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

Australian Labor Budget (25.10.22) – Business Tax Issues – off-market share buybacks, intangibles, low emission car exemptions, Covid benefits NANE

Tax Month - October 2022

Improving the integrity of off-market share buy-backs The Government will align the income tax treatment of off-market share buy-backs undertaken by listed public companies with the treatment of on-market share buy-backs. This measure is aimed at improving the tax integrity of such transactions to ensure they are not used to obtain a tax advantage for…

High court backs woman against ATO claim on home – not so much because of the 15th-Century presumption

Tax Month - October 2022

On 12.10.2022, the AFR’s Michael Pelly reported that a Perth woman had blocked the Tax Office from making a claim on her family home, to settle her former husband’s debt as part of a High Court victory which preserved an antiquated and “discriminatory” legal principle. The court ruled on Wednesday that Bernadette Bosanac did not hold half…

Bosanac v Commissioner of Taxation – Wife of taxpayer succeeds – High Court clarifies the ‘presumption of advancement’

Tax Month - October 2022

On Wednesday 12.10.2022, the High Court unanimously allowed an appeal from the Full Court of the Federal Court of Australia deciding that the the appellant (“Ms Bosanac”) did NOT hold half of her interest in a residential property (“the Property”) on trust for her husband, the second respondent (“Mr Bosanac”) who owed the Commissioner money for…

PCG 2022/1 – non-commercial loss rules – practical relief for those affected by floods, bushfires and COVID-19

Tax Month - October 2022

In The Tax Institute’s TaxVine email (#37, 7.10.22), their Tax Counsel, Julie Abdalla FTI, examined the non-commercial loss (NCL) rules and how the ATO’s recent Practical Compliance Guideline PCG 2022/1 (PCG) intends to relieve the burden on taxpayers impacted by floods, bushfires or COVID-19. The PCG provides a safe harbour for taxpayers from the 2019–20…

Tax Month – October 2022

Tax Month - October 2022

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – October 2022 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 ______________________________________________________________________________  …

Tax Month – September 2022

Tax Month - September 2022

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – September 2022 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 ______________________________________________________________________________  …

The new “.au” domain name address has arrived – but anyone with a domain name, needs to act by 20 September 2022

Tax Month - August 2022

The “.au” domain is here! This is not directly relevant to tax, but anyone with a domain name, needs to act, to avoid an unrelated party effectively stealing your business name. I can best demonstrate this, by giving this website as an example. It is currently ‘taxtechnical.com.au’ but it will become ‘taxtechnical.au’. Unless I register…

Is ‘asset protection advice’, ‘estate planning advice’ and standard form document provision – unqualified legal practise?

Tax Month - August 2022

On 27.8.2022, Keith de Mel (with Law degrees and studying for CPA qualifications), wrote to me saying: “Dear John, I have read your publication on “When does Tax advice becomes legal advice?”  I am curious to know if Accountants are allowed to advise on asset protection strategies? And if so on what basis? I see it…