Legal Insights
GST on the sale of residential property – a lesson from the Sebel Manly Beach Hotel
In the case of MSAUS v FC of T the Administrative Appeals Tribunal (AAT) recently held that Division 135 of the A New Tax System \Goods and Services Tax Act (GST Act) did not apply to impose an increasing adjustment (an amount of GST on an otherwise GST-free transaction) to the sale of leased residential apartments.
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)
Partner is denied access to partnership’s carried forward tax losses
In RGGW and Commissioner of Taxation [2017] AATA 238, the Administrative Appeals Tribunal (AAT) held that tax losses were not available to a corporate partner in a property development partnership due to poor evidence to support its claim for losses.
Cessation of statutory protections for migrated security interests on the PPSR
Under the Personal Property Securities Act 2009 (Cth) (the Act), securities and charges under other legislation and registers were migrated onto the Personal Property Securities Register (PPSR). Many migrated securities were not registered in accordance with the Act’s registration requirements.
Capital Gains Tax (CGT) small business concessions barred - income from incidental activity of associated entity counted toward determining aggregated annual turnover
The Full Federal Court of Australia denied the application of the CGT small business 50% active asset reduction on the basis that an unusual activity carried on by an associated entity to the taxpayer contributed to the aggregated annual turnover of the taxpayer and associated entity to be more than $2,000,000.
Proposed amendments to “aggregate schemes” under the debt-equity rules
On 10 October 2016, the Federal Government released an Exposure Draft to amend the debt and equity rules in Division 974 of Income Tax Assessment Act 1997 for the purpose of implementing recommendations made by the Board of Taxation in its April 2015 report Review of the Debt and Equity Tax Rules.
Small Business Restructure Roll-over – aggregated turnover test to be increased to $10 million
The Government has confirmed that the proposed increase of the aggregated turnover threshold for small business entities of $10 million will apply to the Small Business Restructure Roll-over relief provisions available from 1 July 2016.
Control it or lose it: authorised use under trade mark licence agreements
In a recent decision, the Full Federal Court has found that trade mark owners can lose their registrations if they do not exercise proper control over their licensees.
Powers of Attorney (financial) – Incapacity of Directors
If you are a director of a company and you lose capacity, the management and control of the family business may be significantly affected. Simply having an Enduring Financial Power of Attorney (POA) is not a fix all solution that replaces proper succession planning.
Lifting the veil of a shadow director
Do you ever provide advice to company directors, and they act on that advice? Do you ever give instructions to company directors and they act on those instructions?
People have a general awareness of the implications of personal liability as a director. For example, directors can find themselves personally liable for debts to employees, tax debts and penalties owed to the Australian Tax Office or for breaches of The Corporations Act 2001 (“the Act”).
The importance of documenting gifts and loans to family members
Parents frequently provide their children with financial assistance to purchase a home or an investment property. Financial assistance provided by a parent to a child will be considered a loan or a gift for family law purposes.
The Sun Sets On Award Transitional Provisions
Modern awards commenced on 1 January 2010. All modern awards contained similar transitional provisions which allowed modern awards to phase in over a period of five years.
Consider the details when starting a new business
Be it a start-up fashion label, professional services provider or eatery, the biggest priority for people behind a new business is often choosing a clever name for their business and getting their product onto the marketplace.
Few people take the time to ensure they have trademarks registered and appropriate legal structures in place to ensure they are in the best possible position when the business grows or, in the regrettable event, fails.