As reported in our earlier article [link] on Paule v FCT, the Federal Court held that the capital gains tax (CGT) discount did not apply to the sale of shares held by a trust. As expected, the taxpayer has now lodged an appeal to the Full Federal Court.  

This is the first article in a series relating to the Australian tax consequences for resident and non-resident beneficiaries of Australian and foreign trusts.

The Federal Commissioner of Taxation (Commissioner) has given notice that the Australian Taxation Office (ATO) will commence a data matching program on cryptocurrency.

In Watson as trustee for the Murrindindi Bushfire Class Active Settlement Fund v Commissioner of Taxation [2019] FCA 228 (Watson), the Federal Court ruled that an investment trust established to hold funds received as compensation for victims of the black Saturday bush fires could not deduct administrative expenses associated with the trust’s operation.  

We previously reported here and here on the Full Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 (Pintarich) and the unsuccessful application for special leave to the High Court.

The Federal Commissioner of Taxation (Commissioner) has issued Taxation Ruling TR 2019/1 (Ruling) which addresses when a company carries on a business within the meaning of:

The Commissioner of Federal Taxation has expressed his preliminary views, in Tax Determination TD 2019/D4, that a company, which

The Federal Court has ruled, in a decision that the Court itself described as an “unpalatable result”, that the capital gains tax (CGT) discount did not apply to the sale of shares held by a trust.

With the next Federal Election expected in May, there are currently several pending bills in the Parliament introduced by the Coalition Government (Coalition).

In this election year, the focus of the Budget was the emphasis on the Budget surplus, cash payments to, and tax cuts for, low to medium income earners, and increasing investment in infrastructure.

This is Part 3 of a series of articles by our State Taxes Team  on landholder duty and deconstructs the complex provisions by providing a snapshot on landholder duty and its application with regards to private entities.  

The Government has withdrawn a measure to increase the maximum number of people who can be members of self managed superannuation funds (SMSFs) from 4 to 6.

There’s not a lot to report on for superannuation in the 2019 Federal budget [cue relief].

 We reported on the Full Federal Court decision of Satyam Computer Services Limited v CoT (2018) [2018] FCAFC 172 (Satyam) here.

Previously we reported here and here, legislation was introduced to the Parliament in October 2017 (then dropped) and again in February 2018 regarding proposed changes to the CGT main residence exemption as that exemption applies to foreign residents.

We previously reported here in relation to the Full Federal Court decision in the residency case of Harding v COT [2019] FCAFC 29 (Harding) which found in favour of Mr Harding, reversing the Federal Court’s decision at first instance.

We have previously written on the ATO releasing guidance on demergers and back-to-back CGT roll-overs. The ATO recently released Draft Taxation Determination TD 2019/D1 concerning demergers although the ATO’s draft views may be illustrative of the Commissioner’s views in the context of back-to-back CGT rollovers.

Sladen Legal’s Daniel Smedley, Neil Brydges and Phil Broderick have received recognition in the 12th Edition of The Best Lawyers in Australia. The list of impressive legal professionals was announced in the Australian Financial Review on 22 March 2019.

The Government has announced that no further changes will be made to the laws surrounding limited recourse borrowing arrangements (LRBAs).

The Victorian Government has introduced the Sale of Land Amendment Bill 2019 (Bill) to Parliament, which proposes to amend the Sale of Land Act 1962 (Vic) (Act). The Bill, if passed, will affect vendors under existing and future off-the-plan contracts.