IP Australia is providing applicants with an opportunity to file a free streamlined extension of time of up to three months due to the COVID-19 disruptions.

Life interest trusts are a popular strategy for blended families in estate planning, but it is important to remember that there’s no one-size-fits-all.

The COVID-19 pandemic is having a multi-faceted impact which touches on almost every aspect of our lives. In turn this may be causing a shift in priorities for investors and business owners.

In anticipation of the conclusion of the superannuation guarantee (SG) amnesty (discussed here) on 7 September 2020, the Australian Taxation Office (ATO) has released a draft Law Administration Practice Statement PS LA 2020/D1 (PSLA 2020/D1) in relation to how, post amnesty, the ATO officers may exercise their discretion to remit Part 7 penalties.

The Australian Taxation Office (ATO) has released a welcome draft legislative instrument, Self Managed Superannuation Funds (COVID-19 Rental income deferrals - In-house Asset Exclusion) Determination 2020 (SPR 2020/D2), that will exclude COVID-19 related rental deferrals from being ‘loans’ under the in-house asset rules.

As the economic effects of COVID-19 continue to be felt across the country, the regulatory landscape for SMSFs has also changed.

On 21 July 2020, the Government announced an extension until 28 March 2021 – labelled JobKeeper 2.0 - to the JobKeeper programme.

A new report on the economic contribution of Australia’s copyright industries identifies software developers and advertising services as high performing copyright industries.

An individual in Australia for more than 183 days for an income year, whether continuously or intermittently, is an Australian tax resident unless the Commissioner of Taxation is satisfied the individual’s usual place of abode is outside Australia and the individual does not intend to take up residence in Australia.

In Chadbourne v FC of T [2020] AATA 2441 (Chadbourne) the Administrative Appeals Tribunal (AAT) held that a beneficiary (Taxpayer) of a discretionary trust (Trust) was unable to deduct interest on borrowed funds where the funds borrowed in the Taxpayer’s name were used by the Trust to buy real property and shares.

In the recent decision of Gulliman Pty Ltd v Commissioner of State Revenue [2020] VCAT 804, the Victorian Civil and Administrative Tribunal (Tribunal) held that the discharge of debt owed by vendor to purchaser in respect of previous transaction amounts to non-monetary consideration and, therefore, was subject to land transfer (stamp) duty.

Each jurisdiction across Australia has a primary production land tax exemption. The requirements of those exemption are similar.

In the recent decision of Dental Corporation Pty Ltd v Moffet [2020] FCAFC 118 (16 June 2020) , the Full Federal Court found that a dentist fell within the extended definition of ‘employee’ under s12(3) of the Superannuation Guarantee (Administration) Act 1992 (Cth) (SG Act). Section 12(3) broadly provides that an employee is a person who is working ‘under a contract that is wholly or principally for the labour of the person.’

Payments made to independent contractors, under “relevant contracts”, are subject to payroll tax under the Payroll Tax Act 2007 (Vic) unless an exemption applies.

In the recent decision of R -v- T [2020] WASCA 109, the Western Australia (WA) Court of Appeal has upheld interim property orders of the WA Family Court to set aside contributions made by a de facto husband to an SMSF.

In our earlier article, we noted the Federal Court in FCT v Eichmann [2019] FCA 2155 (Eichman) in late 2019 had found in favour of the Australian Taxation Office (ATO) (appealing a decision of the Administrative Appeals Tribunal) and held land used for storage was not an active asset for the purposes of the small business capital gains tax (CGT) concessions in Division 152 of the Income Tax Assessment Act 1997 (ITAA 1997).

As the impact of COVID-19 continues to be felt across Australia, federal and state governments continue to take measures to stimulate the economy and provide financial assistance to taxpayers.

Most Victorian farmers who are using Victorian land solely or primarily for primary production purposes are aware of the primary production land tax exemptions under section 65, 66 or 67 (Primary Production Land Exemptions) of the Land Tax Act 2005 (the Act).

As referred to in our previous articles, the State Revenue Legislation Further Amendment Bill 2020 (NSW) has now received royal assent on 24 June 2020.

It has become common practice to make family trust and interposed entity elections to deal with carry forward losses and franked distributions without considering the impact on the future of the group.