In this article we summarise the key facts and findings of the recent Federal Court decision in Morton’s Case. It provides important guidance regarding the mere realisation of a capital asset in the context of a large scale residential subdivision where land was acquired and held long term for farming before entering into a development agreement.
With the ATO intensifying its scrutiny on FTEs and IEEs, it is imperative for tax agents to navigate these elections with precision. This article will guide tax agents through the implications of making an FTE or IEE, outline the steps to make these elections, and provide practical examples to illustrate common scenarios and strategies to avoid FTDT liabilities.
Navigating the complexities of tax law can be challenging, especially when it comes to understanding the nuances of related parties. Identifying which definition applies is a key step in correctly applying the law. In this article, we break down the concepts of associates and affiliates, and explain how they can impact tax outcomes.
The recent case Toowoomba Regional Council v FCT challenges the current ATO guidance causing uncertainty for employers who provide car parking to employees.
How will the FBT treatment of zero or low-emission vehicles change after April 1, 2025? Our article explains the transitional rules and how they will apply.
The proposal for making GIC and SIC non-deductible effective from 1 July 2025 will have significant implications to taxpayers. This article highlights the potential ramifications and possible solutions.
The Full Federal Court has decided in favour of the taxpayer in the Bendel case, with the consequence that an undrawn trust distribution is not a loan under Division 7A. We summarise the outcome and some likely implications of this outcome.
Opposition Leader, Peter Dutton announced a proposal to introduce a capped tax deduction of $20,000 per year for business-related meal and entertainment expenses. So who benefits and how will it work?
The FRCGW rules were introduced in 2016 as a way to ensure that foreign residents pay tax on the sale of certain Taxable Australian Real Property. Here’s a summary of what has changed and practical ramifications.
In recent times, most years don’t see major changes to the Australian tax system. As in prior years there doesn’t seem to have been much change in 2024, but on reflection there is still a lot that has happened, or in some cases, not happened! In this article we look back on 2024 and look into the crystal ball for what to expect in 2025.
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