Tag Archives: Tax

Talking Tax – Issue 115

SMSF investing in cryptocurrencies

The ATO has released an online publication in relation to self-managed superannuation funds (SMSF) investing in cryptocurrencies.

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Talking Tax – Issue 114

Case law

The Harman Obligation and the requirement to produce documents under a Tax audit

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Talking Tax – Issue 113

Case law

SRO is watching – so don’t be short sighted

In The Optical Superstore Pty Ltd & Ors v Commissioner of State Revenue [2018] VCAT 169 Tribunal Member R Tang has found that certain contractor agreements were relevant for characterising payments as wages, certain exemptions applied in relation to services provided to the public generally, the Commissioner should not exercise his discretion in respect of excluding certain entities from the taxpayer’s group and penalties (of 25%) were properly imposed. Amongst the numerous takeaways – the 25% penalty emphasises the importance of obtaining advice as a prudent step in managing a growing business.

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Talking Tax – Issue 112

Case law

LLUN and Commissioner of Taxation (Taxation) [2017] AATA 3058

In this case, Deputy President  Frost (Deputy President) held that a trust was not a superannuation fund for Australian tax purposes and the Taxpayers were presently entitled to a share of the fund’s income.

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Talking Tax – Issue 111

Case law

Commissioner of the Australian Federal Police v Hart; Commonwealth of Australia v Yak 3 Investments Pty Ltd; Commonwealth of Australia v Flying Fighters Pty Ltd [2018] HCA 1

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Talking Tax – Issue 110

Case law

Eames and Commissioner of State Revenue [2018] WASAT 14

The State Administrative Tribunal of Western Australia (Tribunal) has determined that two individuals (Applicants) were not entitled to a two-year land tax exemption for construction of a private residence under section 24A of the Land Tax Assessment Act 2002 (WA)(LTAA).

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ILN Today Post

Court upholds centralized collection of municipal net profit tax

The municipal net profit tax is a local income tax levied on the net profit of businesses. Historically, each municipal corporation that imposed a tax administered it either directly or through a third party administrator. According to WHIO, this tax produces about $600 million annually in tax revenue.

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Talking Tax – Issue 109

Case law

Taxpayer entitled to PAYG withholding credits not remitted or notified by employer to ATO

The Federal Court case of Cassaniti v Federal Commissioner of Taxation [2018] FCA 92 considered a taxpayer’s entitlement to pay as you go (PAYG) withholding credits, where those amounts purportedly withheld from the taxpayer’s salary were not remitted or notified to the ATO by the employer.

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Private Wealth: Succession planning and protecting your vulnerable loved ones.

Revenue clarify circumstances where an exemption from discretionary trust levies will apply to trusts created for improvident beneficiaries, who may suffer from alcohol/drug dependency or gambling addictions.

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Proposed amendments to small business CGT concessions – throwing out the minnows to catch the whale – too much “collateral damage”

As part of its 2017-18 Budget on 9 May 2017, the Government announced proposed amendments to the tax law which would limit the application of the small business CGT concessions (SBCGT Concessions).

 

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