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On 22 October 2018, Treasury released a consultation paper to seek views on proposed amendments to Division 7A.
Last week the Australian Taxation Office (ATO) updated its ‘advice under development’ pages to include back-to-back capital gains tax (CGT) roll-overs and what is a ‘restructuring’ for purposes of the demerger provisions.
On 12 October 2018, Treasury released exposure draft legislation concerning the latest changes to the small business capital gains tax (CGT) concessions (the concessions).
As we have previously reported, the Government announced in the 2017 Budget that amendments would be made to Division 7A incorporating recommendations from the 2014 Board of Taxation’s final report on the ‘Post Implementation Review of Division 7A of Part III of the Income Tax Assessment Act 1936’ (the earlier report).
We reported on the Full Federal Court decision of Pintarich v Deputy Commissioner of Taxation  FCAFC 79 here.
The decision of Burgess v Burgess is another case which considers conflicts of interest in the context of paying super death benefits. It follows a number of recent similar cases, including Re Narumon Pty Ltd, Brine v Carter and McIntosh v McIntosh. The strong consistent theme across all of these cases is that the Courts will strictly uphold fiduciary duties (even if they have “unfair” outcomes).
The Victorian Supreme Court in the decision of MD Commercial Pty Ltd & AJ Commercial Pty Ltd v Commissioner of State Revenue  VSC 560 confirmed that certain transfers of land to trustees were not exempt from duty under section 35 of the Duties Act 2000.
The Board of Taxation (the Board) released a consultation guide for the review of the income tax residency rules for individuals.
In a recent speech James O’Halloran, Deputy Commissioner, Superannuation, outlined the ATO’s current areas of focus in the SMSF sector. They include:
The Victorian Court of Appeal in its recent decision of Living and Leisure Australia Pty Ltd vs Commissioner of State Revenue (Living and Leisure) dismissed the appeal by the taxpayers and upheld the Victorian Supreme Court’s conclusion that the contended leases in respect of Crown lands within the alpine resorts granted exclusive possession and were leases.
Lately, revenue authorities have focused heavily on investigating medical, dental, optometry and other allied health clinics.