A Supreme Court of Queensland decision has highlighted the broad scope of payments that are subject to payroll tax – and the importance of getting the documentation right.
From 1 July 2016, the Queensland Government has extended the duty exemption for transfers of assets used in a primary production property.
The full Federal Court recently considered whether a dividend access share was a debt or equity interest. The majority concluded that the particular share was a debt interest – as a result, there was no entitlement to franking credits.
The ATO has thrown a lifeline to SMSF trustees in the rush to get limited recourse borrowing arrangements (LRBAs) on commercial terms by the end of this 2016 financial year.
Directors can be personally liable to pay the Commissioner of Taxation the amount of an unfair preference payment relating to pay as you go withholding (PAYG) where the Commissioner is ordered to pay the amount to a liquidator.
The new CGT withholding provisions commence on 1 July 2016 and, as the commencement date draws closer, it is becoming more apparent that the scope of the provisions is much wider than suggested by the government and the ATO.
A loan will be a complying 25 year loan under Division 7A if the requirements in section 109N are satisfied.
The ATO has been highlighting their concerns with related party loans in SMSF borrowing arrangements (LRBAs), and particularly whether they have been made on commercial terms.
Sarah Dewar, associate in our commercial team, has worked with Cooper Grace Ward for five years. We asked her to tell us in her own words what life at Cooper Grace Ward is like, and a few of her past experiences and favourite things.
Recent changes to the tax legislation will require a purchaser to withhold and pay 10% of the purchase price to the ATO in certain circumstances.
Employment agency contracts, for payroll tax purposes, can be much broader than traditional labour hire or employment agency arrangements. The recent decision in Qualweld Australia Pty Ltd v Chief Commissioner of State Revenue [2015] NSWCATAP 249 highlights how payments to genuine subcontractors can trigger payroll tax liabilities under the ‘employment agency’ provisions.
The ATO has a renewed interest in reimbursement agreements, confirmed in its list of ‘what attracts our attention’ dated 27 October 2015.