As global employment becomes increasing fluid with individuals undertaking internal assignments, establishing the residency status of an individual becomes more complex and critical. Quy and Commissioner of Taxation [2025] ARTA 174 is a case on point that demonstrates the underlying principles of the residency tests when determining tax residency status.
The Commissioner generally has the power to amend an income tax assessment within a period of either 2 years or 4 years for other taxpayers who are not eligible for the 2-year amendment period. However, the recent case of Kirtlan and Commissioner of Taxation illustrates a rare instance where a taxpayer successfully challenged the Commissioner’s opinion that there was evasion.
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.
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