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Budget Update October 2022

Posted By Tax & Legal,
Federal Budget October 2022: Our key Insights The 2022-2023 Federal Budget was handed down on 25 October 2022 by the newly elected Treasurer Jim Chalmers. This...

Legislation Update and Treasury Laws Amendments

Posted By Tax and Legal,
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill now law The Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020 has received assent as Act No 115 of 2020 on 10...

High Court settles the concept of “sufficient influence” in Australia’s CFC rules

Posted By Cameron Allen ,
On 11 March 2020, in BHP Billiton Limited v Commissioner of Taxation (Commissioner) [2020] HCA, the High Court decided in favour of the Commissioner of Taxation against the appeal of BHP such that...

Capital gains made by foreign beneficiaries of non-fixed trusts

Posted By Cameron Allen,
The ATO has issued its preliminary view in TD 2019/D6 on capital gains made by foreign beneficiaries of Australian non-fixed trusts (including discretionary trusts). Generally, a foreign...

Removal of the CGT main residence exemption for foreign residents

Posted By Natasha Jurista ,
The Housing affordability bill has passed the House of Representatives without amendments on 28 November 2019.  The Treasury Laws Amendment (Reducing Pressure on Housing Affordability...

Limiting of tax deductions for vacant land

Posted By Cameron Allen,
New tax rules operate from 1 July 2019 to prevent certain taxpayers from claiming tax deductions in relation to vacant land, where the law is not in used, or held available for use, in carrying on a...

Glencore wins Transfer Pricing Case in Federal Court

Posted By Cameron Allen,
The Federal Court recently issued a decision on whether dealings between Swiss-based Glencore International AG and an Australian subsidiary breached transfer pricing rules in relation to the sale and...

Tax dangers on vacant property

Posted By A&A Tax Team ,
One of the ways the Federal and State governments have responded to the housing affordability and homelessness crisis is to impose additional fees and taxes on owners who leave their property vacant....

A win for the taxpayer in the important tax residency case

Posted By Din Lamsah ,
The High Court recently rejected the ATO’s application for special leave to appeal the decision in Harding.[1] Therefore, the Full Federal Court’s decision in favour of the taxpayer stands. The Federa...