Author: Sarah Wallace
Wallace Partners Client Information Newsletter November 2019
Access our Wallace Partners Client Information Newsletter November 2019 below: Wallace Partners CIN November 2019
Bonus Article, Regulatory Roundup October 2019
High Court confirms Full Federal Court’s Harding tax residency ruling The ATO’s application for special leave in the residency matter of Harding v Commissioner of Taxation has been refused by Australia’s High Court. This means the decision of the Full Federal Court (FFC) holds, which essentially provides a wider interpretation of the meaning of “permanent...
Bonus Article, Asbestos removal, even testing, may be deductible
There is a taxation ruling (in draft form at the moment) that spells out when a rental or commercial property owner may be able to claim a deduction relating to expenditure incurred by activities undertaken to deal with pollution issues and other environmental protection purposes. The ruling, TR 2019/D3, does not define “pollution”, which therefore...
An FBT reporting exclusion for personal security concerns
The ATO has plans in place that it can put into operation to relieve certain employers from reporting all the fringe benefits they provide to staff. The measure however is only triggered where it can be shown that employees’ personal safety is at risk or under threat. Note that the term “security concerns” in relation...
The SMSF sector is growing by $23,200 every minute
The latest statistical report from APRA has been released (here’s a link to download it — https://bit.ly/2kIH9Oz), which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors. But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June 2018 to June 2019 grew...
CGT when spouses have different main residences
It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to optimise the tax outcome in this case...
Wallace Partners Client Information Newsletter October 2019
Access our Wallace Partners Client Information Newsletter October 2019 below: Wallace Partners CIN October 2019
Bonus Article, Regulatory Roundup September 2019
ATO takes aim at ‘you-scratch-my-back’ auditing arrangements It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the legislation. There have of course been breaches of this requirement, and instances where...
Bonus Article, How transfer pricing actually works – and why it’s abused
How transfer pricing actually works – and why it’s abused Multinational tax avoidance is proving to be a sore point for Australians. You’ve heard about the big players – Facebook, Google, Apple – and there is speculation they might be engaging in dodgy transfer pricing practices. What is transfer pricing? When two companies that are...
Bonus Article, Barbecue stopper, Weird taxes
Barbecue stopper: Weird taxes If the tax system seems unfathomable sometimes, keep in mind that throughout human history there has been a plethora of “strange” rules and regulations in regards to tax that citizens of various jurisdictions, and time periods, have had to cope with. The hipster haters Henry 8th, who had a beard, is...