John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

The Trustee for the Whitby Trust v CofT – Section 99A assessments upheld despite beneficiaries being presently entitled

On 23 December 2019, the AAT (O’Loughlin DP) held that Section 99A assessments issued to a trustee on the basis that beneficiaries had effectively disclaimed their entitlement to trust income were upheld, even though the disclaimers were found to be ineffective. See below for a summary of the case. [Tax Month – December 2019]

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 is now law – including the controversial measures denying ‘main residence’ CGT relief to ‘non-residents’

On 12 December 2019, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 received Royal Assent as Act No 129 of 2019. As a result, clumsily and controversial measures, to deny foreign residents access to the CGT main residence exemption, are now law. See below for a summary of this new Act and…

GSTD 2019/D1 – GST and land development expenses in the ACT – what is part of the consideration for the grant of the Crown lease and what is not

On Friday 13.12.19, the Commissioner issued draft GST Determination GSTD 2019/D1, addressing the GST consequences of arrangements, between government agencies, and private developers, in the context of land development in the ACT. See below for a summary of the draft determination. [Tax Month – December 2019]    

PCG 2018/9 – update to ATO’s guidance for foreign-incorporated companies seeking to be no-resident: compliance deadline for transitioning CM&C out of Australia has been extended from 2019 to 30.6.21

On 12 December 2019, the ATO released an updated version of Practical Compliance Guideline PCG 2018/9, its guidance to foreign-incorporated companies on applying the ‘central management and control’ (CM&C) test in Ruling TR 2018/5. See below for a summary of the PCG. [Tax Month – December 2019]

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

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…