Legal news
The recent AAT decision of The Trustee for the Whitby Trust and Commissioner of Taxation
[2019] AATA 5637 signifies the dire tax implications of family trusts failing to observe documentary formalities.
The State Revenue Office (SRO) have announced that its current “practical approach” in relation to whether trustees of discretionary trusts trigger the foreign duty surcharge will cease from 1 March 2020.
As outlined in our previous article, the State Revenue Further Amendment Bill 2019 (NSW) was introduced to NSW Legislative Assembly on Tuesday 22 October 2019, and proposed to make changes to New South Wales land tax and duty legislation.
The Full Bench of the Fair Work Commission (Commission) has issued a timely reminder that a lengthy period of service is not a “get out of jail free card” for an employee when challenging the fairness of their dismissal in BlueScope Steel Ltd v Habak [2019] FWCFB 5702.
The Federal Court in FCT v Eichmann [2019] FCA 2155 (Eichmann) held that land used for storage was not an active asset for purposes of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (ITAA 1997).
The Australian Taxation Office (ATO) sought to address this question through a public determination (first issued in draft as TD 2018/D3) that considered a range of features of an arrangement, that when considered together, were deemed to have resulted in the creation of a new trust over assets formerly held by an original trust.
Recently, the Australian Taxation Office (ATO) announced an expansion to its ‘Tax Avoidance Taskforce’, increasing its focus on “supporting and ensuring private groups and high wealth individuals pay the right amount of tax”.
