As a general rule, the trustees and beneficiaries of a deceased estate are able to disregard any CGT implications from the sale of a deceased person’s principal residence, provided the ...
As a general rule, the trustees and beneficiaries of a deceased estate are able to disregard any CGT implications from the sale of a deceased person’s principal residence, provided the sale of that property settles within two years of the deceased’s death.
We previously reported on the draft taxation determination 2018/D3 released by the ATO. That draft set out the view of the ATO that a ‘trust split’ may trigger CGT consequences. Although the ATO has admitted there is no case law dealing directly with the implications of a trust split, the
We reported the initial Federal Court decision in the Aussiegolfa (DomaCom) case late last year. The full Federal Court has handed down its decision on the appeals (Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation [2018] FCAFC 122).
Taxpayers and the ATO often grapple with whether proceeds from the sale of property are on capital account or revenue account. The issue continues to generate disputes and litigation. This is often because there are concessions available for sales of property on capital account. But sometimes it is about whether
Part IVA was originally introduced to target tax avoidance arrangements that were ‘blatant, artificial or contrived’. Following the 2013 amendments, the focus has shifted to identifying arrangements where the substance of the transaction ‘could more conveniently, or commercially, or frugally have been achieved by a different transaction or form of
The ATO has released draft taxation determination 2018/D3, outlining their view that a trust split potentially triggers CGT consequences (CGT event E1).
Contrary to popular belief, transactions involving cryptocurrencies such as bitcoin are not always anonymous. The ATO is set to audit transactions involving cryptocurrency in the coming months.
From 2018, the ATO will use foreign bank information to recover unpaid tax from taxpayers who have not declared foreign income.
On 24 May 2018, the Government introduced a 12 month superannuation guarantee amnesty. The amnesty provides incentives for businesses to self-correct historical errors in relation to compulsory superannuation.
The Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 contains updated provisions to include an additional increase to a member’s ‘total superannuation balance’ when an SMSF has outstanding borrowings.
SMSFs pay tax on ‘non-arm’s length income’ (NALI) at the top marginal tax rate, rather than the concessional rates that usually apply to income earned in SMSFs.
The recent decision of the Federal Court in Harding v Commissioner of Taxation will make it difficult for Australians living and working overseas to be non-residents for tax purposes.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.