We wrote about Draft Taxation Determination TD 2022/D1 (Draft TD) on Division 7A and unpaid present entitlements (UPEs) here. On 12 July 2022, the Australian Taxation Office (ATO) finalised the Draft TD as Taxation Determination TD 2022/11 (Final TD).
Secure IP Rights overseas and obtain financial assistance with Australia’s EMDG grant scheme
Lecturer found to be employee for super guarantee purposes
In the recent decision of JMC Pty Limited v Commissioner of Taxation [2022] FCA 750, the Federal Court found that an ‘independent contractor’ was an employee for super guarantee purposes.
Sladen Snippet – new superannuation measures effective 1 July 2022
Sladen Legal Promotions
An author’s publishing contract checklist
"Toto, I've got a feeling we're not in Kansas anymore" - the changing landscape of year-end tax considerations
Treasurer Confirms - Cryptocurrency Not treated as foreign currency
The Latest developments with NALI and NALE Podcast
Purchasers and Developers: duty is payable on late settlement interest
Sladen Snippet – SMSF BDBNs not bound by SIS Regs – Hill v Zuda
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).
PCG 2017/13: sub-trust arrangements – welcome (continued) relief from the ATO
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.
Sladen Snippet – ATO confirms NALE practical administration approach is extended to 30 June 2023
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.
The NALI/NALE Whirlwind – Where Are We At?
Digital Assets – All The Rage But Maybe A House Of Pain (Part 1)
SMSFS And Property Development: Key Compliance Imperatives
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.
Significant changes to various New South Wales state taxes legislation – State Revenue and Fines Legislation Amendments (Miscellaneous) Act 2022 (NSW)
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.