Our advocacy work: Superannuation balances over $3 million
In February 2023, the Government announced an intention to pursue an increase in the tax rate applying to superannuation earnings on member balances over $3m.
Land valuation increases may mean land tax bills
Key points Recent land valuations in NSW—up over 38% in some areas—may push property owners into paying land tax for the first time or increase existing liabilities. Land tax applies annually to non-exempt properties such as investment homes, commercial units, and vacant land, based on total land value as at 31 December. Understanding thresholds and […]
Fringe Benefits Tax 2023
Ali Suleyman, Elena Bogomolova and Gary Matthews from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update.
Financial efficiencies for the Not-For-Profit sector
As the world emerges from the pandemic crisis, regulatory authorities are once again turning their attention to compliance matters.
Our advocacy work: Non-arm’s length expense rules for superannuation funds
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
Mixed success for taxpayer in Guardian appeal provides little comfort for trusts
The Full Federal Court has handed down its decision in FCT v Guardian AIT Pty Ltd [2023] FCAFC 3 (“Guardian”) which considered the application of anti-avoidance rules to trust distributions to a corporate beneficiary.
ATO finalises guidance on the anti-avoidance provision dealing with trust distributions (section 100A)
The ATO has finalised draft guidance on the application of section 100A to trust entitlements, staying close to the original released earlier this year. The finalisation comes despite two cases (both for and against the Commissioner) currently on appeal to the Full Federal Court. The guidance provides a very stringent view by the ATO on what may fall within the scope of section 100A. This may create significant risks with respect to trust distributions that will need to be managed very carefully.
Superannuation and the upcoming Federal Budget
Recent media articles speculating on possible superannuation changes in the upcoming Federal Budget on 25 October 2022 have many questioning what they should be doing with their super before Budget night.
New draft ruling TR 2022/D2 – Individual Tax Residency Rules
When the ATO released the Draft Ruling last week, the existing residency rulings IT 2650 and TR 98/17, were withdrawn.
It would appear the ATO has released the Draft Ruling to modernise the previous rulings (which were both released in the 1990s) and to incorporate key findings from recent residency cases, in particular Addy, Pike and Harding.
Our advocacy work: Franked distributions and capital raising
Treasury has released exposure draft legislation to implement an integrity measure to make corporate distributions unfrankable where they were funded by capital raising.