Vic Duty – Rotary Club of Melbourne Inc not a charity and land transfer duty payable – promoting “high ethical standards in business and professions” not relevantly ‘charitable’

Tax Month - December 2018

The Victorian Supreme Court has dismissed a taxpayer’s appeal effectively upholding a Victorian Civil and Administrative Tribunal decision: [2018] VCAT 1257, that the taxpayer could not be characterised as a body established for charitable purposes. The issue was whether a transfer of land, to the Taxpayer, was exempt from duty, under s45 of the Duties Act 2000, which…

CofT v Cassaniti – Full Federal Court affirms PAYG amounts were “withheld” from salary or wages and the employee was entitled to tax credits under s18-15 of the TAA53

Tax Month - December 2018

The Full Federal Court has confirmed that PAYG amounts were “withheld” from a taxpayer’s salary or wages so that she was entitled to a tax credit, despite the amounts never being remitted to the ATO by her employers. The taxpayer was employed by 3 companies over the relevant years which provided her services as an…

EU compromise on ‘temporary’ digital tax blocked by group of European countries as 4 December 2018 deadline looms – whilst various states introduce their own or are getting ready to

Tax Month - December 2018

The EU has been considering a temporary turnover tax on the revenues of large companies’ turnover from certain digital supplies, whilst waiting for a more permanent solution to arise out of the ‘Base Erosion and Profit Shifting (BEPS) project running under the auspices of the OECD and G20. Indeed, the UK announced a 2% version…

Decision Impact Statement on Aussiegolfa case – non-arm’s length tenant, did not breach SMSF’s s62 ‘sole purpose test’ but ‘in-house asset’ test breached because the Sub-Trust was the relevant ‘fund’ for ‘related party’ definition purposes

Tax Month - December 2018

On Monday 3.12.18, the ATO issued a Decision Impact Statement (DIS) on the Full Federal Court’s decision in Aussiegolfa Pty Ltd (Trustee) v FCT [2018] FCAFC 122. Aussiegolfa was the trustee of an SMSF, that invested in a publicly offered managed investment scheme: the DomaCom Fund. This ‘Master Trust’ provided for classes of unit holder,…

‘Earn-out arrangements’ – ATO releases Discussion Paper on the tax treatment of rights that don’t qualify for the ‘look through’ approach provided for under Subdiv 118-I

Tax Month - December 2018

On Monday 3.12.18, the ATO issued a Discussion Paper for comment on Issues concerning earnout arrangements (excluding arrangements that create look-through earnout rights). ‘Earn-out’ arrangements usually involve the grant of a right (or multiple rights) to one or more future payments which are contingent on future events in connection with the business. The quantum of…

Tax Month – January 2020

Tax Month - January 2020

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – January 2020 Edition – Tax developments for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________  …