Neal v Brown – Difficulties with Superannuation Deathbed Withdrawals
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.
Victorian Government Introduces New 7.5% Short Stay Levy Bill
The Victorian Government introduces new bill imposing a levy or tax of 7.5% on short-term accommodations
Oliver Hume Decision: Victorian Landholders Duty Applies on Capital Raising based on “substantially one arrangement”
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.
New Land Tax Exemption for Social and Emergency Housing
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.
BIG4 Beacon Resort
Harwood Andrews is pleased to have advised the owners of the BIG4 Beacon Resort on the off-market sale of the business to Ingenia Communities group (ASX: INA) for $37m.
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.
Victory for taxpayers: High Court denies payroll tax appeal
The decision made by the NSW Court of Appeal in Chief Commissioner of State Revenue v Downer EDI Engineering Pty Ltd [2020] NSWCA 126 was an unsatisfactory outcome for the NSW chief Commissioner of State Revenue’s (Commissioner).
Cryptocurrency still under the watchful eye of the ATO
With bitcoin prices skyrocketing, investors becoming aware of the instability of fiat currencies (AUD, GBP, USD etc), and low interest rates stemming from the economic downturn of COVID-19, the world of cryptocurrency is once again filling up social media feeds.
New regulations for Boarding School Accommodation
From 28 June 2021, school boarding premises will need to be registered with the Victorian Registration and Qualifications Authority (VRQA), and meet certain minimum standards.
All DGRs to be registered charities
The Commonwealth Treasury has released exposure draft legislation amending the Income Tax Assessment Act 1997 (Cth) (ITAA).