Labor announces ‘build to rent’ MIT changes and defers reduction of CGT discount and ‘negative gearing’ restrictions

Key News Summary:  Shadow Treasurer announces 6 month deferral of the start date for their proposal to restrict negative gearing and reduce the CGT discount. He also foreshadowed changes to the Managed Investment Trust tax law to professional investors into the ‘build to rent’ sector. [Tax Month – Jan-April 2019]   Comprehension (CPD) questions When,…

High Court ‘Special Leave’ applications – Commissioner applies in Harding and taxpayer’s dismissed in Living & Leisure

Key News Summary: The High Court dismissed the taxpayer’s application for ‘special leave to appeal’ in  a Victorian duty case: Living and Leisure and the Commissioner has applied for special leave to appeal in the income tax case: Harding.   The High Court has dismissed the taxpayer’s application for special leave to appeal from the decision…

Sleeping giants & silent killers – Changes to accounting standards and the omnipresence of accounting on tax matters (March 2019)

At The Tax Institute’s March 2019 National Convention, in Hobart, Tracey Rens and Melanie Earl, both of the accounting firm, Deloitte, presented their paper, entitled: Sleeping giants & silent killers – Changes to accounting standards and the omnipresence of accounting on tax matters   EXTRACT 1 Introduction The presence and focus on accounting and tax reporting practices…

Section 100A: When is a dealing between members of a family not ‘in the course of ordinary family dealing’? (March 2019)

At The Tax Institute’s March 2019 National Convention, in Hobart, Michael Butler CTA, of the law firm: Finlaysons, delivered his paper entitled: Section 100A: When is a dealing between members of a family not in the course of ordinary family dealing?   Extract 1 Introduction This paper will examine a question that is simple to ask,…

Elder Practice – King Lear and the Baby Boomers Last Stand – ‘will’ making capacity and related matters (March 2019)

At The Tax Institute’s March 2019 National Convention, in Hobart, Tim Tierney, of Tierney Law, presented his paper, entitled: Elder Practice – King Lear and the Baby Boomers Last Stand   EXTRACT 1 Overview During the first half of the last century, history was made with conflict so extensive and broad ranging, that a new type of…

March 2019 survey of recent tax cases

At The Tax Institute’s March 2019 National Convention, in Hobart, Ms Clare Thompson, Barrister at Law, at the Western Australian Bar, entitled: Recent Cases.   EXTRACT 1 Overview This paper considers the published decisions of the various courts and the Administrative Appeals Tribunal (AAT) on taxation matters during the calendar year 2018. In preparing the…

Reconstructing financing transactions: a focus on the debt and equity rules, Division 815 and thin capitalisation (March 2019)

At The Tax Institute’s March 2019 National Convention, in Hobart, Mr Stuart Landsberg and Tariq Rasool, presented the paper they co-authored with Michael Bona, Gabrielle Fitzgibbon, Josh Johnson and Sarthak Sinha, all of accounting firm: PwC. It was titled: Reconstructing financing transactions: a focus on the debt and equity rules, Division 815 and thin capitalisation.   EXTRACT 1 Introduction In…

Restructuring Tricks and Traps – a study of the tax implications of various professional practice structures (March 2109)

At The Tax Institute’s March 2019 National Convention, in Hobart, Ms Megan Bishop of accounting firms: EY, presented her paper, entitled: Restructuring Tricks and Traps.   EXTRACT 1 Overview Settling on an appropriate structure for a professional practice requires considerable care to ensure the practices commercial and practical requirements are met and that the legal…