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The Commissioner of Taxation’s longstanding practice as to when an unpaid present entitlement (UPE) of a private company beneficiary of a trust will give rise to a deemed dividend under Division 7A of the Income Tax Assessment Act 1936 has been dismantled by the Administrative Appeals Tribunal (AAT) in Bendel v. Commissioner of Taxation [2023] […]
In my August 2022 blog: The capital gains tax main residence exemption, affordable housing and caps – The capital gains tax main residence exemption, affordable housing and caps https://wp.me/p6T4vg-rg I considered the generous, unlimited and regressive CGT main residence (MR) exemption under Australian income tax and pondered the extent to which the CGT MR exemption […]
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 […]
