State Taxation Series: Issue #2 – Land Tax Trust Surcharge – Nomination of beneficiary and notice of beneficial interests
The first issue of our State Taxation Series looked at section 46F of the Land Tax Act 2005 (Vic) (“the Act”), and the three circumstances where a nomination can still be lodged for a discretionary trust that owns any pre-2006 land. This issue looks at statutory [...]
State Taxation Series: Issue #1 – Section 46F (Nomination of beneficiary of pre-2006 discretionary trust for land tax purposes) – Are you completely out of time to nominate?
The Land Tax Act 2005 (Vic) (“the Act”) imposes land tax on all taxable land in Victoria, with the owner of the particular land liable to pay land tax on 31 December of each calendar year. The rate of land tax is stipulated in Schedule 1 [...]
Retaining and Incentivising Key Employees
Retaining and incentivising key employees is an issue that nearly all businesses must confront at certain stages of their development and expansion. Generally, multiple options are available with pros and cons that need to be carefully considered based on the circumstances of the relevant business. The [...]
Residential Construction and Land Tax: What happens if there is a delay in construction?
Whilst homes in Victoria that are occupied as a principal place of residence are exempt from Land Tax, building works or disputes that result in homes being unoccupied for extended periods of time can have the unexpected result of a Land Tax liability. These assessments [...]
Blind Siding Amendment – Significant Property Developer Stamp Duty Amendment in Victoria
Almost all Victorian development agreements could soon create a stamp duty liability. Any sharing of profit by a landowner with a property developer who does not own the land in proportion to the profit entitlement could be assessable to stamp duty. In what may be described [...]
The Breakfast Club – “Recent developments in the tax residence of individuals, companies and trusts”
Robert Gordon of our firm has written an article for the Tax Institute Breakfast Club in relation to recent developments in the tax residence of individuals, companies and trusts. Please click on the link below to view full article. The Breakfast Club - Recent developments [...]
Unlimited Time Frame for Assessing Tax in Australia Criticized
Please see link below to view William Hoke's article, "Unlimited Time Frame for Assessing Tax in Australia Criticized". Hoke (04-01-2019) Authors
Proposed changes to the monster that is Division 7A
Submissions to TreasurySubmissions have now closed to Treasury concerning their Consultation Paper “Targeted Amendments to Div. 7A Integrity Rules” (October 2018– Consultation Paper).Whilst it is hoped that the submissions to Treasury may finally provide some worthwhile improvements to Div. 7A, the fact that this whole process [...]
The Family Farm – When is the transfer of a farm to a relative duty free?
A farm is a significant asset and the value of the associated business is dependent upon how that business is operated by you now, and later, by your children and their children after them. The farm may constitute the majority of your family wealth and you [...]
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 https://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 [...]