Sladen Legal is pleased to announce promotions within the Property and Development and Employment Law areas of practice at the commencement of the 2022/23 financial year.

Receiving an offer from a publisher is an exciting moment. Nothing quite compares to the thrill of knowing that one day your work may be seen in print.

In the absence of a comprehensive definition of ‘foreign currency’ in the Australia tax legislation the ATO and Australian courts have interpreted ‘foreign currency’ to be currency issued or recognised by an overseas sovereign state.

Phil Broderick provides the latest developments with NALI and NALE in The SMSF Advisor Show.

After a contract of sale becoming unconditional any delays in settlement may result in interest payable in accordance with the terms of the sale contract (Late Settlement Interest).

In the much anticipated decision of Hill v Zuda Pty Ltd, the High Court has determined that regulation 6.17A of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) does not apply to binding death benefit nominations (BDBNs) prepared for self managed superannuation funds (SMSFs).

Draft Taxation Determination TD 2022/D1 sets out the Australian Taxation Office’s (ATO) views on when an unpaid present entitlement (UPE) with a corporate beneficiary is a loan for the purposes of Division 7A of the Income Tax Assessment Act 1936. We wrote about TD 2022/D1 here.

The ATO has confirmed that its current administrative approach to the non-arm’s length expenditure (NALE), as set out in Practical Compliance Guide PCG 2020/5, will be extended to 30 June 2023.

Non-arm’s length income (NALI) has been a hot topic of discussion and debate in the SMSF industry in recent years, in particular since the ATO first released their draft ruling on non-arm’s length expenditure (NALE) in 2018 (and its subsequent iterations).

Issues covered in this paper:

1. SMSFs acquiring digital assets

2. Ownership of digital assets

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 State Revenue and Fines Legislation Amendments (Miscellaneous) Act 2022 (NSW) (Act) received Royal Assent on 19 May 2022.

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.

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.

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.

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).

The 2022-2023 Victorian State Budget was delivered by the Victorian Government on 3 May 2022.

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.

ake super guarantee contributions on time is not a breach of the super laws, but it will trigger tax for the employer, and potentially penalties.

Does context and purpose narrow the reach of s 100A of the Income Tax Assessment Act 1936?