When involved in a dispute with the Australian Taxation Office (ATO), the possibility of resolving that dispute by way of settlement should always be carefully considered including what approach should be taken in negotiating with the ATO to get the best outcome for taxpayers.

The anonymity central to the very nature of cryptocurrency means that if access details are misplaced, they are often lost forever. Despite the continual development of new online wallets and marketplaces to acquire, store and transmit cryptocurrency, the potential for theft of cryptocurrency remains.

The State Taxation Acts Amendment Bill 2019 (Vic) has received royal assent on 18 June 2019. Following this, the measures outlined below will take effect from 19 June 2019

The “similar business test” to make it easier for companies (and listed trusts) to deduct losses became law in March 2019.

As set out in the recent controversial Victorian Budget article, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments to the corporate reconstruction exemption.

The Australian Taxation Office (ATO) will commence a data matching program to obtain information on insurance policies for lifestyle assets, including boats, yachts, enthusiast motor vehicles, thoroughbred race horses, fine art and aircrafts.

As set out in the recent controversial Victorian Budget, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments directly impacting any foreign persons or entities holding Victorian properties.

As set out in the recent controversial Victorian Budget, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments that will introduce the imposition of duty on fixtures.

Our international tax series discusses tax issues relating to non-resident beneficiaries of Australian trusts and resident beneficiaries of foreign trusts.

The Fair Work Commission’s Expert Panel has handed down its annual wage review ruling granting a 3% wage increase to the national minimum wage and all modern award minimum wages.

The 2019 Victorian budget contained a sleeper in the form of the amendments to the Victorian economic entitlement provisions.

When involved in a dispute with the Australian Taxation Office (ATO), it is always in a clients’ best interest to seek to either resolve or narrow and define the relevant issues in dispute as quickly and efficiently as possible. 

The Victorian 2019/20 State Budget was announced yesterday, with positive wins for Regional Victoria. The proposed measures contain an increase in taxes for foreigners holding property in Victoria, as well as measures broadening the application of land transfer (stamp) duty.

Initially, the ‘land-rich’ regime was introduced as an anti-avoidance measure as acquisitions in companies or unit trusts with lands were formerly not subject to duty.

Landholder duty is a regime that was introduced to impose duty on acquisitions in landholding entities.

When involved in a dispute with the Australian Taxation Office (ATO), it is always in a clients’ best interest to seek to either resolve or narrow and define the relevant issues in dispute as quickly and efficiently as possible.  We will always advise a client to seek to engage with the ATO to resolve a tax dispute, when possible.

As we approach 30 June, the Australian Taxation Office (ATO) announced that it is reviewing adherence to trustee obligations including the lodgment of tax file number (TFN) reports for TFN withholding for closely held trusts.

Scott Morrison’s surprise victory that the polls, betting markets, and most commentators got wrong. One betting agency paid out bets on Labor ahead of the election.

Discretionary trusts are prevalent in the small to medium enterprise (SME) market due to their income tax effectiveness, distribution flexibility, and asset protection features. However, this may be about to change. The Australian Labor Party (ALP) has proposed a number of amendments to existing tax laws should they win the election on 18 May 2019.

Our international tax series discusses Commonwealth tax issues relating to non-resident beneficiaries or non-resident trustees of a trust.