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.
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.
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.
Navigating the issues when an Australian business is expanding overseas requires consideration of a broad range of Australian tax issues (as well as non–tax issues), and almost all of these equally apply whether the business is small or large. We touch on some of these tax issues from an Australian viewpoint.
The maximum net asset value test is designed as a snapshot taken just before the CGT event. A previously rented holiday home shouldn’t affect its exclusion status if it is being used solely for the owner’s personal use leading up to the relevant CGT event. However, the ATO holds a different view. This article examines whether the ATO’s stance warrants a reassessment.
More and more taxpayers are disputing amended and default assessments at the Administrative Appeals Tribunal. These disputes often focus on the need for the taxpayer to discharge its onus of proof that the assessments are excessive. In our article we analyse the common sense approach taken by the AAT in Liang v Commissioner of Taxation which was a win for the taxpayer despite some evidentiary concerns.
When determining the assessable income of the taxpayer or assessments that have been amended as the result of an ATO audit, the onus of proof is on the taxpayer. Commonly the Commissioner wins, with a lack of contemporaneous documentation often being a fatal weakness. So what documents do taxpayers need? Find out here.
It seems appropriate for our final edition of The Assessment in 2023 that we look back on a few tax decisions from this year including EV charges and NFP reporting. We shall also cast our minds forward to foresee some possible tax changes to come in 2024.
Taxpayers have the right to arrange their financial affairs within the intent of the tax law. However, with any strategy or course of action taken, taxpayers and advisors should exercise caution and be prepared to justify that the effect is commercially reasonable. In this article we explore some of the lessons learnt from the latest S.100A BBlood case.
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