Placer Dome case in Hight Court – Barrick Gold loses $55m ‘land rich’ duty fight over it’s $15b takeover of the gold miner in 2006

Australian Financial Review article, by Michael Belly, Legal Editor, 5 Dec 2108 (Paper, p2 of the 6.12.18 edition)   The West Australian tax commissioner hit Barrick Gold with “land rich” stamp duty on its $15 billion takeover of Placer Dome in 2006, and if the miner had won its challenge it would have paid minimal…

Australian Expats revolt at ‘ham fisted’ measure to deny non-residents access to the ‘main residence’ CGT exemption – if sell whilst non-resident, irrespective of prior period of use as the ‘main residence’ and the period of not being resident

Article in Australian Financial Review: 4 October 2018, by Tom McIlroy and Michael Smith.   Canberra/Shanghai | Federal government plans to slug expats millions in capital gains tax if they sell their homes while living overseas could be at risk, amid growing concern from Labor and Senate cross-benchers. [See related Tax Technical article about the…

British HRMC change to ‘Statutory Rules Test’ for residency of individuals – notes of Board of Tax Call to HRMC in October 2016 (recently released under FOI)

On 14 September 2018, Treasury released a document, under Freedom of Information law, relating to a Board of Tax Residency call it had with UK HM Revenue and Customs (HMRC) in October 2016 relating to English change to ‘Statutory Rules Test’ for residency of individuals. I have reproduced the document, in full, below, for historical reference. FJM…

The sole purpose test substantially clarified by the Full Federal Court in Aussiegolfa Pty Ltd v Commissioner of Taxation 

An article By Daniel Butler (dbutler@dbalawyers.com.au), Director, and William Fettes (wfettes@dbalawyers.com.au) Senior Associate, DBA Lawyers 15 August 2018 [See also related Tax Technical Article on this case.]  A recent unanimous decision of the Full Federal Court represents a major win for SMSFs and taxpayers on the topic of the sole purpose test. This decision overturns the…

Think the Black Economy measures won’t affect you? Think again – ‘Statements of Tax Record’ down supply chain for bidders on Commonwealth Contracts

An article in KPMG’s Daily Tax News: 6 August 2018, by Keith Swan, Partner; Jacqueline McGrath, Senior Manager; George Hempenstall, Consultant, Tax Dispute Resolution & Controversy Key questions remain for a proposal to screen the tax record of potential bidders on Commonwealth government contracts. From 1 July 2019, businesses may be required to produce a Statement…

PCG 2018/D3 – Income Tax: central management and control test of residency: identifying where a company’s central management and control is located – Joint Bodies’ post-Bywater Submission

Joint Submission of the Tax Institute, Law Council of Australia, Chartered Accountants Australia and New Zealand, Corporate Tax Association and Group of 100 on the ATO’s draft Practical Compliance Guideline    25 July 2018  Mr Bruce Lee  Australian Taxation Office  GPO Box 9977  BOX HILL VIC 3128  By email: bruce.lee@ato.gov.au  Dear Bruce,  Practical Compliance Guideline…

To be or not to be an SGE for CbC (‘Significant Global Entity’ for ‘Country-by-Country’ Reporting)

On 20 July, Treasury released an exposure draft for consultation which will extend the Significant Global Entity (SGE) definition and, amongst other things, align Australia’s Country-by-Country (CbC) reporting framework with the OECD model requirements [see related TT Article].  This measure was announced in the Federal Government’s Budget earlier this year and consultation remains open until…

SMSF Documents – is a non-lawyer a false economy? – DBA Lawyers review the pitfalls for unqualified suppliers, accounting and financial advisers and the ultimate client

Article by Daniel Butler of DBA Lawyers on17/07/2018 in SMSF compliance, SMSF deeds, SMSF strategy, Trustee education Introduction There are numerous suppliers of self managed superannuation funds (‘SMSFs’) deeds apart from law firms with SMSF expertise. These days, for instance, there are a range of other (non-qualified) suppliers who supply SMSF deeds. These suppliers may deliver complex documents without…