It is becoming increasingly complex for trustees of discretionary trusts to navigate the tax landscape with regard to trust fund distributions. A trustee must deliberate the risk of the anti-avoidance provisions applying i.e., section 100A and the general anti avoidance provisions in Part IVA of the ITAA 1936.
Distributions from discretionary trusts are under increasing scrutiny from the ATO. This article highlights some recent s.100A developments and practical ways of managing the s.100A risk.
The Australian Taxation Office (ATO) has recently updated its guidance on the employee v contractor classification following several High Court decisions. Read on for our summary of what this means for you and your clients.
Given the ATO’s increasing use of data and analytics as an administrative and law enforcement tool, there is certainly a risk of taxpayers being subject to ATO compliance activities. This article considers the standard of proof required in the context of default assessment.
Residency is a key concept for Australian tax purposes. It determines whether a person is subject to tax in Australia, and what income is subject to tax. A resident of Australia is subject to tax on income from all sources worldwide. In this article, we have set out some of the key comments made in the draft ruling.
As the 2022 financial year comes to a close, practitioners will be working closely with their clients to ensure they meet their income tax obligations. This article seeks to highlight some of the recent tax developments for consideration as practitioners finalise and implement their clients’ year end plans as well as some of the key changes that apply from 1 July 2022.
The ATO continues to increase its use of data matching. Some examples include a new tax residency data-matching program (where the Department of Home Affairs
According to the Taxpayers’ Charter, the ATO has an obligation to treat all taxpayers equally; the Charter states (amongst other things): “…We [ATO] do not
It is common knowledge amongst advisors to self-managed super funds that the in-house asset rules apply to investments in related trusts. It is also quite
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
