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 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.
Individuals who can pass the PSI rules and whose income comes from their own efforts need to think twice before seeking to have a related party taxed on it. In this article we consider whether new ATO guidance helps.
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.
About $3.5 trillion in assets will likely change hands in Australia by 2050. Most of this will be inherited by family beneficiaries. Given the amounts involved, estate planning should be undertaken to avoid unwanted tax bills. In this article we use a simple example to show how estate planning could potentially prevent an unwarranted CGT liability arising.
Income tax matters are often a consideration when your client is preparing their will. However, there is a possible tax risk in relation to the choice of executor which can easily be overlooked.
With 30 June approaching, one of the annual year end processes required of a trustee is to ascertain the proportion of the income of the trust estate that is to be appointed to certain beneficiaries. Often a desired tax outcome is one of the factors considered in making this decision.
The recent release of a trio of tax guidance documents by the ATO addressing section 100A, has caused quite the stir amongst advisors and their clients. Of key concern is the apparent retrospectivity in which the Commissioner’s views expressed in these documents could be applied.
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.
Section 100A can apply to trust distributions where a beneficiary is made presently entitled to a share of trust income and that present entitlement arose out of a reimbursement agreement. This draft ruling is intended to address the exclusions – in other words the situations where section 100A does not apply.
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