September 2014 Newsletter
Share transfer to family partnership ineffective
A husband and wife have been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that they had transferred shares in a family company to a family partnership,
Property developers and use of trusts under scrutiny
The ATO is examining arrangements where property developers use trusts to return the proceeds from property development as capital gains instead of income on revenue account.
Residency depends on facts and circumstances for each case
The ATO has issued a Decision Impact Statement following an individual’s legal win in arguing that he was not a tax resident of Australia during the 2009 to 2010 income years.
Billions in lost super waiting to be claimed
According to the ATO, more than $14 billion in lost super is waiting to be claimed. The ATO said $8 billion in super was sitting in accounts that have not received a contribution in five years.
ASIC eye on SMSF property investment advice
The Australian Securities and Investments Commission (ASIC) has raised concerns about advice being given to self managed superannuation funds (SMSFs) to invest in property.
Bad debt deduction for unpaid trust entitlements refused
A taxpayer has been unsuccessful before the AAT in a matter concerning bad debt deduction claims for the 2012 income year
Family fails to prove assessments excessive
Six members of a family have been unsuccessful before the AAT in arguing that various amended and default tax assessments were excessive. T
Tax consequences following marriage break up
The ATO has recently released a taxation ruling on the tax effects of matrimonial money or property transfers.