By Robert Gordon TEP STEP Adelaide 30 April 2015 1 PRÉCIS Increasingly, clients are holding assets in multiple jurisdictions. This may be driven by a number of factors, such as taxation (direct and inheritance), forced heirship or testators family maintenance legislation, asset protection concerns, including liability under family law and bankruptcy legislation. It is [...]
This tax update concludes that the recent decision of Perram J in Hua Wang Bank Berhad v FC of T [2014] FCA 1392 (19 Dec 2014) unnecessarily distinguished the long standing decision of Gibbs J in the High Court decision in Esquire Nominees Limited (as trustee of the Manolas Trust) v FC of T 72 [...]
Generally speaking, Employee share schemes (ESS) have the potential to be an integral operational asset to all companies, but particularly to start-up companies who are unable to offer employees a significant cash remuneration package. However due to the tax implications associated with ESS, since 2009 many employers and employees alike have eschewed the utility of [...]
The ATO recently released ‘guidelines’ which discuss how the ATO will assess the risk of the income tax general anti-avoidance provisions (Part IVA) applying to the allocation of profits from a professional services firm such as accounting, architectural, legal, engineering, medical and financial services practices. The guidelines set out three tests for assessing whether the [...]
Death and gift duties were progressively abolished by Australian states and the Commonwealth around 1980. However, Australia remains one of six out of 34 countries in the Organisation for Economic Co-operation and Development (OECD) that do not have death duties.1 Australians moving to, or investing in, foreign countries with death duties may be affected. Domiciles [...]
Project DO IT: Disclose Offshore Income Today Project DO IT is an initiative to allow Australian taxpayers to disclose offshore income, that has been previously unreported, and remains assessable by the Tax Office. To incentivise taxpayers to voluntarily disclose, the Tax Office is offering to significantly relax penalties that would apply if the offshore income [...]
© Anthony Pointon 2014 Disclaimer: The material and opinions in this paper are those of the author and not those of The Tax Institute. The Tax Institute did not review the contents of this paper and does not have any view as to its accuracy. The material and opinions in the paper should not be [...]
International Wealth Structuring and Estate Planning By Robert Gordon[1] PRÉCIS • Pre planning – income & inheritance tax issues for: • Incoming residents • Outgoing residents • Outgoing investors • Use of companies & trusts in low tax jurisdictions • The problems and challenges when you fail to plan effectively • Recent legislative developments [...]
A recent decision of the Full Federal Court (FC of T v Resource Capital Fund III LP [2014] FCAFC 37 (3 April 2014)) highlights the mismatch between what the ATO will do in litigation seeking to collect tax (in that case, against a Cayman Islands Limited Partnership), as against the views it has expressed in [...]
Uncertainty as to ATO practice with regard to the CGT treatment of testamentary trusts now resolved Background Late last year the Abbott Government announced that it would not be proceeding with a number of tax measures which had been proposed by the former Labor Government. One such measure included legislating to confirm the ATO practice [...]
