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),...

Selling a Fitness Business – Key Legal Traps

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.

He discusses the importance of proactively dealing with matters.

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

Give careful consideration to potential tax consequences of these transactions.

Key legal issues facing business owners.

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.