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In 1998 the trust tax loss measures in Schedule 2F of the Income Tax Assessment Act (ITAA) 1936 (Schedule 2F) were finally enacted to curb the unscrupulous trade in trust tax losses. Income injection test An essential and not so well understood retardant of the trade in these measures is the income injection test (IIT). […]
In 2008 I wrote an article published in SMSF magazine Having individuals as trustees of SMSFs – companies versus individuals as trustees of SMSFs which mainly looked at when having individuals as trustees of a SMSF can prove a false economy. A recent Full Federal Court case authoratively sets out reality checks for SMSFs with […]
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 […]
