legislation

Separate or aggregate CGT assets? The role of subdivision 108-D

  Under common law, when an accessory is annexed to a principal asset (such as land) the accessory becomes part of that principal asset. Theoretically, without an adjustment to the tax rules, if the principal asset of land had been acquired pre-CGT (before 20 September 1985), any building on that land or any addition to

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The shake up that’s coming to Division 7A

  Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact. And while it’s been tempting to conclude that the powers-that-be perhaps don’t really want change, and were stonewalling us all along, a definite crack

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The ATO’s administrative treatment of retrospective legislation

Retrospective tax law changes take affect for a period before the date of enactment, once the legislation is passed. For example, legislation that came into law in the last half of 2017 now makes a reality a measure first proposed in the May 2017 Federal Budget. The “housing tax integrity” bill solidifies the government’s intention

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Commissioner’s ‘remedial power’ flexed for first time

The Commissioner of Taxation has limited powers to modify the implementation of tax law in circumstances where taxpayers will benefit, or at least be no worse off, as a result of the modification. The first use of this power to modify the law (the Commissioner’s remedial power, or CRP) took effect on 17 October 2017.

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