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.
Despite the GST regime being in place for over 20 years, this continues to be an interesting issue. Why? Probably because it is important to understand and clarify the facts and circumstances of each case, which generally means understanding the commercial terms of the transaction. In this article we have used examples to demonstrate the issues and implications.
There is still no clarity from the Victorian and/or NSW Revenue Office as to the PRT treatment of service agreements widely used throughout the medical and allied health professions. In this article we summarise some recent developments and likely outcomes.
ATO reviews and audits in the SME space closely scrutinise Division 7A. Despite being in existence for 25 years, errors are still commonly made in this area. As there is limited scope within Division 7A to rectify errors, it is crucial to get everything right the first time.
The Albanese Government has handed down its second Federal Budget which contains a range of measures. This is a snapshot of the more relevant tax and superannuation related measures.
