Trusts Intensive - What’s That? My Distribution Is Invalid?
Actions of trustees in administering trusts are increasingly being challenged by beneficiaries. Such challenges often come to light with disputes as to the validity of amendments to trust deeds and the identity of the appointor. These issues often bring to light other deficiencies in trust administration with some of the most significant being the potential invalidity of the trustee’s year end resolutions concerning the appointment of trust law distributable income.
Paid Family and Domestic Violence Leave Entitlement on the Radar
The Full Bench of the Fair Work Commission (FWC) recently came to a provisional view that there should be a modern award entitlement to 10 days of paid family and domestic violence (FDV) leave. The Full Bench’s provisional view may be accessed here.
Is Cryptocurrency a Foreign Currency for Tax Purposes?
Taxpayers using cryptocurrency in their businesses, including as a means of paying expenses such as staff or contractors or as a means of deriving income through investments, mining or trading, is becoming more common. After a particularly volatile year for the values of cryptocurrency many taxpayers may have significant gains or losses associated with their cryptocurrency transactions.
Sladen Snippet - Key changes to super guarantee rates and thresholds from 1 July 2022
As discussed here, one of the key superannuation announcements in the May 2021 budget was the removal of the minimum $450 threshold for super guarantee purposes.
When is a unit trust not a unit trust? – when it’s a hybrid trust
Both federal and state tax legislations contain different tax rules for different forms of trusts. The recent Victorian Civil and Administrative Tribunal (Tribunal) decision of Sharlin Pty Ltd v Commissioner of State Revenue (Review and Regulation) [2022] VCAT 378 has provided much-needed clarity and insights into relevant considerations to determine whether a hybrid unit trust is a unit trust or a discretionary trust for the purpose of the land tax exemption for primary production land (PPL).
2022 Victorian State Budget – Unannounced changes introduced to the Victorian tax regime
Horse breeding found to qualify for the primary production land tax exemption
The NSW Supreme Court’s (NSWSC) decision in Godolphin Australia Pty Ltd v Chief Commissioner of State Revenue [2022] NSWSC 430 (Godolphin Case) is instructive as it provides guidance into the ambit and scope of the land tax primary production exemption particularly in relation to the breeding of horses.
Sladen Snippet - you haven’t made super contributions on time – now what?
Section 100A: “oh no not you again”
Sladen Legal Lawyers recognised in Best Lawyers in Australia 2023
Land development and sale: Are you sure you are not required to be registered for GST?
The oft-debated question as to whether the development, subdivision and sale of land constitutes the mere realisation of a capital asset in an enterprising way has once again been considered in the Administrative Appeals Tribunal (AAT) case of Ian Mark Collins & Mieneke Mianno Collins ATF The Collins Retirement Fund and Commissioner of Taxation (Taxation) [2022] AATA 628 (Collins)
Section 100A: welcome Media Release by the Assistant Treasurer
We wrote that 2022 is the ‘Year of 100A’ after the Australian Taxation Office (ATO) released three guidance products, two in draft, on section 100A and the ATO’s appeal to the Full Federal Court from the decision of Logan J in Guardian AIT Pty Ltd ATF Australian Investment Trust v FCT [2021] FCA 1619 on section 100A.
Sladen Legal Property Team Recognised In Doyle's Guide Victoria 2022
FCT v Carter: trust disclaimers not effective for tax
In one sense, the High Court judgment in FCT v Carter [2022] HCA 10 (Carter) will come as welcome relief for tax advisors. That is, after dealing with the Australian Taxation Office’s (ATO) view of the ‘lore’ in the form of practical compliance guidelines, Carter turns minds back to the ‘law.’ Unfortunately, the law in Carter can result in unpleasant tax outcomes for certain trust beneficiaries.
2022: year of 100A
Quoting Winston Churchill, we said that the Federal Court decision in Guardian AIT Pty Ltd ATF Australian Investment Trust v FCT [2021] FCA 1619 (Guardian AIT) concerning section 100A of the Income Tax Assessment Act 1936 is perhaps the “end of the beginning” of what may become increased clarity on the judicial and administrative approach to that section.
Taxpayer Alert 2022/1: Parents benefitting from the trust entitlements of adult children
Draft Practical Compliance Guideline PCG 2022/D1: are you on the highway to hell?
After our semi-serious opening statement on the Australian Taxation Office’s (ATO) recently released guidance on section 100A and unpaid present entitlements, this is one of a series of deep-dive articles on that guidance.
Sladen Snippet - AAT agrees gain on complex share exchange transaction was revenue in nature
Draft Taxation Determination TD 2022/D1: much ado about nothing or a seismic shift?
After our semi-serious opening statement on the Australian Taxation Office’s (ATO) recently released guidance on section 100A and unpaid present entitlements, this is one of a series of deep-dive articles on that guidance. These articles look at each of the ATO guidance products separately and then we discuss what the overall impact may be.