A transfer of dutiable property made without monetary consideration to a trustee or custodian of a complying superannuation fund where there is no change in the beneficial ownership of the property. 

The recent NSW Supreme Court case of Neal v Brown [2024] NSWSC 841 highlights the adverse and unforeseen consequences of withdrawing superannuation death benefits before one’s death.

This case emphasis the necessity of not only considering tax implications when withdrawing superannuation benefits before death but also how such withdrawals interact with the terms of a will. Proper estate planning is essential to ensure that the distribution of assets aligns with the deceased’s wishes.

The Victorian Government introduces new bill imposing a levy or tax of 7.5% on short-term accommodations

The Victorian Court of Appeal’s recent decision in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue [2024] VSCA 175 has settled that, in Victoria, aggregation applies to the acquisition of shares or units by investors, even in circumstances where the investors are unrelated under the one syndication or capital raising process.

The High Court has ruled on the ‘dominant use test’ for the primary production land tax exemption. In the recent Godolphin case, the multifactorial analysis has been confirmed with no one factor being regarded as determinative. The Court has clarified that the ‘dominant use’ requirement qualifies must be both the lands use as well as its purpose.

On 4 June 2024, the State Taxation Amendment Act 2024 (Act) received Royal Assent. The Act, amongst other significant taxation changes, amends the holiday home exemption by introducing new provisions to section 88A of the Land Tax Act 2005 (LTA).

Taxpayer successfully appeals against Victorian State Revenue Office (SRO) decision that land owned by them was not eligible for the primary production land tax exemption.

The ATO responds to the BPFN ruling, which challenged its stringent stance on non-arm's length income (NALI) in SMSFs. While maintaining the importance of benchmarking, the ruling highlights the validity of commercial assessments in private lending schemes.

The Victorian State Budget for 2024/2025 has revealed a new tax measure for land utilised in social and emergency housing. This new land tax exemption aims to clarify existing arrangements, ensuring landowners involved in such housing initiatives are not burdened by excessive land tax obligations.

The New South Wales Supreme Court reverses land transfer to SMSF due to son's unconscionable conduct in Cihan Family Trust v Cihan Family Superannuation Fund [2023] NSWSC 1289

The VCAT ruling of Baullo v Commissioner of State Revenue [2023] VCAT 1164 (Baullo), has reaffirmed the position of the State Revenue Office (SRO) that forgiving beneficiary loans in relation to a distribution of property from a discretionary trust to a beneficiary will prohibit utilisation of the exemption to land transfer (stamp) duty afforded by section 36A of the Duties Act 2000 (Act).

Farmland is often the single most valuable asset for a farming family. The farm provides a base from which to operate the farming business and the capital value of the farmland typically increases in value over the long term.

Ordinarily, land transfer duty (stamp duty) is paid by the transferee at the time of the transfer of dutiable property, such as real property, unless an exemption to stamp duty is applicable.

The Australian Tax Office (ATO) has released a statement outlining their priorities ahead of the end of financial year 2021/22, with crypto-assets being one of these priorities due to its rising popularity.

On 15 February 2022, the Victorian State Revenue Office (SRO) published ruling LTA-009 (Draft Ruling) that replaced the previous rulings of LTA-004 and LTA-005.

The consultation process closed for comments and submissions on 15 March 2022. We will provide updates when the SRO releases their final ruling in due course.

Although Employee Share Schemes (ESSs) are appealing on the surface, they are undermined by complex legislation and confusion regarding upfront or deferred taxation.

Harwood Andrews is pleased to announce that as of 1 July 2021, preeminent tax lawyer
Rob Warnock will join the Business Law Team in Geelong.

In the decisions of Greensill (Thawley J) and Martin (Steward J), the Federal Court found in favour of the Australian Taxation Office (ATO) that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) did not disregard a non-taxable Australian property capital gain distributed to a foreign beneficiary of an Australian discretionary trust.

Attracting and retaining high performing employees can be key to ensuring the long-term success and growth of a business, which many Australian business have found challenging as a result of COVID-19.

The Victorian State Government last week released its 2021-2022 Budget. Although aimed at a broad cross-section of the State, the Budget’s revenue raising measures primarily targeted landowners, property developers and gender exclusive clubs.