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Disclaimer
These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.

Document Type

Publication

Pages

230

Published

September 18, 2020

Notes Online Home 2015 Tax Hot Spots

This publication, as a whole, is available in HARDCOPY only

Topics included in these notes cover:

  • What’s NEW in 2015!!!
  • CGT Smackdown!
  • GST and Property
  • Trusts in and out of the Courts!
  • Other Recent GST Changes
  • The Latest Superannuation Developments
  • Practitioner Issues
  • Tax Practitioner Board (TPB) Update

Chapters and Articles in 2015 Tax Hot Spots

CGT Smackdown

Taxpayers fail the Maximum Net Asset Value Test despite tax planning efforts

ATO reverses its position on appointors

NEW CGT exemption for compensation payments

GST and Property

High Court restores status quo on post-sale treatment of leased property - MBI Properties

NTAA guide to the GST implications of common property transactions

Other recent GST changes

NEW ATO ruling on when GST can be refunded

GST implications of crowdfunding

Onus falls on taxpayer to prove expenses are properly connected with the carrying on of an enterprise

ITCs disallowed as no enterprise

Practitioner Issues

Recent cases unsuccessfully attempt to prove ATO assessments are excessive

Director held liable for company debts

Taxpayers fall foul of bankruptcy claw-backs

Tax Practitioners Board TPB Update

Tax agent held not to be a fit and proper person and registration denied

TPB releases retroactive requirements of professional indemnity insurance

The Latest Superannuation Development

The NEW regime for excess Non-Concessional Contributions

Loans by SMSFs to related parties

An update on Limited Recourse Borrowing Arrangements and related party borrowings

Recent developments when commuting a Transition to Retirement Income Stream

NEW Centrelink deeming rules for Account Based Pensions

Trusts in and out of the Courts

Trustees get court order extending vesting date

Beneficiary assessed on distribution of trust capital

AAT applies penal rates to minor beneficiaries

Don't rely on a trust UNLESS it really exists

Whats NEW in 2015

The ATO issue fresh threat to companies accruing directors fees at year-end

Government announces changes to superannuation guarantee rules

ATO goes on attack over aggressive property development schemes

Proposed changes to improve the taxation of Employee Share Schemes

ATO launches bold Division 7A challenge against inter-company loans

New developments for clients with foreign currency bank accounts

Taxpayer has win with non-commercial losses

ATO targets rental property errors

New Personal Services Income PSI ruling closes the door on loophole

NEW withholding regime for taxpayers who purchase assets from a non-resident vendor

Taxpayer hit with tax slug on lump sum compensation payment made in relation to personal injury