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Tax Traps in CGT Rollovers

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Tax Traps in CGT Rollovers

Many business owners may be considering a restructure, merger, or demerger in the current economic environment to adapt, sustain, or promote growth in these tumultuous times. A change in a corporate structure typically entails either the change of ownership interests in the entire business or the transfer of specific assets of the business.

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Sladen snippet – late contributions cannot be offset – employer must make contributions twice

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Sladen snippet – late contributions cannot be offset – employer must make contributions twice

Where super guarantee contributions are not made by 28 days after the relevant quarter, a superannuation guarantee charge (SGC) liability is triggered. If the contributions are made after the due date, then, in certain circumstances, those late contributions can be offset against the SGC liability.

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Sladen snippet - ATO releases PSLA on how it will administer SIS Act penalties

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Sladen snippet - ATO releases PSLA on how it will administer SIS Act penalties

From 1 July 2014, the ATO was granted power to issue administrative penalties to self managed superannuation fund SMSF) trustees for breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

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Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities

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Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities

In advancing their continued attention toward the taxation of cryptocurrencies, the Australian Taxation Office (ATO) has published a reminder for taxpayers to ensure they are working out capital gains and losses correctly;

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“Stamping” Of Trust Deeds In Victoria

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“Stamping” Of Trust Deeds In Victoria

While the application of land transfer (stamp) duty is reasonably straight forward for land transfers such as a purchase of property under a contract of sale, the application of duty in relation to declarations of trust can be complicated.

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Pike: Full Court applies DTA and finds taxpayer is not an Australian tax resident

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Pike: Full Court applies DTA and finds taxpayer is not an Australian tax resident

Over the last 18 months several decisions of the Administrative Appeals Tribunal, Federal and Full Federal Courts considered the application of Australian tax residency laws including Harding v FCT [2019] FCAFC 29, FCT v Addy [2020] FCAFC 135, Stockton v FCT [2019] FCA 1679, Handsley v FCT [2019] AATA 917 and Coelho v FCT [2020] AATA 2474.

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Defining the beneficiaries of a discretionary trust

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Defining the beneficiaries of a discretionary trust

This article looks at the scope of the definition of the term “beneficiary” in a discretionary trust deed, and, in particular, examines the ambiguities that sometimes arise in relation to the terms “spouse” and “child” within that definition

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Model agency found to be an employment agent for payroll tax purposes

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Model agency found to be an employment agent for payroll tax purposes

An employment agency contract involves a contract between two parties where one of the parties (the employment agent) procures the services of a person for a client. The relevant test is whether the employment agent provided individuals who would comprise, or who would be added to, the workforce of the client for the conduct of the client's business.

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JobKeeper 2.0 is go!

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JobKeeper 2.0 is go!

After 6 months of, and multiple revisions to the administration to, JobKeeper, the extension to the scheme – labelled JobKeeper 2.0, begins today. JobKeeper 2.0 runs until 28 March 2021. In this article we summarise the main elements and qualification requirements of JobKeeper 2.0.

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ATO provides clarity on obligations of SMSF auditors in respect of NALE and NALI

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ATO provides clarity on obligations of SMSF auditors in respect of NALE and NALI

The ATO has provided some welcome clarification for auditors regarding their obligations to report on non-arm’s length expenditure (NALE) incurred by a super fund of a general nature.

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Eichmann: Full Court holds that land is a small business active asset

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Eichmann: Full Court holds that land is a small business active asset

In our earlier articles we discussed the Administrative Appeals Tribunal (AAT) and Federal Court decisions in Eichmann v FCT [2019] AATA 162 and FCT v Eichmann [2019] FCA 2155. The Full Federal Court in Eichmann v FCT [2020] FCAFC 155 recently allowed the taxpayer’s appeal of the Federal Court decision.

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The end of the superannuation guarantee amnesty – so what now for employers?

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The end of the superannuation guarantee amnesty – so what now for employers?

As discussed here and here, the superannuation guarantee (SG) amnesty allowed employers to disclose and pay previously unpaid SG charge, including nominal interest, for the quarters between 1 July 1992 to 31 March 2018 without incurring the administration component ($20 per employee per quarter) or Part 7 penalties. In addition, payments of SG charge made to the ATO under the amnesty were tax deductible.