CGT event E4 can also be triggered by tax timing adjustments. In certain circumstances this could lead to double taxation for unitholders. This article explores an example situation where double taxation could arise.
The recent Federal Court Simplot Case debated on whether six frozen food products were ‘food of a kind marketed as a prepared meal’, and as such is subject to GST. In this article we analyse the verdict and discuss the possibility of some GST reform.
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.
Having the correct classification of how employment ends is important. Describing the termination as a voluntary resignation in circumstances that indicate otherwise could have significant adverse tax consequences to the employee. This article explores the taxing of settlement receipts received in relation to the termination of employment.
The recent decision in Bendel’s Case has caused more than a ripple in income tax circles. There are numerous case summaries and commentary about what the decision might mean for the application of Division 7A. This case, in our view, represents a symptom of a bigger issue in relation to the way tax is being administered.
Most practitioners are familiar with Division 7A integrity measures. However, the breadth of when an entity qualifies as an associate of a trust may, in some instances, cause non-related party loans be within the scope of Division 7A. This article explores the concept of associate for a trust.
There is a common misconception that the Division 328-G small business restructure rollover is easily accessible compared to other CGT rollover reliefs. This article highlights some of the hurdles that could prevent small businesses from qualifying.
On 11 August 2023, Victoria and NSW Revenue Offices have finally released rulings titled PTA 041 ‘Relevant Contracts – Medical Centres’, providing clarification on issues relating to the payroll tax (PRT) treatment of service agreements commonly used throughout the medical and allied health professions.
Attention to detail is paramount when giving tax advice. This was most relevant in a recent case regarding the use of similar terms in the small business CGT concessions. The question was about access to the small business 15-year exemption.
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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