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In the Federal Court case Peter Greensill Family Co Pty Ltd (trustee) v Commissioner of Taxation [2020] FCA 559 this week the issue arose whether an Australian resident family discretionary trust – a non-fixed trust, was entitled to rely on section 855-10 and the Mirror Principle to disregard capital gains distributed to a FRB, a […]
Although the litigation never came to decide whether the Commissioner was correct in finding that the taxpayer was a resident taxable on worldwide income during the relevant years there is something to be drawn from these cases about the operation of Australia’s tax system.
Where presence in Australia for more than 183 days in an income year won’t be enough to make someone a resident
Does a SMSF that holds only life insurance satisfy the sole purpose test? It depends.
In the recent case of Pike v Commissioner of Taxation [2019] FCA 2185 Federal Court judge Logan J. noted: This is the third in a succession of taxation appeals in the original jurisdiction entailing a taxation residence issue, the others being Stockton v Commissioner of Taxation [2019] FCA 1679 (Stockton) and Addy v Commissioner of […]
A family trust that is a closely held trust (which will often be the case) must now comply with the closely held trust obligations but a family trust remains relieved from the obligation to file TB statements and pay trustee beneficiary non-disclosure tax on omission to file a TB statement. Despite that a family trust […]
