Upcoming ATO open forums for practitioners

  As part of its ongoing engagement with tax practitioners, the ATO has announced some upcoming ATO open forums for practitioners. It will again be holding these open forums in a range of locations across Australia between September and December 2018. Open forums are an opportunity for tax practitioners to have an open two-way dialogue

[ Read More ]

Deductions for vacant land to be wound back

  The government announced in May this year, as part of the 2018–19 federal budget, that it will decrease the scope of allowable deductions for expenses stemming from holding vacant land that is intended to be used for residential or commercial purposes. The measure will apply from 1 July 2019. (See page 42 of the

[ Read More ]

Could trust splitting soon result in increased tax obligations?

  A draft taxation determination released in July has triggered some alarm among practitioners that certain previously benign trust re-arrangements may soon lead to new tax obligations being attached. TD 2018/D3 posits that certain trust split arrangements should be viewed as the creation of a new trust over some, but not all, of the assets

[ Read More ]

The pension loans scheme

  To help pensioners who are asset rich but income poor, the government launched its own version of a financial product that has been commercially available for some time, the reverse mortgage. The government’s answer is its pension loans scheme (PLS), whereby a pensioner can apply for a non-taxable loan using some form of real

[ Read More ]

Board of Taxation review into FBT compliance costs

  The Board of Taxation has recently announced that it is launching a comprehensive review to determine whether there are opportunities for compliance costs to be reduced that are associated with employer obligations under FBT. In order to understand the sources of compliance costs, the Board of Taxation (BOT) is conducting focus groups, online surveys

[ Read More ]