The head of a tax consolidated group has successfully argued that schemes to fund the acquisition, by a member of the group, of shares in an unrelated company, were not entered into or carried out for the dominant purpose of the taxpayer obtaining a tax benefit. The facts were these. The taxpayer is the head…
The Victorian Legal Services Board, has published an article on Cybercrime, for law practices (in the Commissioner’s March 2024 email update) – covering its requirements for firms and outlining the resources they provide. Tax agent, accounting bodies and other professional associations are likely to have equivalent requirements and resources. You might like to find them,…
It is worth surveying how three CGT anti-avoidance provisions, can affect how the gain on shares or units, can be affected by the nature of underlying assets, held by the company or trust (in the K6 event provision: s104-230 and the discount capital gains provision: s115-45). Similarly the pre-CGT nature of a company or trust’s…
On 11 March 2024, the Government announced that it would abolish almost 500 tariffs from 1 July 2024. Their compliance costs often exceed the revenue collected. Many do not collect more than $100k pa. And, yet, they affect $85b in trade. This approach can teach us about simplification of the tax system in other areas.…