Family succession traps
There are complex tax rules when dealing with company shares. Practitioners should be aware of the relevant legislation and if unsure, seek specialist advice.
The latest from the High Court: March 2016
Reporting and analysis of the latest key judgments from the High Court of Australia. By ANDREW YUILE.
Dangerous trusts and hidden tax stings
Whenever you act on the purchase by a trust of any nature, always check the vesting date. By JIM MAIN.
Will making and hidden tax stings
Remember that transfers to beneficiaries of a will under a power of sale or testamentary option are not CGT free. By JIM MAIN.
Fear not the ATO: handy tips for lawyers
The ATO is working on improving its internal systems in recognition of the important role legal practitioners play in assisting taxpayers in their dealings with…
The pain of company guarantees: beware hidden tax stings
A third-party loan guaranteed by a private company can be deemed an unfranked dividend to the borrower under division 7A of the Income Tax Assessment Act…
One business deal, multiple contracts: GST and stamp duty stings await
Whenever there are two or more contracts covering what is essentially one business deal, be aware that section 25 of the Duties Act 1997 (NSW) may apply….
Market value and GST
A buyer has no obligation to top up for GST unless it is in the contract. By JIM MAIN.