Legal news
The ATO has released a draft legislative instrument and explanatory statement that would permit a holding trustee/bare trustee to borrow under a limited recourse borrowing arrangement (LRBA).
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 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 Federal Government has introduced the Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 (Bill), which seeks to ensure that tax concessions available to minors on income on distributions by the trustee of a testamentary trust will only apply in respect of income that is generated from assets of the deceased estate transferred to that testamentary trust (or the proceeds of the disposal or investment of those assets).
As outlined in our previous article, under the proposed changes to New South Wales land tax and duty legislation, a trustee of a discretionary trust (including testamentary trusts) will be deemed to be a “foreign trust” if the terms of the trust do not prevent a foreign person from being a beneficiary of the discretionary trust. Importantly, these changes are proposed to have retrospective effect to the 2017, 2018 and 2019 land tax years and can catch dutiable transactions back to 21 June 2016.
The Full Federal Court in Hart v FCT affirmed the Federal Court’s decision in Paule v FCT that the capital gains tax (CGT) discount did not apply to the sale of shares owned by a trust.
On 6 February 2019, and as previously reported here, the Australian Taxation Office (ATO) withdrew its longstanding public guidance that a company could forgive a debt for “natural love and affection” under the exception in the commercial debt forgiveness rules (CDF Rules) in Division 245. At that time, the ATO said it is developing guidance on the issue.
We’re delighted to announce that Bernie O’Sullivan Lawyers will be joining Sladen Legal, effective 1 October 2019. Coming together under the Sladen Legal brand this development will add depth and expertise to our already impressive team of Estate Planning, Tax, Business, Superannuation, Trusts and Dispute Resolution lawyers.
Treasury has released exposure draft Taxation Administration (Private Ancillary Fund) Guidelines 2019 (2019 Guidelines), in anticipation of the sunsetting of Private Ancillary Fund Guidelines 2009, which is scheduled to occur on 1 October 2019.
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
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.
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.
The Federal Commissioner of Taxation (Commissioner) has given notice that the Australian Taxation Office (ATO) will commence a data matching program on cryptocurrency.
