A recent area of concern that our taxation team has been increasingly encountering is with whether distributions made by a family trust are within the family group and whether said distributions will attract the 47% family trust distribution tax. We expect that in the context of family trusts, the ATO [...]
Similar to the Vacant Residential Land Tax (discussed here), the Absentee (Foreigner) Land Tax Surcharge is another state tax which may be payable on top of the total taxable value of the land held by taxpayers. This article will discuss what the Absentee (Foreigner) Land Tax Surcharge is, who it [...]
This article provides an update on key developments in taxation law for accountants and participants in the tax advice industry up to mid-late April. This update in summary covers: Portion of Tax Debt and General Interest Charge cancelled on Serious Hardship Grounds Part IVA applied to Cancel Capital Loss on [...]
The Foreign Acquisition and Takeover Act 1975 (Act) sets out when foreign persons cannot buy Australian Property, need approval to buy Australian Property or need to notify the Australian Government in respect of the intended purchase of Australian Property. The ATO is currently undergoing data matching in respect of residency [...]
This article provides an update on key developments in taxation law for accountants and participants in the tax advice industry up to early April. This update in summary covers: 4 year Imprisonment for Taxpayer who obtained $2.4m in GST refunds; Denial of Primary Production Exemption in Section 67 of the [...]
This article provides an update on key developments in taxation law for accountants and participants in the tax advice industry up to late-March. This update in summary covers: The revised commencement dates for the 2024-25 Budget measure Strengthening the foreign resident capital gains tax regime Increased funding to the ATO [...]
The Full Federal Court, in Bendel, has confirmed the earlier AAT appeal decision in favour of the taxpayer in a landmark decision on Division 7A, causing a series of landmines for the Commissioner in respect of his past interpretations on Div 7A ITAA 36 in which the Commissioner assessed deemed [...]
In Wylarah Pastoral Co Pty Ltd ATF Tallong Family Trust v Chief Commissioner of State Revenue [2024] NSWCATAD 366, the NSW Civil and Administrative Tribunal (“the Tribunal”) found that a rural property which had mixed uses did not qualify for the primary production exemption in NSW. This case is significant [...]
This article provides an update on key developments in taxation law for accountants and participants in the tax advice industry up to mid-March. This update in summary covers: The ATO’s taxpayer alert in regard to restructuring trusts to access the MIT Withholding Regime New Taxation Determination 2025/D2 on section 109R [...]
It is a common misconception that only related entities may be grouped under the Payroll Tax Provisions. However, this is often not the case as many of our matters have consisted of several unrelated SMEs being grouped despite having no connection with each other. We understand that these circumstances arise [...]
