Tag Archives: Tax

ILN Today Post

Landmand beskattet af avance ved kommunens overtagelse af landbrugsejendom

Den 9. oktober 2017 fastslog Højesteret, at en kommunes overtagelse af en landbrugs-ejendom, der kort forinden var overgået fra landzone til byzone, ikke kunne sidestilles med de afståelser, der efter ejendomsavancebeskatningslovens § 11, stk. 1 er skattefrie. Landmanden skulle således beskattes af avancen.

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Trust vesting – ATO Draft Ruling released amending the vesting date and consequences of vesting

The Commissioner has issued draft tax ruling TR 2017/D10 Income Tax: Trust Vesting – amending the vesting date and consequences of a trust vesting (Draft Ruling). Click here to read the full ruling. Partner, Andrew O’Bryan presented a webinar on this topic, a copy of which can be ordered here.

As anticipated, the Draft Ruling doesn’t make any major variation from the current views on the extension of vesting dates, but it is good to have some detail around trust vesting from the Commissioner and in particular a question that we continue to emphasise – what do the terms of the trust deed say?

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GOP Tax Legislation Poses Challenges to the Health Care Industry

Perspectives on Health Care and Life Sciences advisory by Bob Atlas, President of EBG Advisors, Inc. 

Following is an excerpt:

The U.S. Senate and House of Representatives have both passed their tax reform bills and will now confer toward creating a unified bill that both chambers can support, and that President Trump will sign. The two bills differ in some key respects, but their implications for health care are already rather clear. Some aspects of the legislation explicitly touch health care, while other effects would be indirect. Overall, it appears that most of the changes would adversely affect many health care industry participants, especially those in the nonprofit sector that would not gain from the reduction in the corporate tax rate that is the central feature of the legislation. …

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Talking Tax – Issue 104

Cases

Don’t try to skip town!

On 3 November 2017, the Federal Court in DCT v Ma [2017] FCA 1317 granted asset freezing orders in relation to recovery proceedings for accrued taxation liabilities owed by three taxpayers to the New Zealand Commissioner of Inland Revenue.

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BizTips – Bitcoin and other cryptocurrencies: your tax reporting and record-keeping obligations

As cryptocurrencies gather momentum among investors, it is no surprise that both the public and the Australian Taxation Office are turning their thoughts towards those who invest in this digital asset.

It should also come as no surprise that tax is an afterthought for many seeking to jump on board, particularly given the sharp rise in popularity and value of cryptocurrencies.

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Tax, blockchain and cryptocurrency – what’s all the fuss about?

Blockchain, cryptocurrency, etc – all this new language – what’s it all about and why the fuss?

Good questions and questions beginning to focus the minds of more and more people, including tax practitioners. Blockchain and cryptocurrencies are on the rise, so it’s important to have some idea of what’s going on and some appreciation of likely tax consequences of the cryptocurrencies and structures around them.

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Talking Tax – Issue 102

ATO Updates

GST on Property – Buyer beware – you might have to pay GST to the ATO

The Government has released a draft of the Treasury Laws Amendment (2017 Measures No. 9) Bill 2017: Real property transactions (Cth) (Bill) which, from 1 July 2018, will make purchasers of certain residential premises liable to pay the GST directly to the ATO.

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Talking Tax – Issue 101

Cases

Land tax refunds permitted without objection

In North West Melbourne Recycling Pty Ltd v Commissioner of State Revenue [2017] VSC 647 (27 October 2017) Justice Croft found in favour of the Taxpayer and held the Taxpayer was entitled to a refund of land tax for the years 2011 to 2014 (Relevant Period) pursuant to Part 4 (Refunds of Tax) of the Taxation Administration Act 1997 (TAA) for all land tax paid under the Land Tax Act 2005 (LTA), notwithstanding that the Taxpayer did not object to the assessments.

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Talking Tax – Issue 100

100th Issue of Talking Tax in the 100th year of Hall & Wilcox

When we embarked on a quest to find out more about the history of Hall & Wilcox tax publications, we discovered that while this issue is formally the 100th issue of Talking Tax, it certainly is not the 100th issue of like publications.

Keith James tells us the team were industry pioneers in preparing a Corporate Tax update. It began as a monthly publication and had a significant impact on the variety of work we received and the people it touched.

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Talking Tax – Issue 99

Cases

JP Property Services cleans-up! A taxpayer win

In JP Property Services Pty Ltd Limited v Chief Commissioner of State Revenue [2017] NSWSC 1391, the Supreme Court of New South Wales (Court) allowed a Taxpayer’s appeal and revoked five payroll tax assessments concerning out of hours cleaning services provided to supermarkets and other businesses.

The Supreme Court concluded that none of the contracts used by the Taxpayer were Employment Agency Contracts (EACs), and therefore payroll tax was not payable. The services of the subcontractors engaged by the Taxpayer happened at a time when clients of the Taxpayer were not open to the public so the subcontractors were not considered to be added to the workforce of the clients of the Taxpayer.

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