The Australian Labor Party are short odds favourites to win the next federal election and have proposed a substantial tax reform agenda. This article outlines what we know to date about their negative gearing, capital gains discount, and imputation credit reforms.Read More
If you have a discretionary or hybrid trust that owns residential land in New South Wales you may need to have your deed amended before 31 December 2018.Read More
Payroll tax grouping is a key risk area for all businesses. It is not only a problem for closely related entities that carry on a common or similar business. Seemingly unrelated entities can also be grouped.Read More
Westpac (and its subsidiaries St George Bank, Bank of Melbourne and BankSA) announced that they will no longer offer new loans to SMSFs looking to invest in the property market. This takes effect from 31 July 2018.Read More
The Commonwealth Government has announced a 12-month amnesty for employers to self-report underpaid superannuation amounts, during which period the usual penalties for underpayment (non-deductible payments and administrative penalties) will not apply. The amnesty period ends on 24 May 2019.Read More
IRS announces its Offshore Voluntary Disclosure Program will be coming to an end
The IRS has announced that its Offshore Voluntary Disclosure Program (OVDP) will end on 28 September 2018.Read More
It is now well known that where a discretionary trust is to acquire or own residential land in New South Wales it may be necessary to amend the trust deed for the trust to prevent foreign person duty and land tax surcharges being imposed on the trustee.Read More
It would be prudent to recommend to your clients that their "fixed" trusts and unit trusts be reviewed having regard to recent developments.
On 13 September 2017, the ATO issued a finalised Guideline (PCG 2016/16) which sets out the circumstances when the Commissioner will exercise his discretion to treat a trust as a fixed trust.Read More
How an owner of land may use the land he or she owns, depends upon the local council's zoning
controls. A local council uses zoning controls to influence the way land is zoned within a local shire.