TD 2019/14 – Does ‘trust splitting’ work (viz: trigger CGT-event E1)? – Yes and No – it depends on the facts

Tax Month - December 2019

On Fri 13.12.2019, the Commissioner released Taxation Determination TD 2019/14 which addresses the question: Will a trust split arrangement of the type described in this Determination cause a new trust to be settled over some but not all assets of the original trust with the result that CGT event E1 in s 104-55(1) of the Income Tax…

TR 2019/D7 – new draft ruling on deductions for employees’ transport expenses – overlapping TR 2018/D6 for FBT purposes (Comments due 28 Feb 2020)

Tax Month - December 2019

On Fri 13.12.19, the ATO released Draft Rluning: TR 2019/D7, which  sets out when an employee can deduct transport expenses under s 8-1 of the Income Tax Assessment Act 1997 (ITAA97).  This includes the cost of travel by airline, train, taxi, car, bus, boat or other vehicle. See below for a summary of this draft ruling.…