Legal news
Our international tax series predominantly discusses Federal tax issues relating to non-resident (foreign) beneficiaries or non-resident trustees of a trust. This seventh article of the series focuses on the CGT main residence exemption (CGT MRE) for non-resident beneficiaries of deceased estates.
Thousands of businesses across regional Victoria have already taken advantage of the Victorian Government’s regional payroll tax cuts, which have saved businesses more than $31 million in the first financial year it was introduced.
In CCSR v Benidorm Pty Ltd [2020] NSWCA 285, the NSW Court of Appeal found that a ‘declaration of trust’ did not trigger duty on the basis that it merely acknowledged the existence of an existing trust.
Many states now have foreign land tax surcharges that apply to foreign persons including trustee of foreign trusts. As a result many trustees will consider amending their trust deeds to ensure that they don’t inadvertently trigger such surcharges.
While SMSF trustees should be aware of the ATO’s concerns in relation to property development (for example, as outlined in SMSFRB 2020/1), a recent Full Court of the Supreme Court of South Australia has highlighted the commercial risks of such arrangement.
Payroll tax captures not only wages paid to employees but also certain payments made to contractors. In this part 6 of our payroll tax series, we look at what is a contractor and what payments to contractors are caught by the payroll tax regime. In part 7 we will examine the exemptions that apply to contractors.
AAT denies deductions for work-related expenses: Lambourne v Commissioner of Taxation [2020] AATA 4562
The Administrative Appeals Tribunal (AAT) recently agreed with the Commissioner in disallowing certain deductions for work-related expenses.
As previously discussed here, the ATO has now finalised the legislative instrument Self-Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 (Determination). The Determination does not materially differ from the draft version.
As follow on from part 6 of our payroll tax series, where we identified when payments to contractors will be caught by the payroll tax system, in this article we consider the various exemptions that can apply to such payments to contactors. Importantly, if any of these exemptions apply, such payments to contractors will not be subject to payroll tax.
In part 8 of our payroll tax series, we explore how payments under an employment agency contract may be subject to payroll tax. The employment agency contracts were initially inserted into the Victorian Payroll Tax Act 2007 (the Act) as an anti-avoidance measure to capture not only traditional employment agency arrangement but also the interposition of entities
We have previously written about carefully reading the clauses of a trust deed when seeking to make variations. The recent Federal Court decision of Advanced Holdings once again exemplifies the adverse outcomes that can arise when protocols prescribed in a trust deed are not followed.
In part 9 of our payroll tax series, we explore the different types of payroll tax exemptions employers may qualify for. While we will refer to theVictorian legislation, these principles apply across all States and Territories as the payroll tax legislation is uniformed across Australia.
In this 10th part of our payroll tax series, we explore the grouping provisions contained in the Payroll Tax 2007 (PTA 2007). While we will refer to the Victorian legislation, similar provisions exist in all states and territories due to a harmonisation of the law.
