegolfa the Appeal Part 1 - In-house asset rules and interests in trusts

We previously reported on the Federal Court decision of Aussiegolfa v FTC here and here. The Full Federal Court has now handed down its appeal decision. This case is an important because it considers two key planks of the superannuation prudential standards, the in-house asset rules and the sole purpose test. This snippet looks at the former, another snippet looks at the latter.

Greig v Commissioner of Taxation: revenue vs capital and lessons for investors

Greig v Commissioner of Taxation: revenue vs capital and lessons for investors

Greig v Commissioner of Taxation [2018] FCA 1084 (Greig) reiterates the uncertainty in respect of the revenue and capital dichotomy and draws on well-known case law principles.

Crypto-to-Crypto Trades: Bursting the Bubble on the Tax-Free Fantasy

Crypto-to-Crypto Trades: Bursting the Bubble on the Tax-Free Fantasy

Taxation of cryptocurrency continues to gain substantial attention in the media. Our thoughts on the implications of having a commercial nature when acquiring and selling cryptocurrency and the general uncertainty around taxation of cryptocurrency were recently shared in Forbes.

Don’t you forget about me: ATO also considering property developers and their GST obligations?

Don’t you forget about me: ATO also considering property developers and their GST obligations?

A recent ATO post on its social media channels may signal the Commissioner of Taxation’s focus on the GST obligations of taxpayers involved in the development of property for sale at a profit and whether they are required to register for GST. 

Changes in the wind: increased tightening of taxpayers’ eligibility to CGT small business concessions

Changes in the wind: increased tightening of taxpayers’ eligibility to CGT small business concessions

The application of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (CGT Concessions) is an area of interest for the Australian Taxation Office (ATO).

ATO guidance on Capital/Revenue in property developments turns on subtle facts

ATO guidance on Capital/Revenue in property developments turns on subtle facts

On 9 July 2018, the Australian Taxation Office (ATO) recently released the Draft Property and Construction Website Guidance (the Guidelines) providing guidance in relation to the ATO position on property development and whether relevant property is held by the taxpayer on capital or revenue account.

Beware of the Fork in the Road: Taxation and Cryptocurrency Chain Splits

Beware of the Fork in the Road: Taxation and Cryptocurrency Chain Splits

The Federal Commissioner of Taxation  (Commissioner) recently updated his guidelines on cryptocurrency and for the first time addressed the taxation of cryptocurrency acquired as the result of a chain split.  

TD 2018/13 - a commercial transaction may not stop Division 7A

TD 2018/13 -  a commercial transaction may not stop Division 7A

The Australian Taxation Office (ATO) recently released Taxation Determination TD 2018/13 (TD 2018/13) confirming its view that the (often overlooked) interposed entity provisions in section 109T of Division 7A of the Income Tax Assessment Act 1936 can apply to ordinary commercial transactions.

Trusts, Income Tax, CGT And Foreign Residents

Trusts, Income Tax, CGT And Foreign Residents

The rules for the taxation of trusts are complex and in need of reform. A point that has been made many times since Hill J observed in Davis v FCT1 that “the scheme of Division 6 calls out for legislative clarification, especially since the insertion into the Act of provisions taxing capital gains as assessable income”.