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Corporate Tax Cuts: What Do They Mean For You?

Taxation

August 2, 2017

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…

Tony Pointon

Separating Business And Personal Property, And The Application Of The CGT Roll-Overs

Taxation

June 13, 2017

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…

Tony Pointon

Taxation

June 1, 2017

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…

Tony Pointon

If you don’t tell your client to get tax advice, you may be found negligent

Taxation

May 24, 2017

If you don’t tell your client to get tax advice, you may be found negligent

Lawyers and advisors who don’t advise their clients to obtain tax advice may be found liable for professional negligence. This is what happened in Ralston v Jurisich [2017] NSWCA 63 . In that case, a…

Tony Pointon

Navigating out of the ‘valley of death’ with the aid of ESIC funding

Taxation

March 27, 2017

Navigating out of the ‘valley of death’ with the aid of ESIC funding

Have you considered investing in an Early Stage Innovation Company (ESIC)? Investing in an ESIC can sound in a reduction in your overall tax bill provided the relevant statutory requirements are met.…

Tony Pointon

Are You Being Genuine? Small Business Roll-Over Relief For “Genuine” Restructures

Taxation

February 10, 2017

Are You Being Genuine? Small Business Roll-Over Relief For “Genuine” Restructures

Under the Small Business Restructure Roll-over (Div 328-G) , which was introduced to much fanfare last year, small business owners are allowed to change the legal structure of their businesses…

Pointon Partners

Australian Tax Residence for Companies Revisited by High Court after 43 years

Taxation

January 30, 2017

Australian Tax Residence for Companies Revisited by High Court after 43 years

For the first time in 43 years, Australia’s ultimate appeal court (the High Court of Australia) has decided a case on the issue of “central management and control” of certain foreign incorporated…

Pointon Partners

Taxation

September 6, 2016

Australian Diverted Profits Tax (“DPT”)

Australia has followed the UK path of pre-empting the implementation of the OECD’s Base Erosion and Profit Shifting (BEPS) final reports dated 5 October 2015 which deals with international tax…

Pointon Partners

Taxation

September 6, 2016

Australian Diverted Profits Tax (“DPT”)

Australia has followed the UK path of pre-empting the implementation of the OECD’s Base Erosion and Profit Shifting (BEPS) final reports dated 5 October 2015 which deals with international tax…

Pointon Partners

Increasing use of tax-transparent entities by private groups due to BEPS

Taxation

May 5, 2016

Increasing use of tax-transparent entities by private groups due to BEPS

Abstract: To date, the effect of the base erosion and profit shifting (BEPS) project is that Australian-owned private companies whose business could be affected by ecommerce are largely able to avoid…

Pointon Partners

Tax Residence of Individuals & Companies

Taxation

April 7, 2016

Tax Residence of Individuals & Companies

In the last few years the tax residence of companies and individuals has been challenged by the ATO resulting in a large number of reported decisions. Those decisions are considered, as is the…

Pointon Partners

Overseas Assets & Tax in a Succession Context

Taxation

April 6, 2016

Overseas Assets & Tax in a Succession Context

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…

Pointon Partners

Taxation

March 9, 2016

ATO Challenging Expats

In the last two or three years there appears to have been a concerted attempt by the ATO to challenge the claimed non-residency status of individuals who are working overseas, who have a significant…

Pointon Partners

Taxation

October 21, 2015

Complaining about the ATO

In recent times many have written on the lengths the Australian Taxation Office (ATO) has gone to protect its officers that have erred, in particular with the extensive use of confidentiality clauses…

Pointon Partners

Concessional Valuation Methodology for ESS Start-Ups

Taxation

July 8, 2015

Concessional Valuation Methodology for ESS Start-Ups

As foreshadowed in our 18 November 2014 tax bulletin, amendments in relation to employee share scheme (ESS) tax liabilities have been enacted with effect from 1 July 2015 . Excitingly in relation to…

Pointon Partners

Taxation

May 7, 2015

International Inheritance & Wealth Planning Issues

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…

Pointon Partners

Residence of Companies – Esquire Nominees Unnecessarily Distinguished

Taxation

February 5, 2015

Residence of Companies – Esquire Nominees Unnecessarily Distinguished

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…

Pointon Partners

Employee share schemes to make a comeback!

Taxation

November 17, 2014

Employee share schemes to make a comeback!

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…

Pointon Partners

ATO to target professional services firms

Taxation

October 31, 2014

ATO to target professional services firms

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…

Pointon Partners

Taxation

August 20, 2014

Foreign death duties

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…

Pointon Partners

Project DO IT: Disclose Offshore Income Today

Taxation

July 29, 2014

Project DO IT: Disclose Offshore Income Today

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…

Pointon Partners

Small Business CGT – Passing the Threshold Tests

Taxation

July 16, 2014

Small Business CGT – Passing the Threshold Tests

Pointon Partners

International Wealth Structuring and Estate Planning

Taxation

May 29, 2014

International Wealth Structuring and Estate Planning

International Wealth Structuring and Estate Planning By Robert Gordon [1] PRÉCIS • Pre planning – income & inheritance tax issues for: • Incoming residents • Outgoing residents • Outgoing…

Pointon Partners

Taxation

May 27, 2014

Taxation Uncertainty on Foreign Private Equity

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…

Pointon Partners

Taxation

May 6, 2014

Death and taxes, but not all at once!

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…

Pointon Partners

Directors Penalties, Estimates & Statutory Demands

Taxation

September 5, 2013

Directors Penalties, Estimates & Statutory Demands

DIRECTORS PENALTIES, ESTIMATES AND STATUTORY DEMANDS Indications are that the compliance program for unremitted PAYG withholding and unpaid superannuation contributions by employers will be stepped…

Pointon Partners

Taxation

September 5, 2013

Directors Penalties, Estimates & Statutory Demands

Pointon Partners

Exercise of Commissioner’s Discretion to Disregard Non-Compliance with DIV

Taxation

September 5, 2013

Exercise of Commissioner’s Discretion to Disregard Non-Compliance with DIV

EXERCISE OF COMMISSIONER’S DISCRETION TO DISREGARD NON-COMPLIANCE WITH DIV 7A FIRST CASE ON THE EXERCISE OF COMMISSIONER’S DISCRETION TO DISREGARD NON-COMPLIANCE WITH DIV 7A Section 109RB of Div 7A…

Pointon Partners

Taxation

September 5, 2013

Exercise of Commissioner’s Discretion to Disregard Non-Compliance with DIV

Pointon Partners

Taxation

September 5, 2013

Source & Residence

SOURCE & RESIDENCE The concepts of source & residence are basic to most country’s tax systems, including Australia. There has been quite a lot of activity recently in Australia in relation to…

Pointon Partners

Taxation

September 5, 2013

Source & Residence

SOURCE & RESIDENCE The concepts of source & residence are basic to most country’s tax systems, including Australia. There has been quite a lot of activity recently in Australia in relation to…

Pointon Partners

Generalists’ Duty to Refer to Specialists

Taxation

September 5, 2013

Generalists’ Duty to Refer to Specialists

Generalists’ duty to refer to specialists The High Court of England & Wales has recently held that a firm of high street chartered accountants that advised in general tax matters, had an…

Pointon Partners

Taxation

August 15, 2013

Commissioner’s Power To Amend

TWO SURPRISING DECISIONS ON COMMISSIONER’S POWER TO AMEND Often the Commissioner finds himself outside the 2, 4, or 6 year periods in which he can amend an assessment. The normal amendment period…

Pointon Partners

Taxation

August 15, 2013

Commissioner’s Power To Amend

Pointon Partners

Taxation

June 7, 2013

Audit and Litigation – Risk Management

Risk management Our experience is that it is necessary to review tax arrangements from time to time, as often as annually. At different times, problem areas can receive greater ATO focus, e.g:…

Pointon Partners

Taxation

January 25, 2013

ATO Audits – Activity & Aid

ATO COMPLIANCE PROGRAM – 2012/13 The ATO will be targeting the following areas (among others) in the 2012/13 financial year: Individual taxpayers: incorrect or fraudulent refunds from over-claiming…

Tony Pointon

Exercise of Commissioner’s discretion to disregard non-compliance with Div 7A

Taxation

January 25, 2013

Exercise of Commissioner’s discretion to disregard non-compliance with Div 7A

FIRST CASE ON THE EXERCISE OF COMMISSIONER’S DISCRETION TO DISREGARD NON- COMPLIANCE WITH DIV 7A Section 109RB of Div 7A gives the Commissioner a discretion to disregard non-compliance with Div 7A,…

Tony Pointon

Taxation

December 17, 2012

Tax Office Action. Stat Demand

Directors penalties, estimates and statutory demands Indications are that the compliance program for unremitted PAYG withholding and unpaid superannuation contributions by employers will be stepped…

Tony Pointon, Andrew Cox