We demystify tax objections, disputes and tax problems. Our experienced and accredited tax lawyer assists accountants and clients with perceptive tax advice and savvy legal documents....
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Request an amendment or object? As we have noted on this blog including in our post: Is an objection needed to amend a tax assessment? https://wp.me/p6T4vg-k it will often be better for a taxpayer to object against an assessment of income tax (AOIT) the taxpayer doesn’t accept rather than request an amendment of the AOIT […]
The Full Federal Court in Commissioner of Taxation v Guardian AIT Pty Ltd ATF Australian Investment Trust [2023] FCAFC 3 has dismissed the Commissioner’s appeal against decisions at [2021] FCA 1619 of the primary judge, Logan. J, not to impose the reimbursement agreement assessments on the trustee of the AIT under section 100A of the […]
Involved “associate” issues come up frequently on this blog. For instance: Minority SMSF investors and related unit trustsWhy setting up offshore companies for Australians is a tricky business In this piece I am looking at some core associate rules concerning income tax deductions: how the Income Tax Assessment Acts (ITAA) can restrict income tax deductions […]
Exotic share classes, such as redeemable preference shares and dividend only (dividend access [DA]), shares are a longstanding concern for a private company seeking to access the small business CGT concessions (the Concessions) in Division 152 of the Income Tax Assessment Act (ITAA) 1997. Exotic share classes can derail qualification as a significant individual and […]
A family discretionary trust (FDT) often has a corporate trustee (TCo) for limited liability and other reasons. With a private company able to access a 30% or lower tax rate on an income distribution received from a FDT, distribution to a private company such as TCo can be a way to access a lower company […]
Duty on transfer to a discretionary testamentary trust beneficiary According to Revenue NSW section 63 of the Duties Act (NSW) 1997 does not extend concessional relief to the transfer of dutiable property by a testamentary trust (TT) trustee to a beneficiary. Concessional duty of $50 applies to: (a) a transfer of dutiable property by the […]
