Draft Anti-avoidance rules for circular trust distributions – Sch 2F ‘family trusts’ type entities to be removed from trusts ‘excluded’ from Div 6D ‘closely held trust’ Regime (sort of)

Tax Month - October 2018

On Friday12 October 2018, the Government  released draft legislation to give effect to its 2018-19 Budget measure to extend a specific anti-avoidance rule for closely held trusts engaging in circular trust distributions to  ‘family trusts’ (but note, these are discretionary trusts that have made the ‘family trust’ election under (under s272-80 of Sch 2F to…

Vic duty: MD Commercial Pty Ltd & AJ Commercial Pty Ltd v Comr of State Revenue – transfers of land not exempt under s 35(1)(a) as a transfer for the transferor without a change in beneficial ownership – taxpayers lose appeal

Tax Month - October 2018

The Victorian Supreme Court has granted taxpayers leave to appeal but then dismissed that appeal in a matter concerning exemption from duty of transfers of land under s 35(1)(a) of the Duties Act 2000 (Vic). Under the will of their deceased mother, two sons were entitled to the residue of their mothers estate, which included land…