There is a provision of the income tax legislation which allows any amount an Australian tax resident receives from a non-resident trustee to be taxed as income in Australia. That might sound reasonable at first but the catch is that the tax will be applied to amounts that have already[…]
In these difficult times many businesses and property owners are suddenly seeing income disappear while costs remain. Sales go down, rents have to be reduced or temporarily waived and sadly many face losses for the next few months if not longer. Being able to benefit from carrying these losses forward[…]
If Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 2) Bill 2018 (‘Bill’) is passed Australian citizens may lose the benefit of the main residence exemption. The Bill has passed the House of Representatives and is before the Senate. If passed it can apply to sales of homes[…]
Determination of residency in Australian taxation law is a complex collection of four separate tests any one of which may deem a person to be a tax resident. A recent decision of the Federal Court1 will not only surprise but concern many tax professionals; particularly comments on Taxation Office Checklists[…]
It is usually assumed that if you bought a piece of land before 20 September 1985 it will be a pre Capital Gains Tax (‘CGT’) asset. However, this is not always the case, Division 149 of the Income Tax Assessment Act 1997 (Cth) can displace the operation of the usual[…]
On 22 March 2017 McKerracher J of the Federal court handed down his decision in Sandini Pty Ltd v Commissioner of Taxation. The Court declared that a transfer of shares from the trustee of a trust controlled by one partner in a marriage breakdown to the trustee of a trust[…]