To create an express trust, there must be certainty of intention, subject matter, and beneficiaries. In the absence of such certainty, will the trust fail?

On 27 September 2021 the government released exposure draft legislation to introduce a retirement income covenant (Draft Bill).

In 2014, the Australian Taxation Office (ATO) undertook the high-profile amnesty – Project DOIT – that allowed Australian taxpayers to voluntarily disclose (undeclared) offshore income in return for a range of ATO administrative concessions on the period-of-review, penalties, and shortfall interest.

This paper explains several recent legislative changes that affect real property

This paper explores the role of shareholder agreements in assisting with achieving estate and succession planning objectives for wealthy families.

This is part 7 of our Land Tax Series which aims to deconstruct the various aspects of the complex land tax legislation.

Sladen Legal has been recognised as a First Tier Leading Wills, Estates & Succession Planning Law Firms – Victoria, 2021 in the recently released Doyles Guide Victoria, 2021.

In this Part 8 in our series of articles on land tax we examine the charities exemption as well as some other exemptions under the Land Tax Act 2005 (Vic) (LTA).

To recap: land tax is a state and territory tax levied on the total taxable value of land held by taxpayers in particular jurisdictions. Land tax is assessed on a calendar year basis on the land you own at midnight on 31 December.

The legislative and regulatory complexity of Employee Share Schemes has once again inspired recommended reforms, this time by the House of Representatives Standing Committee on Tax and Revenue, in a recent report.

Phil Broderick, Sladen Legal Principal presents on The ATO's Current views on conducting property Development through an SMSF at the CPA Australia City Taxation Discussion Group in August 2021.

As part of the broader ‘Your Future, Your Super’ reforms, the concept of default ‘stapled super funds’ for employees will take effect from 1 November 2021. Where employees start work on or after 1 November 2021, and do not choose a super fund, most employers will have to check with the ATO if their employee has an account with an existing super fund, known as a ‘stapled super fund’, to pay the employee’s super guarantee into.

In the recent decision of Allen and Commissioner of Taxation (Taxation) [2021] AATA 2768 (6 August 2021), the Australian Administrative Tribunal (the Tribunal) overturned a private ruling of the Commissioner of Taxation (Commissioner) and found that an individual taxpayer was personally carrying on a business of managing rental properties.

On 4 August 2021 the High Court handed down their much-anticipated appeal decision of WorkPac v Rossato. The High Court ultimately upheld the appeal of labour-hire company, WorkPac, confirming that their former employee, Robert Rossato, was in fact a casual employee and not a permanent employee. The decision comes as welcome news to employers.

SMSFs (self managed superannuation funds) have been carrying on property development activities ever since SMSFs came into existence. Yet despite that there is still a common concern that such activities will cause the SMSF to become non-compliant, or subject to penalties, on the basis that such activities, and in particular undertaking a property development business, are prohibited.

The recent Supreme Court of Victoria decision of Lotus Oaks Pty Ltd as trustee for the Bozzo Family Trust v Commissioner of State Revenue [2021] VSC 388 is significant as it provides further clarification on the application of the primary production land tax exemption for land located in greater Melbourne in an urban zone. This is part one in a series of three articles on this decision.

Part 2 of our series decision of Lotus Oaks Pty Ltd as trustee for the Bozzo Family Trust v Commissioner of State Revenue [2021] VSC 388 looks at the former requirement in section 67 of the Land Tax Act 2005 (Vic) (Act) which required the principal business of the Bozzo FT to be of the type carried on on the subject land.

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!