Discretionary trusts that own ‘residential land’ in New South Wales or hold an ownership interest in a company or unit trust that owns residential land in New South Wales must amend their trust deeds to exclude foreign persons as beneficiaries before midnight on 31 December 2019, otherwise foreign land tax and duty surcharges may apply.
AUSTRAC collects and shares financial data with the ATO. The ATO uses this data to identify individuals who may not be declaring all of their income. Taxpayers should expect the ATO to review funds coming into Australia – regardless of the amounts – and be prepared to explain the source of those funds.
Generally, an attorney appointed under a general or enduring power of attorney cannot enter into a conflict of interest transaction.
The New South Wales Supreme Court has confirmed how trusteeship of an SMSF works where a member and trustee loses capacity and then dies.
The commercial debt forgiveness rules are designed to cancel out any ‘gain’ that a person makes when a commercial debt that they owe is forgiven.
On 24 May 2018, the Government first introduced a 12-month superannuation guarantee amnesty. The relevant Bill failed to pass the Senate and then lapsed when the federal election was called on 11 April 2019.
The High Court has refused to grant the ATO special leave to appeal the Full Federal Court’s decision in Harding v Commissioner of Taxation [2019] FCAFC 29. The effect is that the Full Federal Court decision stands.
There have been several cases where SMSF advisers have been held liable for loss suffered in an SMSF. However, in a recent case, the AAT did not accept a director of an SMSF trustee blaming their accountant for SMSF compliance breaches.
The AAT has upheld the disqualification of a director of a trustee of an SMSF in Fitzmaurice and Commissioner of Taxation (Taxation) [2019] AATA 2217.
How sports stars can leverage biometric data and the massive growth of wearable technologies to build a lucrative income stream outside of their playing contracts.
An Australian tax resident who receives a distribution of capital from a foreign trust must include the amount of the capital distribution in their assessable income.
From 1 July 2018, the rate of tax a company pays, and the rate at which it can frank its dividends, depends upon whether the company is a ‘base rate entity’ or not.