Robert Gordon2018-06-19T01:52:03+00:00

ATO response to High Court decision in Bywater

In a previous article we discussed the High Court of Australia decision in Bywater & Ors v FC of T: see http://pointonpartners.com.au/australian-tax-residence-for-companies-revisited-by-high-court-after-43-years/ Subsequent to the High Court decision, the ATO withdrew its previous ruling TR 2004/15, and issued a new draft ruling TR 2018/D3, and [...]

August 24th, 2018|Categories: Taxation|Tags: , |

Federal Court decision highlights the urgent need for change to income tax residency rules for individuals

In the recent decision of the Federal Court in Harding v Commissioner of Taxation [2018] FCA 837, it was found that Mr Harding, an Australian citizen who lived and worked abroad for various periods, but focusing on March 2009 to February 2015, was a resident [...]

August 17th, 2018|Categories: Taxation|Tags: , , |

Small business corporate tax rate: Exposure draft legislation released regarding passive income threshold

In our recent article entitled “Corporate Tax Cuts. What do they mean for you?”, we referred to the relevant minister (Kelly O’Dwyer) questioning the ATO provisional interpretation of when a company would be “carrying on business” for the purpose of the reduction in the small [...]

October 9th, 2017|Categories: Taxation|Tags: , |

Taxpayers and advisers take note: it will soon be time to pay-out UPEs or convert them to Division 7A complying loans to avoid paying deemed dividends

Background In Practice Statement 2010/4, the Commissioner set out three safe harbour investment options that taxpayers could avail themselves of to ensure an Unpaid Present Entitlement (UPE) of a company from a trust, did not attract the application of Division 7A. These options involved having [...]

September 25th, 2017|Categories: Taxation|Tags: , , |

Proposed changes to CGT main residence exemption for foreign residents

The Treasurer has recently released exposure draft legislation (Treasury Laws Amendment (Housing Tax Integrity) Bill 2017) in relation to removal of the CGT main residence exemption for foreign residents. The changes are part of the Commonwealth Government’s ‘housing affordability’ reforms announced in the 2017-18 Budget. [...]

August 21st, 2017|Categories: Taxation|Tags: , |

Sham Loans

Sham Loans The Commissioner of Taxation in two recent tax cases (Millar[1] and Normandy Finance[2]) and Liquidators in BCI Finances[3] (supported by the Commissioner of Taxation), have had success in alleging certain loans were shams. This had the effect that in the tax cases, that [...]

June 1st, 2017|Categories: Taxation|Tags: , |