The use of the small business restructure rollover may have impacts such as resetting the clock in respect of the 15-year exemption, or making the active asset test much harder to pass. In this article we highlight some issues to watch out for.
The Victorian government announced a new program, granting eligible applicants $2,000 to cover the cost of seeking legal or financial advice.
The recent release of a trio of tax guidance documents by the ATO addressing section 100A has been described as being the most significant development for trust taxation in almost 40 years. In this article we focus on a key shortcoming of the anti-avoidance provision.
Is a company that carried on an active equipment leasing business, with a turnover under $50 million, considered a base rate entity and therefore eligible for the lower corporate tax rate? Determining this mainly revolved around whether its base rate entity passive income was more than 80% of its assessable income for the year. Read on for more details.
The two-tiered corporate tax rate system and the decreasing corporate tax rate for base rate entities can give rise to circumstances where differing tax benefits
The commonly held view is that where a foreign residents is denied access to the main residence exemption (‘MRE’) they are also denied access to
Do you, or a client, have a discretionary trust that owns, has owned or intends to purchase ‘residential land’ in NSW? Alternatively, is there a
With the transitional period for non-residents to claim the main residence exemption (‘MRE’) having ended on 30 June 2020, practitioners are increasingly going to encounter
This year has had many tax agents and business owners focusing on the immediate issues and support measures arising due to the COVID-19 pandemic.
In the last few months, COVID-19 has been at the forefront of everyone’s minds. However, in the background, the broader tax world has continued
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