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BEPS MLI measure in the Australian Parliament

A Bill to enact OECD BEPS Measure 15 was introduced into the House on 28 March 2018, with the government’s hope that it will pass the Parliament before the end of the financial year on 30 June 2018. If enacted, this will make Australia one of the first signatories to implement Measure
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Musings on 2018 Federal Budget

Image rights for sports people and actors It is said that the Government will “improve integrity” in the tax system by ensuring from 1 July 2019, high profile individuals are no longer able to take advantage of lower tax rates by licencing their fame or image to another entity. The Bu
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Transfers of land in a partnership in Victoria – Court confirms non dutiable – Refund possibilities if act promptly

The rights of a partner in a partnership have been highlighted  again by the Court of Appeal of Victoria in a judgement handed down in December 2017 (Commissioner of State Revenue v Danvest Pty Ltd BC 201711304). The case involved one of the partners buying out two other partners. The
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Vacant Residential Land Tax – Do you need to notify the State Revenue Office?

The lack of housing supply in inner and middle Melbourne has become a major issue for residents and the State Government. In response, the Victorian State Government has sought to free up further housing by introducing a new Vacant Residential Land Tax on residential properties that r
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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 business
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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 invol
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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’ re
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Corporate Tax Cuts: What Do They Mean For You?

Just over two months have passed since the Federal Government enacted the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 to reduce the corporate tax rate in Australia. The new company tax rate is 27.5% for the 2016-17 tax year for companies with aggregated annual turnover of l
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Separating Business And Personal Property, And The Application Of The CGT Roll-Overs

Business owners who undertake arrangements to separate their business and personal assets may be able to avail themselves of CGT roll-overs to disregard or defer the capital gains tax that would otherwise arise. Previously, CGT relief was available if the business owner transferred th
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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 th
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