TR 2016/D1 – Commercial websites – tax treatment: s8-1 general deductions; capital allowances (inc. ‘in-house software’); small business entities; capital gains tax; ‘black hole’ write-offs

Tax Month - April 2016

This Draft Ruling, issued on Wed 6.4.2016, sets out the deductibility of expenditure incurred in acquiring, developing, maintaining, or modifying a website for use in carry on a business. It covers expenditure in acquiring, developing, maintaining and modifying a website. The Draft also covers the deductibility of content migration and social media accounts. Generally, it…

Fischer & Ors v Nemeske Pty Ltd & Ors – distribution of capital from asset revaluation reserve was a valid exercise of the trustee’s discretion and recoverable, including in law as a ‘debt’

Tax Month - April 2016

On 6 April 2016, the High Court, by majority, dismissed an appeal from the Court of Appeal of the Supreme Court of New South Wales. The High Court held that a trustee had validly exercised a power to “advance” and “apply” trust capital or income by creating a debt reflecting the value of shares held by…