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Unfair Contract Terms

New draft legislation has both extended and clarified existing Unfair Contract Term (UCT) protections in Australia. The changes ensure that the UCT protections contained in the Australian Consumer Law (the ACL) and the ASIC Act will now apply to more business-to-business contracts, giving greater certainty to small businesses. It is likely the changes will come into effect in the first half of 2022.

Working from home during a COVID-19 lockdown: can you claim a tax deduction for rent?

Working from home during a COVID-19 lockdown: can you claim a tax deduction for rent?

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings ‘of a private or domestic nature’ and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income producing activities and there is no alternative place of business provided by the taxpayer’s employer.

PODCAST: Business Breakups

PODCAST: Business Breakups

Podcast by Scott McKenzie: Business breakups – like any relationship breakdown – are stressful and often one of the most traumatic life events to go through. But they don’t have to be.

The Victorian Rent Relief Rulebook 2.0

The Victorian Rent Relief Rulebook 2.0

The Commercial Tenancy Relief Scheme Regulations 2021, aimed at mitigating the impact of COVID-19 on commercial tenancies between 28 July 2021 and 15 January 2021 were released on 24 August 2021 (2021 Regulations).

Here We Go Again; A New Rent Relief Scheme for Business Owners

Here We Go Again; A New Rent Relief Scheme for Business Owners

Here We Go Again; A New Rent Relief Scheme for Business Owners Insights by Emma Milne (Senior Associate), Scott McKenzie (Director), Greg Thomas (Director) and Joel Garrett (Associate) Velocity LegalOn 24 August 2021 the Victorian Minister for Small Business released...

PODCAST: Personal Services Income

PODCAST: Personal Services Income

Podcast by Andrew Henshaw: Do the PSI rules apply to you? The answer can cost or save you tax. The history of PSI is a long road through court and ATO rulings as well as the Ralph Review until we finally got some legislation. But the old ITs and TRs still apply.

New Franchising Code of Conduct reforms: what do they mean for franchisors and franchisees?

New Franchising Code of Conduct reforms: what do they mean for franchisors and franchisees?

On 1 June 2021, amendments to the Competition and Consumer (Industry Codes – Franchising) Regulation 2014 (Franchising Code) were released. Titled the ‘Competition and Consumer (Industry Codes – Franchising) Amendment (Fairness in Franchising) Regulations 2021 (Amendment), the amendment makes a raft of changes to the Franchising Code aimed at increasing fairness and transparency in franchising.

PODCAST: Work-Related Self-Education Expenses

PODCAST: Work-Related Self-Education Expenses

PODCAST: Work-Related Self-Education Expenses

In this episode Andrew Henshaw of Velocity Legal in Melbourne will walk you through the rules as they currently stand, look at court cases around self-education expenses, the changes to the $250 threshold and also look at Treasury’s discussion paper.

Victorian State Budget 2021-22: Significant tax changes and their impact on property owners and private business

Victorian State Budget 2021-22: Significant tax changes and their impact on property owners and private business

On 20 May 2021, State Treasurer Tim Pallas handed down the 2021/22 Victorian state budget. The budget aims to chart a road to post-COVID economic recovery, including by raising state revenue.

To help fund investments in mental health, education and public transport, the budget contains significant tax hikes aimed at well-to-do property investors, developers and private businesses, alongside modest tax relief to some small businesses and first home buyers.

Read on for our full breakdown of some of the tax changes in this year’s State Budget, and what they mean for property owners and private businesses.

Federal Budget 2021-22: The Essential Update for Private Businesses and their Owners

Federal Budget 2021-22: The Essential Update for Private Businesses and their Owners

On 11 May 2021, Treasurer Josh Frydenberg handed down the 2021-22 Federal Budget. Unsurprisingly, while Australia has emerged from the pandemic relatively unscathed, this year’s Budget aims to stimulate economic growth in a post-COVID world.

In addition to significant investments in infrastructure, aged care, health and the digital economy, the budget contains a raft of tax changes and reforms aimed at driving down unemployment, boosting industry and alleviating tax burdens for individuals and businesses alike.

Read on for our full breakdown of some of the major tax announcements in this year’s Budget for private businesses and their owners.

PODCAST: How to structure a hobby farm

PODCAST: How to structure a hobby farm

PODCAST: How to structure a hobby farm

In this episode of Tax Talks, Andrew Henshaw discusses how to structure a hobby farm, and some of the tax consequences to be aware of down the line.

Significant Changes to Casual Employment

Significant Changes to Casual Employment

The federal government’s stripped-down Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Act) recently came into force. The Act amends the Fair Work Act 2009 (Cth).

While proposed changes around enterprise agreements, awards and wage theft did not pass the Senate, the Act does introduce new workplace changes and rights for casual employees.

When approached correctly by businesses, the new laws will help provide certainty about their casual employment arrangements.

Non-Residents, CGT and Australian Family Trusts – where does the dust lie pending the outcome of the Full Federal Court appeal in Greensill?

Non-Residents, CGT and Australian Family Trusts – where does the dust lie pending the outcome of the Full Federal Court appeal in Greensill?

The Full Federal Court’s judgment for the appeal of Peter Greensill Family Co Pty Ltd (trustee) v Commissioner of Taxation (No 2) [2020] FCA (Greensill) is eagerly anticipated within the international tax community.
The purpose of this article is to recap on where the dust lies, and assuming the Greensill decision is upheld, what non-resident controllers of Australian family trusts could do to improve their tax position.

Once a contractor, always a contractor?

Once a contractor, always a contractor?

The development of the gig economy and the increasing variety of worker relationships has undoubtedly changed the traditional working relationship. Consequently, the traditional ‘employee’ and ‘independent contractor’ dichotomy may not be adequately comprehended or easily accommodated in the current business environment.

PODCAST: In Connection With Your Retirement

PODCAST: In Connection With Your Retirement

PODCAST: In Connection With Your Retirement Insights by Andrew Henshaw Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax disputes and complex tax advice. He is passionate about getting wins for his clients, solving difficult legal issues...

A guide to the Retail Leases Amendment Act 2020

A guide to the Retail Leases Amendment Act 2020

Another major change in the commercial leasing landscape
The eagerly awaited Retail Leases Amendment Act 2020 (Vic) (Amendment Act) received royal assent on 22 September 2020. Importantly, the Act amends the Retail Leases Act 2003 (Vic) (Retail Leases Act) and the Building Act 1993 (Vic) (Building Act).

The Eichmann Case – Federal Court

The Eichmann Case – Federal Court

PODCAST: The Eichmann Case – Federal Court Insights by Andrew Henshaw  Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax disputes and complex tax advice. He is passionate about getting wins for his clients, solving difficult legal issues...

Tax Residency – another one bites the dust (the Joubert case)

Tax Residency – another one bites the dust (the Joubert case)

They say home is where the heart is. The recent AAT decision in Joubert and FCT [2020] AATA 2645is a timely reminder that this proverb generally rings true in the context of tax residency. In other words, Australians who live and work overseas, but have a spouse or dependent children in Australia, will generally be considered tax residents of Australia.

PODCAST: Jobkeeper 2.1

PODCAST: Jobkeeper 2.1

Two things changed from Jobkeeper 2.0 to 2.1. You no longer need a 30% drop in actual turnover in the June quarter. A 30% drop in the September quarter is enough.

And you can add employees to Jobkeeper who joined you between 13 March and 1 July 2020, starting Jobkeeper from 3 August 2020.

NSW discretionary trusts- avoid extra land tax and duty on landholdings!

NSW discretionary trusts- avoid extra land tax and duty on landholdings!

In the 2016 State budget, the NSW Government announced that foreign persons would be hit with additional transfer duty and land tax. These amendments became law in June 2016. There has been lingering uncertainty whether the ‘foreign trust’ rules would apply to discretionary trusts (given that most discretionary trusts include a wide range of persons, including ‘foreign persons’).

COVID-19 Restructuring

COVID-19 Restructuring

PODCAST: COVID-19 Restructuring Insights by Andrew Henshaw    The current COVID-19 crisis might make more businesses eligible for the small business CGT concessions due to lower market values.Insight Authors...ANDREW HENSHAW Director Andrew specialises in...

COVID-19: Victorian Rent Relief Rulebook

COVID-19: Victorian Rent Relief Rulebook

Regulations announced by the Victorian government provide the rulebook for landlords and tenants when negotiating rent relief in light of the impact of COVID-19. The devil is in the detail; however, the article below summarises some of the key concepts. We urge landlords and tenants to obtain legal advice to ensure that they approach negotiations in a methodical way without compromising their rights.

COVID-19: Commercial Tenancies Code – The Pathway Forward

COVID-19: Commercial Tenancies Code – The Pathway Forward

COVID-19: Commercial Tenancies Code – The Pathway Forward By Scott McKenzie, Emma Milne and Andrew Henshaw, Velocity Legal This is a challenging time. Many businesses have closed or are feeling extreme pressure, which invariably creates headaches for both landlords...

Commissioner wins in Eichmann appeal

Commissioner wins in Eichmann appeal

Commissioner wins in Eichmann appeal Insights by Rosalind Li  Commissioner wins in Eichmann appeal: Federal Court tightens the screws on the ‘Active Asset’ Test Published in the Thomson Reuters Weekly Tax Bulletin (23 January 2020) The small business CGT concessions...

Denying the CGT Main Residence Exemption to ‘Aussie Expats’

Denying the CGT Main Residence Exemption to ‘Aussie Expats’

PODCAST: Denying the CGT Main Residence Exemption to ‘Aussie Expats’ By Andrew Henshaw, Director and Patrick Simon, Law Graduate, Velocity LegalAdapting to the new rules, and why ‘tax residency’ is now even more important than ever. Close to three years since they...

PODCAST: Main Residence Exemption for Foreign Residents

PODCAST: Main Residence Exemption for Foreign Residents

PODCAST: Main Residence Exemption for Foreign Residents Insights by Andrew HenshawThe main residence exemption for foreign residents used to be easy. Once you got it, you didn’t lose it for at last 6 years – and even indefinitely as long as you didn’t rent it out....

PODCAST:Main Residence Exemption Upon Divorce or Death

PODCAST:Main Residence Exemption Upon Divorce or Death

PODCAST: Main Residence Exemption Upon Divorce or Death Insights by Andrew Henshaw The main residence exemption upon divorce or death can get tricky. How exactly does the exemption apply when owners divorce or die? Click the link below to listen in.Insight...

Victorian SRO awakens

Victorian SRO awakens

Victorian SRO awakens - drops ‘practical approach’ to applying foreign purchaser additional duty for discretionary trusts By Rajan Verma and Andrew Henshaw, Directors, Velocity Legal Subjecting discretionary trusts that have little real connection to 'foreign...

PODCAST: AIRBNB TRIGGERS CGT

PODCAST: AIRBNB TRIGGERS CGT

PODCAST: AirBnB triggers CGT Insights by Andrew Henshaw How does renting your home on AirBnB affect the CGT Main Residence exemption? Click the link below to listen in.Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity Legal’s Sydney practice. If you are...

PODCAST: Tax Effective Structuring

PODCAST: Tax Effective Structuring

PODCAST: Tax Talks - Tax Effective Structuring Insights by Andrew Henshaw In this episode of Tax Talks, Andrew Henshaw discusses the key tax issues to consider when considering structuring investments and business affairs. Click the link below to listen in. Insight...

PODCAST: Related Party LRBA

PODCAST: Related Party LRBA

PODCAST: Tax Talks - Related Party LRBA Insights by Andrew HenshawIn this episode of Tax Talks, Andrew Henshaw discusses how a Limited Recourse Borrowing Arrangement can be put in place between a Self Managed Superannuation Fund, and a related party. Click the link...

PODCAST: SMSF BUYS PROPERTY JOINTLY

PODCAST: SMSF BUYS PROPERTY JOINTLY

PODCAST: Tax Talks - SMSF Buys Property Jointly Insights by Andrew Henshaw In this episode of Tax Talks, Andrew Henshaw discusses the potential traps associated with a Self Managed Superannuation Fund buying property jointly. Click the link below to listen in. Insight...

PODCAST: Small Business CGT Concessions for Big Business

PODCAST: Small Business CGT Concessions for Big Business

PODCAST: Small Business CGT Concessions for Big Business Insights by Andrew HenshawIn this episode of Tax Talks, Andrew Henshaw discusses how the Small Business CGT Concessions can sometimes not to ‘not so small business’. Click the link below to listen in. Insight...

PODCAST: The 2019 Harding Case

PODCAST: The 2019 Harding Case

PODCAST: The 2019 Harding Case Insights by Andrew HenshawThe 2019 Harding case received a lot of media attention. And put the spot light onto our highly contentious tax residency rules for individuals – again. In this episode of Tax Talks, Andrew Henshaw discusses the...

PODCAST: Div 7A Reform

PODCAST: Div 7A Reform

PODCAST: Tax Talk - Div 7A Reform Insights by Andrew HenshawWhat will the upcoming Division 7A reform look like? Andrew Henshaw discusses on this episode of Tax Talks. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity...

PODCAST: Div 7A Questions

PODCAST: Div 7A Questions

PODCAST: Tax Talk - Listeners Div 7A Questions Insights by Andrew HenshawIn this episode of Tax Talks, Andrew Henshaw answers three Division 7A listener questions. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity...

PODCAST: When does a UPE become a Division 7A Issue?

PODCAST: When does a UPE become a Division 7A Issue?

PODCAST: When does a UPE become a Division 7A Issue? Insights by Andrew HenshawWhen does a UPE become a Division 7A Issue? Andrew Henshaw explains on Tax Talks. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity Legal’s...

PODCAST: ATO Disputes – How to avoid or manage them

PODCAST: ATO Disputes – How to avoid or manage them

PODCAST: ATO Disputes - How to avoid or manage them Insights by Andrew HenshawAndrew Henshaw shares with Tax Talks some of his experiences as a tax lawyer. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax...

PODCAST: Dealing with the ATO in a tax dispute

PODCAST: Dealing with the ATO in a tax dispute

PODCAST: Dealing with the ATO in a tax dispute Insights by Andrew HenshawAndrew Henshaw shares with Tax Talks some of his experiences as a tax lawyer. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax...

Stamp Duty to apply to Development Agreements in Victoria

Stamp Duty to apply to Development Agreements in Victoria

BREAKING: STAMP DUTY TO APPLY TO DEVELOPMENT AGREEMENTS IN VICTORIA By Andrew HenshawThe Victorian Government handed down their 2019-20 Budget on Monday 27 May. Under the Budget, various changes to certain state taxes were announced (including duty, land tax and...

Contractor or Employee: What’s the Risk?

Contractor or Employee: What’s the Risk?

Contractor or Employee: What’s the Risk? Insights by Andrew Henshaw We often see employers misunderstand the distinction between independent contractor and employee. This can be a very costly mistake. In this article we discuss: the difference between an employee and...

Struggling with a landlord? You may be able to terminate the lease

Struggling with a landlord? You may be able to terminate the lease

Casenote: Tenant's Ability to Terminate a Lease Insights by Andrew Henshaw Struggling with a landlord? You may be able to terminate the lease Heavily entrenched in our legal system is the idea that if a party is not complying with its obligations under a contract, the...

SELLING YOUR BUSINESS:  HOW TO NAVIGATE THE LEGAL MINEFIELD

SELLING YOUR BUSINESS: HOW TO NAVIGATE THE LEGAL MINEFIELD

Selling your business: How to navigate the legal minefield By Scott McKenzie and Andrew Henshaw, Directors, Velocity Legal Selling a business can be a bittersweet moment. On one hand, you are ‘cashing in’ and will have the opportunity to free up time for other...

Business Succession: Transitioning to the next generation

Business Succession: Transitioning to the next generation

Business Succession: Transitioning to the next generation By Scott McKenzie and Andrew Henshaw Transitioning Family Businesses Statistics demonstrate that family owned businesses are the lifeblood of Australia’s economy. For example: around 70% of Australian...

Selling a fitness business: what you need to know

Selling a fitness business: what you need to know

SELLING A FITNESS BUSINESS: WHAT YOU NEED TO KNOW By Scott MckenzieWhen you’re selling a fitness business, the ideal scenario is a stress-free transaction that allows you to close that chapter of your life and move on, without having to think about the business ever...

Buying a fitness business: what you need to know

Buying a fitness business: what you need to know

BUYING A FITNESS BUSINESS: WHAT YOU NEED TO KNOW By Scott MckenzieBuying a fitness business is a major financial outlay, so you want to ensure you make a smart purchase that delivers what was promised, without any unpleasant surprises down the track. Follow these tips...

Tax residency – Commissioner wins big in recent expat case

Tax residency – Commissioner wins big in recent expat case

TAX RESIDENCY – COMMISSIONER WINS BIG IN RECENT EXPAT CASE By Andrew HenshawThere are many Australian citizens and permanent residents who leave Australia to work overseas (Expats). Expats will often consider they are not a resident of Australia for tax purposes (i.e....

CGT marriage breakdown roll-over: the Sandini Case revisted

CGT marriage breakdown roll-over: the Sandini Case revisted

CGT MARRIAGE BREAKDOWN ROLL-OVER: THE SANDINI CASE REVISTED By Andrew HenshawCGT MARRIAGE BREAKDOWN ROLL-OVER: THE SANDINI CASE REVISTED A recent case before the Full Federal Court has tested the limits of the CGT marriage breakdown rollover relief. In Ellison &...

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS By Andrew Henshaw, Director, Velocity LegalThe Victorian Court of Appeal has reversed a Supreme Court decision on whether the purchase price in a sale of land contract was GST-inclusive or GST-exclusive. The Court...

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME By Andrew Henshaw and Rajan Verma Ordinarily, vendors pay GST on the value of the taxable supplies that they make. Vendors will sell goods or services for a price that includes a GST component. When it comes time...

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT?

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT?

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT? By Andrew Henshaw, Director, Velocity LegalOn 1 July 2017, the new 27.5% corporate tax rate took effect. Many companies that are ‘small businesses’ will qualify for the new tax rate. Companies that do not meet the...

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE By Andrew Henshaw, Director, Velocity LegalIn my most recent edition of Life, Death and Taxes, I talked about some of the tax and duty changes targeting foreign property investors over the last five years....

Born in the USA

Born in the USA

A look at one big difference between the Australian and US tax systems.

Unfair Contract Terms

Unfair Contract Terms

New draft legislation has both extended and clarified existing Unfair Contract Term (UCT) protections in Australia. The changes ensure that the UCT protections contained in the Australian Consumer Law (the ACL) and the ASIC Act will now apply to more business-to-business contracts, giving greater certainty to small businesses. It is likely the changes will come into effect in the first half of 2022.

Working from home during a COVID-19 lockdown: can you claim a tax deduction for rent?

Working from home during a COVID-19 lockdown: can you claim a tax deduction for rent?

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings ‘of a private or domestic nature’ and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income producing activities and there is no alternative place of business provided by the taxpayer’s employer.

PODCAST: Business Breakups

PODCAST: Business Breakups

Podcast by Scott McKenzie: Business breakups – like any relationship breakdown – are stressful and often one of the most traumatic life events to go through. But they don’t have to be.

The Victorian Rent Relief Rulebook 2.0

The Victorian Rent Relief Rulebook 2.0

The Commercial Tenancy Relief Scheme Regulations 2021, aimed at mitigating the impact of COVID-19 on commercial tenancies between 28 July 2021 and 15 January 2021 were released on 24 August 2021 (2021 Regulations).

Here We Go Again; A New Rent Relief Scheme for Business Owners

Here We Go Again; A New Rent Relief Scheme for Business Owners

Here We Go Again; A New Rent Relief Scheme for Business Owners Insights by Emma Milne (Senior Associate), Scott McKenzie (Director), Greg Thomas (Director) and Joel Garrett (Associate) Velocity LegalOn 24 August 2021 the Victorian Minister for Small Business released...

PODCAST: Personal Services Income

PODCAST: Personal Services Income

Podcast by Andrew Henshaw: Do the PSI rules apply to you? The answer can cost or save you tax. The history of PSI is a long road through court and ATO rulings as well as the Ralph Review until we finally got some legislation. But the old ITs and TRs still apply.

New Franchising Code of Conduct reforms: what do they mean for franchisors and franchisees?

New Franchising Code of Conduct reforms: what do they mean for franchisors and franchisees?

On 1 June 2021, amendments to the Competition and Consumer (Industry Codes – Franchising) Regulation 2014 (Franchising Code) were released. Titled the ‘Competition and Consumer (Industry Codes – Franchising) Amendment (Fairness in Franchising) Regulations 2021 (Amendment), the amendment makes a raft of changes to the Franchising Code aimed at increasing fairness and transparency in franchising.

PODCAST: Work-Related Self-Education Expenses

PODCAST: Work-Related Self-Education Expenses

PODCAST: Work-Related Self-Education Expenses

In this episode Andrew Henshaw of Velocity Legal in Melbourne will walk you through the rules as they currently stand, look at court cases around self-education expenses, the changes to the $250 threshold and also look at Treasury’s discussion paper.

Victorian State Budget 2021-22: Significant tax changes and their impact on property owners and private business

Victorian State Budget 2021-22: Significant tax changes and their impact on property owners and private business

On 20 May 2021, State Treasurer Tim Pallas handed down the 2021/22 Victorian state budget. The budget aims to chart a road to post-COVID economic recovery, including by raising state revenue.

To help fund investments in mental health, education and public transport, the budget contains significant tax hikes aimed at well-to-do property investors, developers and private businesses, alongside modest tax relief to some small businesses and first home buyers.

Read on for our full breakdown of some of the tax changes in this year’s State Budget, and what they mean for property owners and private businesses.

Federal Budget 2021-22: The Essential Update for Private Businesses and their Owners

Federal Budget 2021-22: The Essential Update for Private Businesses and their Owners

On 11 May 2021, Treasurer Josh Frydenberg handed down the 2021-22 Federal Budget. Unsurprisingly, while Australia has emerged from the pandemic relatively unscathed, this year’s Budget aims to stimulate economic growth in a post-COVID world.

In addition to significant investments in infrastructure, aged care, health and the digital economy, the budget contains a raft of tax changes and reforms aimed at driving down unemployment, boosting industry and alleviating tax burdens for individuals and businesses alike.

Read on for our full breakdown of some of the major tax announcements in this year’s Budget for private businesses and their owners.

PODCAST: How to structure a hobby farm

PODCAST: How to structure a hobby farm

PODCAST: How to structure a hobby farm

In this episode of Tax Talks, Andrew Henshaw discusses how to structure a hobby farm, and some of the tax consequences to be aware of down the line.

Significant Changes to Casual Employment

Significant Changes to Casual Employment

The federal government’s stripped-down Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Act) recently came into force. The Act amends the Fair Work Act 2009 (Cth).

While proposed changes around enterprise agreements, awards and wage theft did not pass the Senate, the Act does introduce new workplace changes and rights for casual employees.

When approached correctly by businesses, the new laws will help provide certainty about their casual employment arrangements.

Non-Residents, CGT and Australian Family Trusts – where does the dust lie pending the outcome of the Full Federal Court appeal in Greensill?

Non-Residents, CGT and Australian Family Trusts – where does the dust lie pending the outcome of the Full Federal Court appeal in Greensill?

The Full Federal Court’s judgment for the appeal of Peter Greensill Family Co Pty Ltd (trustee) v Commissioner of Taxation (No 2) [2020] FCA (Greensill) is eagerly anticipated within the international tax community.
The purpose of this article is to recap on where the dust lies, and assuming the Greensill decision is upheld, what non-resident controllers of Australian family trusts could do to improve their tax position.

Once a contractor, always a contractor?

Once a contractor, always a contractor?

The development of the gig economy and the increasing variety of worker relationships has undoubtedly changed the traditional working relationship. Consequently, the traditional ‘employee’ and ‘independent contractor’ dichotomy may not be adequately comprehended or easily accommodated in the current business environment.

PODCAST: In Connection With Your Retirement

PODCAST: In Connection With Your Retirement

PODCAST: In Connection With Your Retirement Insights by Andrew Henshaw Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax disputes and complex tax advice. He is passionate about getting wins for his clients, solving difficult legal issues...

A guide to the Retail Leases Amendment Act 2020

A guide to the Retail Leases Amendment Act 2020

Another major change in the commercial leasing landscape
The eagerly awaited Retail Leases Amendment Act 2020 (Vic) (Amendment Act) received royal assent on 22 September 2020. Importantly, the Act amends the Retail Leases Act 2003 (Vic) (Retail Leases Act) and the Building Act 1993 (Vic) (Building Act).

The Eichmann Case – Federal Court

The Eichmann Case – Federal Court

PODCAST: The Eichmann Case – Federal Court Insights by Andrew Henshaw  Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax disputes and complex tax advice. He is passionate about getting wins for his clients, solving difficult legal issues...

Tax Residency – another one bites the dust (the Joubert case)

Tax Residency – another one bites the dust (the Joubert case)

They say home is where the heart is. The recent AAT decision in Joubert and FCT [2020] AATA 2645is a timely reminder that this proverb generally rings true in the context of tax residency. In other words, Australians who live and work overseas, but have a spouse or dependent children in Australia, will generally be considered tax residents of Australia.

PODCAST: Jobkeeper 2.1

PODCAST: Jobkeeper 2.1

Two things changed from Jobkeeper 2.0 to 2.1. You no longer need a 30% drop in actual turnover in the June quarter. A 30% drop in the September quarter is enough.

And you can add employees to Jobkeeper who joined you between 13 March and 1 July 2020, starting Jobkeeper from 3 August 2020.

NSW discretionary trusts- avoid extra land tax and duty on landholdings!

NSW discretionary trusts- avoid extra land tax and duty on landholdings!

In the 2016 State budget, the NSW Government announced that foreign persons would be hit with additional transfer duty and land tax. These amendments became law in June 2016. There has been lingering uncertainty whether the ‘foreign trust’ rules would apply to discretionary trusts (given that most discretionary trusts include a wide range of persons, including ‘foreign persons’).

COVID-19 Restructuring

COVID-19 Restructuring

PODCAST: COVID-19 Restructuring Insights by Andrew Henshaw    The current COVID-19 crisis might make more businesses eligible for the small business CGT concessions due to lower market values.Insight Authors...ANDREW HENSHAW Director Andrew specialises in...

COVID-19: Victorian Rent Relief Rulebook

COVID-19: Victorian Rent Relief Rulebook

Regulations announced by the Victorian government provide the rulebook for landlords and tenants when negotiating rent relief in light of the impact of COVID-19. The devil is in the detail; however, the article below summarises some of the key concepts. We urge landlords and tenants to obtain legal advice to ensure that they approach negotiations in a methodical way without compromising their rights.

COVID-19: Commercial Tenancies Code – The Pathway Forward

COVID-19: Commercial Tenancies Code – The Pathway Forward

COVID-19: Commercial Tenancies Code – The Pathway Forward By Scott McKenzie, Emma Milne and Andrew Henshaw, Velocity Legal This is a challenging time. Many businesses have closed or are feeling extreme pressure, which invariably creates headaches for both landlords...

Commissioner wins in Eichmann appeal

Commissioner wins in Eichmann appeal

Commissioner wins in Eichmann appeal Insights by Rosalind Li  Commissioner wins in Eichmann appeal: Federal Court tightens the screws on the ‘Active Asset’ Test Published in the Thomson Reuters Weekly Tax Bulletin (23 January 2020) The small business CGT concessions...

Denying the CGT Main Residence Exemption to ‘Aussie Expats’

Denying the CGT Main Residence Exemption to ‘Aussie Expats’

PODCAST: Denying the CGT Main Residence Exemption to ‘Aussie Expats’ By Andrew Henshaw, Director and Patrick Simon, Law Graduate, Velocity LegalAdapting to the new rules, and why ‘tax residency’ is now even more important than ever. Close to three years since they...

PODCAST: Main Residence Exemption for Foreign Residents

PODCAST: Main Residence Exemption for Foreign Residents

PODCAST: Main Residence Exemption for Foreign Residents Insights by Andrew HenshawThe main residence exemption for foreign residents used to be easy. Once you got it, you didn’t lose it for at last 6 years – and even indefinitely as long as you didn’t rent it out....

PODCAST:Main Residence Exemption Upon Divorce or Death

PODCAST:Main Residence Exemption Upon Divorce or Death

PODCAST: Main Residence Exemption Upon Divorce or Death Insights by Andrew Henshaw The main residence exemption upon divorce or death can get tricky. How exactly does the exemption apply when owners divorce or die? Click the link below to listen in.Insight...

Victorian SRO awakens

Victorian SRO awakens

Victorian SRO awakens - drops ‘practical approach’ to applying foreign purchaser additional duty for discretionary trusts By Rajan Verma and Andrew Henshaw, Directors, Velocity Legal Subjecting discretionary trusts that have little real connection to 'foreign...

PODCAST: AIRBNB TRIGGERS CGT

PODCAST: AIRBNB TRIGGERS CGT

PODCAST: AirBnB triggers CGT Insights by Andrew Henshaw How does renting your home on AirBnB affect the CGT Main Residence exemption? Click the link below to listen in.Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity Legal’s Sydney practice. If you are...

PODCAST: Tax Effective Structuring

PODCAST: Tax Effective Structuring

PODCAST: Tax Talks - Tax Effective Structuring Insights by Andrew Henshaw In this episode of Tax Talks, Andrew Henshaw discusses the key tax issues to consider when considering structuring investments and business affairs. Click the link below to listen in. Insight...

PODCAST: Related Party LRBA

PODCAST: Related Party LRBA

PODCAST: Tax Talks - Related Party LRBA Insights by Andrew HenshawIn this episode of Tax Talks, Andrew Henshaw discusses how a Limited Recourse Borrowing Arrangement can be put in place between a Self Managed Superannuation Fund, and a related party. Click the link...

PODCAST: SMSF BUYS PROPERTY JOINTLY

PODCAST: SMSF BUYS PROPERTY JOINTLY

PODCAST: Tax Talks - SMSF Buys Property Jointly Insights by Andrew Henshaw In this episode of Tax Talks, Andrew Henshaw discusses the potential traps associated with a Self Managed Superannuation Fund buying property jointly. Click the link below to listen in. Insight...

PODCAST: Small Business CGT Concessions for Big Business

PODCAST: Small Business CGT Concessions for Big Business

PODCAST: Small Business CGT Concessions for Big Business Insights by Andrew HenshawIn this episode of Tax Talks, Andrew Henshaw discusses how the Small Business CGT Concessions can sometimes not to ‘not so small business’. Click the link below to listen in. Insight...

PODCAST: The 2019 Harding Case

PODCAST: The 2019 Harding Case

PODCAST: The 2019 Harding Case Insights by Andrew HenshawThe 2019 Harding case received a lot of media attention. And put the spot light onto our highly contentious tax residency rules for individuals – again. In this episode of Tax Talks, Andrew Henshaw discusses the...

PODCAST: Div 7A Reform

PODCAST: Div 7A Reform

PODCAST: Tax Talk - Div 7A Reform Insights by Andrew HenshawWhat will the upcoming Division 7A reform look like? Andrew Henshaw discusses on this episode of Tax Talks. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity...

PODCAST: Div 7A Questions

PODCAST: Div 7A Questions

PODCAST: Tax Talk - Listeners Div 7A Questions Insights by Andrew HenshawIn this episode of Tax Talks, Andrew Henshaw answers three Division 7A listener questions. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity...

PODCAST: When does a UPE become a Division 7A Issue?

PODCAST: When does a UPE become a Division 7A Issue?

PODCAST: When does a UPE become a Division 7A Issue? Insights by Andrew HenshawWhen does a UPE become a Division 7A Issue? Andrew Henshaw explains on Tax Talks. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew leads Velocity Legal’s...

PODCAST: ATO Disputes – How to avoid or manage them

PODCAST: ATO Disputes – How to avoid or manage them

PODCAST: ATO Disputes - How to avoid or manage them Insights by Andrew HenshawAndrew Henshaw shares with Tax Talks some of his experiences as a tax lawyer. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax...

PODCAST: Dealing with the ATO in a tax dispute

PODCAST: Dealing with the ATO in a tax dispute

PODCAST: Dealing with the ATO in a tax dispute Insights by Andrew HenshawAndrew Henshaw shares with Tax Talks some of his experiences as a tax lawyer. Click the link below to listen in. Insight Authors...ANDREW HENSHAW Director Andrew specialises in difficult tax...

Stamp Duty to apply to Development Agreements in Victoria

Stamp Duty to apply to Development Agreements in Victoria

BREAKING: STAMP DUTY TO APPLY TO DEVELOPMENT AGREEMENTS IN VICTORIA By Andrew HenshawThe Victorian Government handed down their 2019-20 Budget on Monday 27 May. Under the Budget, various changes to certain state taxes were announced (including duty, land tax and...

Contractor or Employee: What’s the Risk?

Contractor or Employee: What’s the Risk?

Contractor or Employee: What’s the Risk? Insights by Andrew Henshaw We often see employers misunderstand the distinction between independent contractor and employee. This can be a very costly mistake. In this article we discuss: the difference between an employee and...

Struggling with a landlord? You may be able to terminate the lease

Struggling with a landlord? You may be able to terminate the lease

Casenote: Tenant's Ability to Terminate a Lease Insights by Andrew Henshaw Struggling with a landlord? You may be able to terminate the lease Heavily entrenched in our legal system is the idea that if a party is not complying with its obligations under a contract, the...

SELLING YOUR BUSINESS:  HOW TO NAVIGATE THE LEGAL MINEFIELD

SELLING YOUR BUSINESS: HOW TO NAVIGATE THE LEGAL MINEFIELD

Selling your business: How to navigate the legal minefield By Scott McKenzie and Andrew Henshaw, Directors, Velocity Legal Selling a business can be a bittersweet moment. On one hand, you are ‘cashing in’ and will have the opportunity to free up time for other...

Business Succession: Transitioning to the next generation

Business Succession: Transitioning to the next generation

Business Succession: Transitioning to the next generation By Scott McKenzie and Andrew Henshaw Transitioning Family Businesses Statistics demonstrate that family owned businesses are the lifeblood of Australia’s economy. For example: around 70% of Australian...

Selling a fitness business: what you need to know

Selling a fitness business: what you need to know

SELLING A FITNESS BUSINESS: WHAT YOU NEED TO KNOW By Scott MckenzieWhen you’re selling a fitness business, the ideal scenario is a stress-free transaction that allows you to close that chapter of your life and move on, without having to think about the business ever...

Buying a fitness business: what you need to know

Buying a fitness business: what you need to know

BUYING A FITNESS BUSINESS: WHAT YOU NEED TO KNOW By Scott MckenzieBuying a fitness business is a major financial outlay, so you want to ensure you make a smart purchase that delivers what was promised, without any unpleasant surprises down the track. Follow these tips...

Tax residency – Commissioner wins big in recent expat case

Tax residency – Commissioner wins big in recent expat case

TAX RESIDENCY – COMMISSIONER WINS BIG IN RECENT EXPAT CASE By Andrew HenshawThere are many Australian citizens and permanent residents who leave Australia to work overseas (Expats). Expats will often consider they are not a resident of Australia for tax purposes (i.e....

CGT marriage breakdown roll-over: the Sandini Case revisted

CGT marriage breakdown roll-over: the Sandini Case revisted

CGT MARRIAGE BREAKDOWN ROLL-OVER: THE SANDINI CASE REVISTED By Andrew HenshawCGT MARRIAGE BREAKDOWN ROLL-OVER: THE SANDINI CASE REVISTED A recent case before the Full Federal Court has tested the limits of the CGT marriage breakdown rollover relief. In Ellison &...

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS By Andrew Henshaw, Director, Velocity LegalThe Victorian Court of Appeal has reversed a Supreme Court decision on whether the purchase price in a sale of land contract was GST-inclusive or GST-exclusive. The Court...

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME By Andrew Henshaw and Rajan Verma Ordinarily, vendors pay GST on the value of the taxable supplies that they make. Vendors will sell goods or services for a price that includes a GST component. When it comes time...

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT?

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT?

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT? By Andrew Henshaw, Director, Velocity LegalOn 1 July 2017, the new 27.5% corporate tax rate took effect. Many companies that are ‘small businesses’ will qualify for the new tax rate. Companies that do not meet the...

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE By Andrew Henshaw, Director, Velocity LegalIn my most recent edition of Life, Death and Taxes, I talked about some of the tax and duty changes targeting foreign property investors over the last five years....

Born in the USA

Born in the USA

A look at one big difference between the Australian and US tax systems.