Recent VCAT ruling heightens stamp duty risk in capital raisings
A recent VCAT decision has served as an important reminder for those undertaking capital raising for funds investing in real property, including for development.
Succession Planning with Digital Assets
Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.
Director Identification Numbers: What do I have to do?
From 1 November 2021, Director Identity Numbers (DINs) became mandatory for all company directors. Accordingly, all directors are now required to apply for a DIN and should begin preparing their applications.
Federal Court stresses the Importance of Trust Deed Interpretation
A recent decision handed down by the Full Federal Court in Advanced Holdings Pty Limited as Trustee for the Demian Trust v FCT [2021] FCAFC 135 emphasises the important principles of trust deed interpretation and the limitations of statutory provisions concerning the evidentiary force of company records. The decision also serves as a valuable reminder for directors of small companies and corporate trustees to maintain good records.
Selling your business? – understand the PPSR
Are you thinking of selling your business? It will be a typical requirement that all assets you are selling are provided to the buyer free of encumbrances.
Wind farm turbines not fixtures for land tax
The Supreme Court of Victoria has determined that wind farm infrastructure (such as wind turbines, towers and wind-monitoring buildings) were chattels, rather than fixtures.
Permanent Director Identification Numbers
For some time, the Government has been concerned about Australia’s inability to deal with phoenix activity, which creates an unfair advantage for companies which engage in wrongful activity and costs the economy billions of dollars each year.
Farmers – Keep those records!
The case of Annat v Commissioner of State Revenue [2020] VSC 108 (Annat) serves as a timely reminder for those operating a farm about difficulties faced by farming land owners in continuing to qualify for a primary production land tax exemption and the importance of ensuring that their structuring and record keeping practices are up to scratch.
COVID-19 contract impacts
The restrictions on social gatherings and non-essential businesses will impact the ability of many parties to comply with their contractual obligations.
SRO ending 'practical approach' to foreign trusts
The Victorian State Revenue Office (SRO) has announced that it will be ending its “practical approach” to whether discretionary trusts trigger the foreign duty surcharge on a purchase
Further reduced payroll tax for regional businesses
Since 1 July 2017, a lower Victoria payroll tax rate of 3.65% has applied to wages paid by regional employers. This rate was further reduced to 2.425% from 1 July 2018.
Trustees – TFN reports and withholding under ATO scrutiny
The Australian Taxation Office (ATO) recently announced that it will be looking at whether trustees are properly lodging tax file number (TFN) reports for TFN withholding for closely held trusts.
Surprise Election result – where to for tax policy?
The Coalition’s ‘miracle’ win may not have been foreseen by the polls or the pundits, however either way the votes fell, the tax and superannuation landscape was up for change.
Franchising Shake Up – Findings of the Parliamentary Committee’s Investigation of the Franchising Industry
The parliamentary committee charged with assessing the franchising industry released its scathing report on 14 March 2019 (report), which identified a “systematic exploitation of some franchisees by a subset of franchisors”.
Reversionary TRIS Retirement Phase Measure Passes
A previous legislative technical defect in the operation of reversionary transition to retirement income streams (TRIS) has been resolved by the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018.
Transfer of real property between SMSFs fails to trigger duty
The New South Wales Civil and Administrative Tribunal (NCAT) recently considered whether a duty concession was applicable to the transfer of property related to a person changing superannuation fund – including self managed superannuation fund (SMSF) in Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue [2019] NSWCATOD 3 (Forbes).
Tougher Super Guarantee Laws
Following the passing of Treasury Laws Amendment (2018 Measures No. 4) Bill 2018, the ATO now has the below increased powers to enforce the super guarantee laws.
ACCC Franchising Submission
The new Franchising Code of Conduct (FCC) regime commenced on 1 January 2015 with the aim of updating franchising laws in Australia, including assisting franchisees in positions of weaker bargaining power.
Directors should consider climate change risks
‘Climate-related risks’ have moved from a corporate buzzword to an actionable obligation for company directors, who should consider these risks in the context of their organisation and understand that a failure to act with regards to a climate-related risk can result in a contravention of the Corporations Act 2001 (Cth) (Act).
ACCC Alleges Ultra Tune Wrong Turn
The competition regulator, the Australian Competition and Consumer Commission (ACCC), has initiated proceedings against Australia’s second largest car repair organisation in the country, Ultra Tune Australia Pty Ltd (Ultra Tune). The ACCC alleges that Ultra Tune has failed to comply with the Franchising Code of Conduct (Code) and the Australian Consumer Law (ACL)