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 [...]
An essential read for those tasked to undertake due diligence on entering or investing in the Australian market In the everchanging global economy, Australia provides immense opportunities for international business. The combination of a highly qualified work force, extensive infrastructure, natural resources and a familiar legal system to most parts of the world is [...]
The 13 financial reporting, corporate governance regulatory topics of crucial importance to CFOs and Directors this Winter. 30 June 2022 reporting is the focus. We detail ASIC-focus areas, the lessons from of its financial-reporting surveillance program, and changes to AFSL reporting. For many for-profit entities, this season sees the end of special purpose financial [...]
We explain the corporate-governance, financial-reporting, and regulatory topics of crucial importance to CFOs and directors. Much has been happening of particular relevance to boards – director identification numbers, whistleblowing and breach reporting, fraud, wages underpayment, and climate change. Good news – there are no substantial new standards for 31 December. We’re focused on regulatory [...]
Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration [...]
Restructure only means a setback to your business, not a closure: what the reforms could mean for your business With the demanding conditions that have plagued the retail industry, business owners need to be aware of all the restructuring options available. The misconceptions of formal restructures The idea of restructuring your business or reaching [...]
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 [...]
SaaS companies warrant different approaches to valuation and can be compared with eighteenth century steam engines (seriously). Why do accountants need some knowledge of SaaS companies? If you don’t have these kinds of clients today, you probably will in future. The SaaS business model is now well established. US-listed SaaS companies are now [...]
An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This move will increase the maximum capital gains discount percentage on your sale from 50% up to 60%. For the affordable housing CGT discount purposes, affordable housing is any [...]