Genuine redundancy & early retirement

A change to the tax law, applying from 1 July 2019, has just passed Federal Parliament in relation to genuine redundancy payments and early retirement scheme payments.  Now, such payments can be made up to a person’s pension age, rather than the previous age of 65.  This will benefit older employees who leave, in some

[ Read More ]

High Court deduction case

An ATO appeal against a gaming machine operator’s win over a large tax deduction has been won. It may have long ramifications for other gaming machine operators, as well as future treatments of “blackhole” deductions.

[ Read More ]

Real property: GST paid at settlement

New fact sheets are available on GST payment at settlement, with for buyers and for sellers. GST to be paid on a withholding bases for certain GST-registered vendors as well as purchasers. And what to do about there being no guidance on “potential” residential property.

[ Read More ]

Fundamental international tax change

Global taxation of multinational enterprises could be about to change. BEPS strategies are being targeted by the OECD, with proposals to reduce a dependence on physical presence, profit allocation based on location of sales and more.

[ Read More ]

Super Guarantee opt-out

Avoid extra tax on excess concessional contributions, but note there’s a new ATO form to be filled out — time restriction applies.

[ Read More ]

Testamentary trusts

Proposed change to testamentary trusts in relation to minors regarding assets transferred to a trust on or after 1 July 2019, with an aim to stop people using these trusts to obtain a lower tax rate than would otherwise apply.

[ Read More ]

Commercial debt forgiveness

The ATO is questioning the reason of “natural love and affection” when forgiving a commercial debt, and whether that exemption should only apply to creditors that are natural persons.

[ Read More ]

Restrictions on cash payments

Applying from 1 January 2020, this is part of an attack on the black economy. Cash can be foreign currency and also digital. It is expected that individual-to-individual transaction may be exempt.

[ Read More ]