An unexpected measure in the 2017 Budget is that, as from 1 July 2018, purchasers of new residential properties or land in new subdivisions will be required to collect and ...
An unexpected measure in the 2017 Budget is that, as from 1 July 2018, purchasers of new residential properties or land in new subdivisions will be required to collect and remit GST to the ATO when
Developers can benefit under the GST margin scheme where adjacent properties are acquired and consolidated into a single development lot. This is often the case where the developed lots are sold under a community titles scheme.
One major consequence of the 2016 Budget changes and the introduction of transfer balance caps is that, by the end of 30 June 2017, the total amount each member has in pension phase must be reduced to $1.6 million.
The government has released an exposure draft of legislation that alters how having a superannuation borrowing arrangement (LRBA) in an SMSF will affect transfer balance account credits and the calculation of total superannuation balances in SMSFs (Treasury Laws Amendment (2017 Measures No. 2) Bill 2017: limited recourse borrowing arrangements).
The Government has completed some more of the 2016 Budget changes with the finalisation of Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017.
Taxpayers often negotiate with the ATO to defer recovering a tax debt while they object to the substantive tax and penalty issues in dispute.
Recent decisions in the Full Federal Court and Administrative Appeals Tribunal highlight the rules for taxpayers challenging assessments issued following a finding of ‘fraud’ or ‘evasion’.
With the start date for the 2016 budget changes to superannuation approaching, it is time to consider the action we must take for SMSFs to comply. One very important question is whether current SMSF trust deeds will be appropriate under the new regime.
With the start date for the 2016 budget changes to superannuation approaching, it is time to consider whether current SMSF trust deeds will be appropriate under the new regime.
The Government has released draft regulations as part of the 2016 Budget changes (Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017).
The ATO has recently released two draft tax determinations – TD 2016/D4 and TD 2016/D5. We expect these will underpin further audit activity around capital distributions from foreign trusts.
A recent decision of the Supreme Court of Victoria highlights the cost of not carefully drafting a GST clause – 1/11th of the purchase price to be exact. The case also illustrates the difficulties in using standard form contracts in slightly unusual circumstances.
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.