From 1 July 2018, the Queensland Government is set to increase its additional foreigner acquirer duty rate from 3% to 7%. The rate increase was announced in the mid-year fiscal ...
From 1 July 2018, the Queensland Government is set to increase its additional foreigner acquirer duty rate from 3% to 7%. The rate increase was announced in the mid-year fiscal economic review as part of the response to the 2017/18 budget.
Revenue NSW has issued a Revenue Ruling that exempts Australian based developers that are ‘foreign persons’ from surcharge purchaser duty and surcharge land tax for new home development. The Ruling operates from 5 March 2018, when the legislation that was announced in the 2017/18 Budget came into effect.
Although the 2018/19 Federal Budget was relatively uneventful compared to previous years, the Government did announce that the maximum number of members allowable in self-managed superannuation funds (SMSFs) will be increased to six (up from four) from 1 July 2019.
It has never been easier to order a trust deed. However, getting a trust deed that effectively deals with both the tax and estate planning issues can be like finding a unicorn! The recent decision of Reschke v Reschke [2017] SASC 192, highlights the importance of a well worded trust
Establishing a trust is simple, but often not done properly.
The ATO has confirmed in Practical Compliance Guideline PCG 2016/16 that, unless unitholders have a ‘fixed entitlement’ to all income and capital of the trust, a unit trust will not qualify as a ‘fixed trust’.
The recent decision in Perry v Nicholson [2017] QSC 163, has stressed the continuing importance of ensuring that all previous trust deed amendments and changes of trustee are properly documented, signed and dated and comply with the terms of the trust deed.
From 1 July 2017, banks are required to collect information from customers that are non-residents. Banks will share the information with the ATO, who will then share it with tax authorities in other countries that have signed up to the Common Reporting Standard (CRS).
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.
Clinton Jackson, partner in Cooper Grace Ward’s commercial team, recently took part in an interview for 4BC’s Brisbane Live show, discussing issues surrounding going into business with friends and family.
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.
Cooper Grace Ward and CGW Structures have been included in the survey for the SMSF Awards in the category of ‘SMSF Document Provider’.
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.