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I was recently asked why a trust deed for a family discretionary trust (FDT) contained this somewhat unusual means of qualifying as a discretionary beneficiary (DB) of the FDT: any person who makes a donation of (some minimum amount) to … As the questioner rightly observed, this mechanism readily allows someone outside of a family […]
https://www.seekpng.com/png/detail/47-478269_bigstock-hand-with-a-car-key-rent-a.png Business assets of GST registered entities, including business assets of a business carried on in a trust, attract significant tax concessions and advantages including: income tax deductibility – generally either in the income year when they cost money: notably on purchase, or across their effective life in the case of depreciation; andgoods and services […]
Anecdotally one hears that many partners of business partnerships, especially husband and wife partnerships, don’t bother with a deed or agreement to record their partnership. These partnerships run some risk that the Commissioner of Taxation won’t accept that a partnership exists and then the onus of proof will be on the “partners” to show that […]
Low or zero interest loans (LOZILs) to companies by their shareholders are generally not a tax problem in themselves. Total Holdings The well-regarded 1979 Full Federal Court decision in F.C. of T. v. Total Holdings (Australia) Pty. Ltd. [1979] FCA 53 allowed a tax deduction to a holding company for its interest costs of borrowing […]
… must be one of Wilde’s … Oscar Wilde’s quip “no good deed goes unpunished” opened Deputy President McCabe’s decision in the 2 February 2021 Administrative Appeals Tribunal (AAT) case of ZBFF v. Commissioner of Taxation [2021] AATA 275. It prefaced his introduction to the matter at hand in ZBFF: whether a good deed will […]
The applicable fees to appeal Unless a taxpayer is disadvantaged and qualifies for a concessional $100 fee – see our blog post: Small business now has its own dedicated taxation division of the AAT at https://wp.me/p6T4vg-dx, fees for review of the Commissioner of Taxation’s decisions reviewable by the AAT are now: $952 for review by […]
