Tax

Private Groups and Trusts under ATO scrutiny

The ATO in Australia continues to target privately owned and wealthy groups, with specific focus on groups with risky trust structures that exhibit characteristics of tax avoidance or evasion. The ‘Tax Avoidance Taskforce – Trust’ (Taskforce) has been established to … Continue reading

Leave a Comment

Filed under Australia, Private wealth and trusts, Tax

Labor’s Family Trust Distribution Tax

In an audacious move to target income splitting, if elected, the Australian Labor Party (ALP) has announced that it will introduce a minimum standard 30 per cent tax rate on all discretionary trust distributions made to beneficiaries over the age … Continue reading

Leave a Comment

Filed under Australia, Tax

A severe case of the penalties

The Administrative Appeals Tribunal (AAT) has handed down its decision in Peter Sleiman Investments Pty Limited as Trustee for The Sleiman Family Trust and Commissioner of Taxation (Taxation) [2017] AATA 999 (Sleiman). The decision is a timely reminder of the … Continue reading

Leave a Comment

Filed under Australia, Private wealth and trusts, Tax

Trust law bites back against the Australian Tax Office

The recent decision of the Full Federal Court of Australia in Thomas v Commissioner of Taxation1 is a timely reminder of two points: tax results are often dictated by the rules of the non-tax world, and even unattractive cases sometimes win. … Continue reading

Leave a Comment

Filed under Australia, Tax

Australian Tax Office takes action on assurance for Private Groups

The Australian Tax Office’s ("ATO") focus on large privately owned and wealthy groups ("Private Groups") is in full swing with no sign of slowing down in the 2017 year. With the top 320 large Private Groups holding A$112 billion of net … Continue reading

Leave a Comment

Filed under Australia, Tax, Uncategorized

Tax transparency – a looming issue for Private Groups?

In efforts to increase the “public awareness of corporate tax issues,” tax transparency has been a popular policy option to “maintain public pressure on aggressive tax practices”. Whilst the focus has typically been on large multinationals, broader tax transparency measures … Continue reading

Leave a Comment

Filed under Australia, Tax

Private Groups attracting ATO attention

The ATO has once again shown Private Groups that it is committed to greater transparency – however only this time, it is the ATO that is being transparent. Late last week, the ATO released a list of behaviours, characteristics and … Continue reading

Leave a Comment

Filed under Australia, Tax

France – Latest news for trusts

The trust regime in France was marked by two events this summer: the suspension of the right to consult the public register of trusts, and a decision of the French Supreme Court which brings into question the constitutionality of the fine … Continue reading

Leave a Comment

Filed under France, Private wealth and trusts, Tax

Tax Adviser or Australian Taxation Office Informer? The Mandatory Disclosure Proposal

As part of the 2016-17 Federal Budget, the Government announced that it will introduce Mandatory Disclosure Rules to require tax advisers (and in certain circumstances taxpayers) to report ‘aggressive tax arrangements’ to the Australian Taxation Office ("ATO"). At the same … Continue reading

Leave a Comment

Filed under Australia, Tax

Australian Federal Budget 2016 – Some reflections for large private groups and HNWIs

The 2016-17 Australian Federal Budget confirms that the Australian Taxation Office (ATO) will continue to be heavily focused on the tax affairs of private groups and high net worth individuals (HNWIs) (and their tax advisors).  However, there will be some … Continue reading

Leave a Comment

Filed under Australia, Tax