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.
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.
The Coalition’s ‘miracle’ win may not have been foreseen by the polls or the pundits, however either way the votes fell, the tax and superannuation landscape was up for change.
Foreign companies that may be controlled by an Australian entity should review their decision-making based on the Australian Taxation Office (ATO) Taxation 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.
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.
As 30 June rapidly approaches, taxpayers and their advisors face not knowing whether a 30% or 27.5% tax rate applies to certain companies for the 2018 income year.
In Commissioner of Taxation v Miley, the Federal Court overturned a decision of the Administrative Appeals Tribunal (AAT) concerning the method for valuing shares in applying the maximum net asset value (MNAV) test in s 152-15 of the Income Tax Assessment Act 1997.
Uncertainty had arisen earlier this year as to whether companies with passive investments (including ‘bucket’ companies) would be eligible for the lower company tax rate of 27.5% based on the requirement in section 23AA of the Income Tax Rates Act 1986 that they were “carrying on a business.”
On 19 May 2017, legislation amending the meaning of PPS Lease under the Personal Property Securities Act 2009 (Act) received royal assent and is now law. The new law, means that indefinite leases and leases of less than two years, are no longer required to be registered on the Personal Property Securities Register (PPSR).
Any sports club, large or small, faces the prospect of a troublesome member, or members, threatening the reputation and standing of the club in the community, or interfering with other members’ quite enjoyment.
With the new super laws due to commence on 1 July 2017, now is the time to consider whether your SMSF trust deed or pension document needs to be updated.
Monday afternoon’s (AEST) Super Bowl LI has already been described as the “greatest of all time” by many experts, with the New England Patriots pulling off an extraordinary come from behind performance to defeat the Atlanta Falcons, 34-28.
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.
As set out in our previous article, the deadline for ensuring non-commercial related party limited recourse borrowing arrangement (LRBA) loans are rectified to reflect commercial terms is 31 January 2017. This date is fast approaching and SMSF trustees must take immediate action to ensure compliance with the ATO’s guidelines set out in PCG 2016/5.
As has become tradition, particularly in the United States, sports leagues and clubs have been busy unveiling their 2016 Christmas Day uniforms ahead of the festive season.
The Turnbull Government has introduced a Bill to facilitate the use of crowd-sourced equity funding by Australian small businesses and start-ups.
Whilst the A-League, NBL and WNBL are in the early stages of their new seasons, the AFL and NRL have wound down for the next 5 months. This means that the players, who have slogged away during the winter months in the chase for a premiership, are enjoying holidays and resting their bodies before the commencement of another arduous pre-season.
From 12 November 2016, small businesses will receive important protection from unfair terms in standard form consumer contracts.
Harwood Andrews has been announced as the BtheChange Rookie of the Year at this year’s international B Corp Champions Retreat in Philadelphia. The award was open to any B Corp outside of the US within its first two years of certification, making this another incredible achievement for the firm.
Harwood Andrews have added another Law Institute of Victoria Specialist to an already impressive line-up of legal professionals.