This final part of our 3 part series on the Lotus Oaks Pty Ltd as trustee for the Bozzo Family Trust v Commissioner of State Revenue [2021] VSC 388 decision looks at the substantially full-time engagement requirement in section 67 of the Act.

Key learnings from ATO Determinations

The non-arm’s income rules, or NALI, have been around for decades. Despite that, historically, they have been rarely invoked by the ATO and largely ignored by many advisors and trustees.

The Full Federal Court decision in Advanced Holdings Pty Limited as Trustee for The Demian Trust v FCT [2021] FCAFC 135 highlights important principles of trust deed interpretation and the limitations of statutory provisions concerning the evidentiary force of company records.

It also serves as a “sobering bookkeeping reminder” to directors of small companies and corporate trustees to keep good records, and as always, read the trust deed!

The super guarantee (SG) amnesty ended on 7 September 2020. The 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 or Part 7 penalties. In addition, payments of SG charge made to the ATO under the amnesty were tax deductible to the employer.

The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the third article in a series on issues in FCT v Ross and discusses the onus of proof of disproving a default assessment.

The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the second article in a series on issues in FCT v Ross and discusses death not being a factor to remit penalties.

The Federal Court case of FCT v Ross [2021] FCA 766 concerned several aspects of taxation administrative law. This is the first article in a series on issues in FCT v Ross.

After seeking advice from an independent advice panel, the ATO has released its finalised Law Companion Ruling setting out the ATO view on the non-arm’s length expenditure (NALE) amendments to section 295-550 of the Income Tax Assessment Act 1997 (ITAA97), LCR 2021/2. In addition, the ATO has amended its contribution tax ruling TR 2010/1. The final LCR and amendments to TR 2010/1 partially soften the ATO views on the application of NALE.

The Australian Taxation Office (ATO) has released guidance on the tax treatment of non-fungible tokens, or NFTs

After 30 June each year taxpayer’s minds often turn to which expenses incurred during the year can be deducted. For taxpayers who have invested in intangible depreciating assets, announcements made as part of the Federal Budget announcements in May 2021 may come to mind.

The Bill which increases the maximum allowable number of members in an SMSF to six (the current maximum is four members) has passed both houses of Parliament and is now law. From 1 July 2021, SMSFs can now have anywhere between one to six members.

The increased global mobility of individuals and online transactions, together with the deregulation of financial markets and exchange controls since the 1980s, mean that cross-border estate tax issues are, in many instances, “the new black”.

The increased global mobility of individuals and online transactions, together with the deregulation of financial markets and exchange controls since the 1980s, mean that cross-border estate tax issues are, in many instances, “the new black”.

We wrote here and here about the Greensill (Thawley J) and Martin (Steward J) Federal Court decisions. In those decisions the Federal Court found in favour of the Australian Taxation Office (ATO) that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) did not disregard a non-taxable Australian property capital gain distributed to a foreign resident beneficiary of an Australian discretionary trust.

In the recent decision of Olias Pty Ltd as trustee for the Storer Family Trust and Commissioner of Taxation, the Administrative Appeals Tribunal (AAT) found that a “contract” music teacher fell within the ordinary definition of ‘employee’, and was therefore an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (Cth) (SG Act).

Sladen Legal’s Binding Death Benefit Nomination (BDBN) e-learning short course on BDBNs is a self learning tool built to help you expand your professional skillset and gain the knowledge on BDBNs.

In Mussalli & Ors v FC of T [2021] FCAFC 71, the taxpayer entered into lease and licence agreements to operate several McDonald’s fast-food restaurants.

A recent Administrative Appeals Tribunal (AAT) decision re-emphasizes that taxpayers who purchase, subdivide, and sell land within a short timeframe may have entered into an isolated profit-making transaction, with any gains assessed on revenue account.

Section 254 of the Income Tax Assessment Act 1936 sets out the obligations, liabilities and rights of agents and trustees. An agent or trustee is answerable as taxpayer for things required to be done by the tax Acts in respect of income, or any profits or gains of a capital nature, derived by the agent or trustee in his/her representative capacity or derived by the principal by virtue of the agency.

As the public and Australian Taxation Office’s (ATO) interest in cryptocurrency continues to increase further guidance has been released by the ATO in relation to the tax treatment of staking rewards and airdrops.