– Insights by Andrew Henshaw In 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 below to listen...

– 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.

– Insights by Andrew Henshaw In 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.

– Insights by Andrew Henshaw The 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 current state of play...

– Insights by Andrew Henshaw What will the upcoming Division 7A reform look like? Andrew Henshaw discusses on this episode of Tax Talks. Click the link below to listen in.

– Insights by Andrew Henshaw In this episode of Tax Talks, Andrew Henshaw answers three Division 7A listener questions. Click the link below to listen in.

– Insights by Andrew Henshaw When does a UPE become a Division 7A Issue? Andrew Henshaw explains on Tax Talks. Click the link below to listen in.

– Insights by Andrew Henshaw Andrew Henshaw shares with Tax Talks some of his experiences as a tax lawyer. Click the link below to listen in.

– Insights by Andrew Henshaw Andrew Henshaw shares with Tax Talks some of his experiences as a tax lawyer. Click the link below to listen in.

Scott McKenzie’s guest post for the Healthy People fitness blog.

BREAKING: STAMP DUTY TO APPLY TO DEVELOPMENT AGREEMENTS IN VICTORIA The 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 payroll tax). Two days...

Contractor or Employee: What’s the Risk?   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 an independent...

The following article was published on LinkedIn. Here is the link to the original post original post. 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...

The following article was published on LinkedIn. Here is the link to the original post original post. A taxpayer with an Australian 'domicile' is a resident of Australia for tax purposes, unless the Commissioner is satisfied that they have a 'permanent...

By: Scott McKenzie (Director) and Andrew Henshaw (Director) 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 priorities. However, ending your journey can be a tough...

The following article was published on LinkedIn. Here is the link to the original post original post. Transitioning Family Businesses Statistics demonstrate that family owned businesses are the lifeblood of Australia’s economy. For example: around 70% of...

The following article was published on LinkedIn. Here is the link to the original post original post. What’s in store for tax in 2019? Key tax issues business owners need to watch out for What’s in store for tax in 2019? Plenty! The upcoming Federal...

The following article was published on LinkedIn. Here is the link to the original post original post. Co-Owned Businesses: Why you need a business ‘pre-nup’ …. and what to do if you don’t have one. Sport and business have many similarities. A championship...

The following article was published on LinkedIn. Here is the link to the original post original post. Can a transfer to a ‘bare trust’ be subject to transfer duty? The devil is in the detail! The recent Victorian Supreme Court case of MD Commercial Pty Ltd...

Scott McKenzie (Director at Velocity Legal) is the Chairperson of the Fitness Australia Industry Council. The following article was published on the Fitness Australia website on 25 June 2018. Here is the link to the original post original post. SELLING A...

TRUST SPLITTING: THE ATO’S CONTROVERSIAL NEW DRAFT TAXATION DETERMINATION By Andrew Henshaw and Rosalind Li, Velocity Legal The Australian Taxation Office (ATO) issued Draft Taxation Determination TD 2018/D3 (Draft Determination) on 11 July 2018. The Draft...

Scott McKenzie (Director at Velocity Legal) is the Chairperson of the Fitness Australia Industry Council. The following article was published on the Fitness Australia website on 25 June 2018. Here is the link to the original post. BUYING A FITNESS...

TAX RESIDENCY – COMMISSIONER WINS BIG IN RECENT EXPAT CASE There 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. a non-resident),...

CGT 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 & Anor v Sandini Pty Ltd & Ors; FC of T v Sandini Pty Ltd & Ors [2018]...

significant changes when selling shares or units.

‘PLUS’ GST CASE – COURT OF APPEAL MUDDIES THE WATERS The 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 of Appeal held that the word ‘GST’ should be...

THE EMPIRE STRIKES BACK: THE NEW GST WITHHOLDING REGIME 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 to lodge their BAS, the vendor...

WORKING OFFSHORE? TRANSFERRING MONEY TO AUSTRALIA? BEWARE OF AUSTRAC & THE ATO! Australia is a big, isolated island. Despite our isolation, Australians are very well travelled. For some Australians, travel leads to living and working overseas for a prolonged...

SEVEN REASONS WHY LABOR’S DISCRETIONARY TRUST PROPOSAL IS FUNDAMENTALLY FLAWED On 30 July 2017, the Labor party announced that, if elected, a Labor Government would introduce a standard minimum 30 per cent tax rate for discretionary trust distributions to mature...

THE NEW 27.5% CORPORATE TAX RATE: HOW DO I GET IT? On 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 criteria will continue to have their profits...

DID THE SANDINI CASE REALLY EXTEND THE BOUNDARIES OF THE CGT MARRIAGE BREAKDOWN ROLLOVER? NO! The breakdown of a marriage can have a high emotional and financial cost. Often, a spouse will have to transfer some of their assets to the other spouse (whether by agreement...

SPECIAL CONTRIBUTIONS TO SUPERANNUATION: ATO U-TURN: EXTREME CAUTION REQUIRED From 1 July 2017, drastic changes to superannuation take effect. Under those changes, the amount of money that a person can put into super (i.e. contribute) will be dramatically reduced. In...

FOREIGN PROPERTY INVESTORS STUNG: SPECIAL BUDGET UPDATE In 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. Unfortunately for foreign property investors, the...

Property investment in Australia has boomed in recent years.

The small business CGT concessions are some of the most significant tax…

Over your lifetime, you may have accumulated significant assets in your personal name.

Ensure that your structure is adapted to cater for any evolution in your business.

Give careful consideration to potential tax consequences of these transactions.

Five tax issues that small businesses and their owners should pay close attention to.

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

The importance of completing contracts correctly.

When it comes to tax disputes, the proof is in the pudding.

The Coalition Government announced further changes to superannuation.

Buying or selling a martial arts business is an exciting process.

Scott McKenzie’s guest post for the Healthy People fitness blog.

The ATO has recently released a consultation paper regarding penalties for small business and individuals.

Whether or not a person is tax resident of Australia is critical issue.