On 24.4.23, the ATO issued a ‘Decision Impact Statement‘ on the effect of the Full Federal Court case of CofT v Guardian AIT Pty Ltd atf Australian Investment Trust [2023] FCAFC 3. This appeal was watched closely, as it involved the ‘Trust Stripping’ anti-avoidance provision” s100A of the ITAA36, which is rarely litigated. At first instance…
In The Tax Institute’s weekly TaxVine email (No.6, 1.3.23), Kym Bailey, CTA, Technical Services Manager at JBWere, and Chair of their National Superannuation Technical Committee, discusses the recent Government consultation on legislating a statement of the ‘objective’ of superannuation. Superannuation appears to be in the sights, of the Treasurer, with a clear indication, that he…
In The Tax Institute’s TaxVine email [No.5, 24.2.23], their Tax Policy and Advocacy team reviews the application of section 100A of the Income Tax Assessment Act 1936 (ITAA1936) in light of the finalised ATO guidance and recent cases. The end of the income year is approaching quickly. Practitioners and trustees will shortly be required to determine…
In The Tax Institute’s TaxVine [No.4, on 17.2.23], their Tax Policy and Advocacy (TPA) team explain the ATO’s position on claiming deductions for working from home (WFH) expenses following the release of Practical Compliance Guideline PCG 2023/1 this week. The updated guidance replaces draft Practical Compliance Guideline PCG2022/D4 and details the revised fixed rate…
In The Tax Institute’s TaxVine email [No.3, 10.2.23], their Tax Counsel, Julie Abdalla, FTI, examines the draft ATO guidance on the characterisation of workers as employees or contractors, following the High Court decisions in 2022. Relevance of the ‘employee or contractor’ distinction The ‘employee or contractor’ distinction pervades both federal and state laws…
In this article, Braith Morrow – Head of Advice, at First Samuel Limited, explores some of the misconceptions and key failings of superannuation. Whilst we maintain a positive view of superannuation on the whole, it’s important to understand its limitations and to take them into consideration in your holistic approach to the creation, consumption and eventual…
T a x T e c h n i c a l – M o n t h l y N e w s – March 2023 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 ______________________________________________________________________________ COMPILING…
ZIOLKOWSKI v Commissioner of Taxation (Taxation) – [2023] AATA 292 (02 March 2023) (Mr P W Taylor SC, Senior Member) TAXATION – application for reinstatement – income tax assessment and penalty decision – extensive non-compliance with directions – citizen of Australia and United States of America. This is a case about residency and many other complications (the…
T a x T e c h n i c a l – M o n t h l y N e w s – February 2023 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 ______________________________________________________________________________ COMPILING…
Matiushenko v Chief Commissioner of State Revenue – [2023] NSWCATAD 25 (01 February 2023) (J Gatland, Senior Member) TAXES AND DUTIES — Land tax — Surcharge land tax — Exemptions — whether a property is a principal place of residence. RESULT – The assessments to which the application relates are confirmed. Infinity Security Group Pty Ltd v Chief…