Fundamental to any tax advice is the identification and clarification of the relevant, underlying facts and circumstances. Without doing so it is difficult to determine the tax implications applicable to those facts and circumstances. Also, even minor changes to such facts and circumstances may alter the tax implications.
Market value is relevant for a number of tax provisions including the market value substitution rule in the CGT provisions, the maximum net asset value test (MNAV test), and for state taxes such as land tax and transfer duty. Crucial to the application of the market value substitution rule is whether or not parties have acted at arm’s length.
This article considers a core FBT issue. We analyse the recent BQKD and Commissioner of Taxation case and consider the issue of whether three directors of a trustee company of a discretionary family trust were employees for FBT purposes and, if so, whether the use of vehicles owned by the company were benefits provided in respect of their employment.
There is a misconception that all unit trusts are fixed trusts. Perhaps it is because a beneficiary’s income and capital entitlements are based on their unitholdings rather than being dependent on the trustee discretion to appoint income/capital. The tax ramifications for misclassifying a unit trust as ‘fixed’ could in certain circumstances be detrimental. This article seeks to highlight potential implications for misclassification.
A recent Federal Court decision should give advisors pause before crystallising a capital loss to assist with managing clients’ tax liabilities from realised capital gains. Dive into our article to learn more.
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.
Earlier this year the Administrative Appeals Tribunal issued its decision in Lance’s Case. The decision highlights the importance of GST fundamentals, and that a taxpayer requires sufficient supporting evidence to discharge it’s onus of proof when challenging tax matters.
In this article, we focus on other categories of residential land that could potentially be exposed to VRLT, including uninhabitable residence and residential construction and renovation.
Are you an owner of more than one property? If so, you may receive an additional land tax bill from the SRO in 2025. This article highlights the changes to the vacancy residential land tax and when you property may be considered ‘vacant’.
With the 2024 FBT year now over the focus switches to FBT return preparation and lodgement. This article outlines a variety of FBT matters that have crossed our desks in 2024, including the challenge of getting FBT compliance right.
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