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
Split Asunder! – ATO update guidance on trust splits
On 13 December 2019, the Australian Taxation Office (ATO) released Taxation Determination TD 2019/14 (Determination), which addresses the question of whether, and how, a trust may be split.
Amend NSW Discretionary Trusts before 31 December 2019 to avoid the trust being deemed a Foreign Trust under proposed legislation
The State Revenue Legislation Further Amendment Bill 2019 was introduced to NSW Legislative Assembly on Tuesday 22 October 2019.
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.
Access To CGT Concessions To Be Tightened For Ownership Interests In Companies And Trusts From 1 July 2017
On 8 February 2018, the Government released for public consultation exposure draft legislation to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.
ATO provides a “safe harbour” for fixed trusts
The Australian Taxation Office (ATO) published the final version of the Practical Compliance Guidelines (PCG) 2016/16, which provides guidance in relation to what will be considered by the Commissioner when exercising his discretion to treat an interest in the income or capital of a trust as being a fixed entitlement, and by extension whether a trust is a fixed trust for most tax law purposes.
Oppression remedies for unit trusts
It is an unfortunate fact of life that running a business will not always go smoothly, and occasionally disputes will arise between business owners and business investors. A unit trust is a popular structure for conducting a business, but it has traditionally presented business owners and investors with some difficulty when seeking to resolve their disputes.