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Taxation

Is your Charity operating overseas?

Is your Charity operating overseas?

Last week, the Australia Charities and Not-For-Profits Commission introduced External Conduct Standards (ECS), with which all charities that operate overseas (including Basic Religious Charities) must comply.

2019 State Budget: Economic entitlement provisions expanded

2019 State Budget: Economic entitlement provisions expanded

Landholder duty is a state tax that was introduced to impose duty on acquisitions in landholding entities. 

The ‘economic entitlement’ provisions of the landholder regime are an integrity measure unique to Victoria. Previously, they applied duty to transactions which provide the acquirer with an economic entitlement that amounts to an interest of 50% or more in a private landholder. This specifically impacts arrangements where developers or builders agree with a landholder to receive 50% or more of the profits or income of a landholder’s land without actually acquiring an interest in the landholding entity.

Tax Disputes Part 2 - Voluntary Disclosures

Tax Disputes Part 2 - Voluntary Disclosures

This is the second in a series of articles on strategies that can be employed in a tax dispute with the ATO.

Tax disputes can be costly, time consuming, and stressful, even if the taxpayer is ultimately successful.  When approached by the Australian Taxation Office (ATO), we will always advise clients to engage with the ATO to either resolve or narrow the issues in dispute as quickly as possible. 

Tax Disputes Part 1 – Early Engagement

Tax Disputes Part 1 – Early Engagement

This is the first in a six-part series of articles on strategies that can be employed in a tax dispute with the ATO.

Tax disputes can be costly, time consuming, and stressful, even if the taxpayer is ultimately successful.  When approached by the Australian Taxation Office (ATO), we will always advise clients to engage with the ATO to either resolve or narrow the issues in dispute as quickly as possible. 

Land Tax Assessments and Objections

Land Tax Assessments and Objections

Many homeowners are currently feeling the sting of the bearish turn the property market has taken, and the Victorian State Revenue Office (SRO) are rubbing salt in the wounds as they issue significantly increased land tax assessments.

A candlelit dinner with the ATO no more

A candlelit dinner with the ATO no more

On 6 February 2019, the Australian Taxation Office (ATO) withdrew Interpretative Decision 2003/589 (decision) which provided that a company can forgive a debt owed by a natural person for reasons of “natural love and affection” without consequence.

Payroll tax cuts in regional Victoria

Payroll tax cuts in regional Victoria

New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts.  The number show businesses have saved more than $31 million in the first financial year it was introduced.

Cryptocurrencies – keep your records

Cryptocurrencies – keep your records

In light of the ATO’s current position that income from cryptocurrency sales will generally be taxed under capital gains tax (CGT) provisions and increased scrutiny on cryptocurrency transactions, taxpayers should ensure they keep accurate records of cryptocurrency transactions.

 Cryptos, CGT and the Personal Use Asset Exemption

Cryptos, CGT and the Personal Use Asset Exemption

Did you or do you currently hold cryptocurrencies? Did you sell any cryptocurrencies before finding out that the Australian Tax Office (ATO) would vigilantly tax cryptocurrency sales? Are you left scratching your head after reading the ATO’s guidance? If so, you are one of many Australians currently finding themselves in an uncertain tax situation.

Corporate tax residency – who controls your foreign entities?

Corporate tax residency – who controls your foreign entities?

Foreign companies that may be controlled by an Australian entity should review their decision-making based on the Australian Taxation Office (ATOTaxation Ruling, TR 2018/5 (TR 2018/5).  It is timely for Australian groups with foreign-incorporated subsidiaries to consider whether they are appropriately managing tax residency risk by re-visiting and/or implementing tax residency protocols and ensuring that they can be applied practically.

Government To Consider Individual Tax Residency Rules

Government To Consider Individual Tax Residency Rules

This week the government released the Board of Taxation report on a new tax residency model for individuals with a position that further analysis and consideration on the key recommendations is required before the Government takes a position. 

Lessons From Stojic: It Is Better To Under Promise And Over Deliver When Negotiating Payment Arrangements With The ATO

Lessons From Stojic: It Is Better To Under Promise And Over Deliver When Negotiating Payment Arrangements With The ATO

The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation [2018] FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.