1428

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.

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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.

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Superannuation

Non-arm’s length income changes will see some expenditure also included in NALI that wasn’t before.

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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.

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Payroll tax case

An employer held store revenue in trust for its professional staff and then distributed this on a regular basis. Were these payments, under the contractor provisions, subject to the conditions under the payroll tax regime?

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Ariss vs Commissioner of Taxation

An AAT case about personal services income is instructive regarding distributions from a trust. The decision found in favour of the ATO, which deemed it to be ordinary income.

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