After 11 months of eagerly waiting, our client, Mr. Bendel, has won in Bendel v Commissioner of Taxation. The AAT has ruled that an unpaid present entitlement (“UPE”) of a corporate beneficiary against a trust is not a loan within the meaning of s109D(3) of ITAA 36. Thus, the Commissioner’s heterodox view [...]
"We have published an article titled 'Structural Choices for Expanding into the US: An Issue-Driven Analysis' in The Tax Specialist. The article explores the US, Australian, and treaty issues that arise from concurrent business operations in both countries. It is awe-inspiring to sail down the confluence of the wild rivers of US [...]
Tax Rates & Tables 2022-23 We’ve created a quick reference guide for you containing the 2022-23 tax rates. Covering both individual and company tax rates, tax offsets, superannuation, depreciation and fringe benefits tax. This easy to print desktop guide is available to download and print. Click here to Download [...]
If you feel guilty for adding to the environment’s vehicle emissions burden, here is some good news. Soon you may be able to purchase an electric car at a huge discount, good for both you and the future of the planet. No, the discount won’t come from a manufacturer or car dealer, instead the [...]
A debt that has been incurred by a business that cannot be ‘collected or recovered’ may be reduced under the commercial debt forgiveness rules. These rules often play a large role in insolvency proceedings and need to be handled carefully. Commercial debt forgiveness occurs when a creditor forgives a commercial debt owed by a [...]
While it is a great outcome to keep as much of your money in your super as is possible, you do need to be conscious that at some point, the remaining balance may be passed onto the next generation, potentially as a part of their inheritance, with a tax liability. When this money does [...]
The ATO has released draft guidance on family trust distributions, where they perceive a tax benefit arises under a ‘reimbursement arrangement’. Essentially, the documentation sets out ATO’s ‘preliminary but considered’ views where they perceive a tax benefit arises under a ‘reimbursement arrangement’. If the guidance becomes the new approach, it will greatly impact how [...]
Capital gains events can affect the way in which a capital gain or loss is calculated and when it is included in a net capital gain or loss. The type of CGT event that applies to your situation may affect the time of the CGT event’s occurrence, and exactly how to calculate your capital [...]