Tax disputes Archives - Page 13 of 13

Public trading trusts and superannuation – proposed amendments may result in loss of franking credits

Draft legislation (the Tax Laws Amendment (New Tax System for Managed Investment Schemes) Bill 2015) has been released to amend the public trading trust rules so they no longer apply to unit trusts where superannuation funds (including SMSFs) hold 20% or more of the issued units. These amendments will apply from the date the Act receives royal assent, but it appears that, once royal assent is obtained, the provisions will apply for the financial year commencing 1 July 2015.

17 June 2015

Challenging a statutory demand from the ATO based on a Running Balance Account

It is common for the Commissioner of Taxation to issue a statutory demand against a company and express the debt as a single amount, being the total deficit debt stipulated on a Running Balance Account (RBA). No breakdown is provided in the statutory demand showing the actual composition of the debt as between primary taxation obligations.

10 June 2015

ATO positions itself to review Uber and Airbnb income tax and GST obligations

Do you transport passengers in your car through Uber? Do you use a website or app to rent out rooms through Airbnb? Do you provide other services through the ‘sharing economy’?

25 May 2015

Fuel tax credits for heavy vehicles – are you claiming your full entitlements?

Do you operate a sideloader or a vehicle that uses fuel to power a refrigeration unit or other equipment? You may be entitled to more fuel tax credits than you think.

20 May 2015

BINDING NOMINATIONS UNDER ATTACK: Is your binding death benefit nomination really binding?

On 25 March 2015, the Queensland Supreme Court in Munro v Munro [2015] QSC 61, handed down a decision in which a document that was expressed to be a ‘binding death benefit nomination’ (BDBN) was found to be invalid, allowing the trustees of the SMSF to distribute the deceased’s death benefit other than as set out in the BDBN.

26 March 2015

ATO cracks down on property developers using trusts in TA 2014/1

On 28 July 2014, the ATO released its taxpayer alert TA 2014/1: Trusts mischaracterising property development receipts as capital gains.

6 August 2014

SMSFs investing in private unit trusts – has the ATO changed its view on fixed entitlement?

The ATO has consistently accepted that ‘fixed entitlement’ is not a defined term for the purposes of the non-arm’s length income rule in section 295-550(4) of the Income Tax Assessment Act 1997.

16 April 2014

Topics: Tax disputes

Public trading trusts and superannuation – proposed amendments may result in loss of franking credits

Challenging a statutory demand from the ATO based on a Running Balance Account

ATO positions itself to review Uber and Airbnb income tax and GST obligations

Fuel tax credits for heavy vehicles – are you claiming your full entitlements?

BINDING NOMINATIONS UNDER ATTACK: Is your binding death benefit nomination really binding?

ATO cracks down on property developers using trusts in TA 2014/1

SMSFs investing in private unit trusts – has the ATO changed its view on fixed entitlement?

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