The Australian revenue authorities have been very active recently issuing judgments, making pronouncements and intensifying enforcement activity, all directed to the way the tax system operates in relation to income made from, and gains arising on transactions with, assets that … Continue reading
Following on from the Australian Government’s announcement in the 2018-19 Budget, an Exposure Draft entitled Treasury Laws Amendment (Measures for a Later Sitting) Bill 2018 has been released which proposes to impose trustee beneficiary non-disclosure tax (currently, 47%) on the … Continue reading
The former CEO of Saint Vincent-based Loyal Bank pleaded guilty and was convicted on 11 September of conspiring to defraud the United States by failing to comply with the Foreign Account Tax Compliance Act (“FATCA“). This is the first conviction … Continue reading
The High Court of Australia has restored sanity in a long running saga in which a trustee purported to separate franking credits from the underlying dividends in allocations to beneficiaries. The Court held (as the parties now accepted) that this … Continue reading
On 9 July 2018, the Board of Taxation (the “Board“) released its self-initiated report ‘Review of the Income Tax Residency Rules for Individuals’ (the “Report“). To read more, please see below.
The First-tier Tax Tribunal (“FTT“) has provided a valuable reminder in the case of Harris v HMRC  UKFTT 204 that, with limited exceptions, personal representatives are liable for inheritance tax arising on the deceased’s estate (Section 200 Inheritance Tax … Continue reading
Having focused on the top 320 privately owned and wealthy groups (“Private Groups“) earlier this year, the Australian Tax Office (“ATO“) Tax Avoidance Taskforce team is about to take its next step and review the next 1,200 largest Private Groups. We … Continue reading
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.
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
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)  AATA 999 (Sleiman). The decision is a timely reminder of the … Continue reading