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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

222

Published

September 18, 2020

Notes Online Home 2015 Tax Hot Spots II

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

These seminar notes cover the following topics:

  • What’s New in 2015!
  • The Latest Issue with Trusts
  • Important Superannuation Issues Update
  • Recent Developments with the Small Business Concessions
  • Significant Current CGT Issues
  • GST Update
  • The Latest on ATO Compliance Activity
  • Tax Practitioners Board Update

Chapters and Articles in 2015 Tax Hot Spots II

GST Update

Major test case denies input tax credit claims for residential accommodation

Taxpayers hit with huge GST penalty for failure to prove existence of enterprise

Car dealer not carrying on an enterprise

Property developer liable for GST

Important Superannuation Issue Update

Increase in the preservation age restricts access to superannuation

Death benefit nomination was ineffective due to a minor technicality

Earlier super access for the terminally ill

SMSFs and dividend stripping

Recent Developments with the Small Business Concessions

Company found to have a CGT concession stakeholder despite having dividend access shares

Recent case offers crucial guidance on the meaning of market value

Scheme to pass net asset test slugged by Part IVA

New ATO ruling on treatment of UPEs for the maximum net asset value test

NEW ATO guidelines on the meaning of fixed trust

Significant Current CGT Issues

Government finally release legislation on the CGT treatment of earnout rights

Taxpayers capital gain on sale of property adjusted

ATO changes view on payments to retiring partners

Tax Practitioners Board Update

Tax agents hit with massive penalties

Tax Practitioners Boards recent update to reasonable care guidelines

Exposure Drafts released by the Tax Practitioners Board

The Latest Issues with Trusts

Division 7A and the release of unpaid present entitlements

Unpaid present entitlements and bad debt deductions - TD 2015/D5

New ATO concession for trustees

Trustee comes to grief after banking trust cheque in personal account

Court denies trustee has duty to inform beneficiary of entitlement

The Latest on ATO Compliance Activity

NEW ATO guidelines on allocation of profits within professional practices

ATO audits - will your clients be targeted

Directors caught out with PAYG penalty notices

Taxpayers continue to struggle in proving default assessments are excessive

What’s NEW in 2015

The NEW 20000 SBE write-off

Reduced SBE corporate tax rate

The SBE 5 tax discount

NEW immediate deduction for small business entity start-up costs

Farmers capital costs may now qualify for an instant or accelerated write-off

Revamp of work and business related car expenses

Government slashes FBT exemption for entertainment expenses

Landmark decision impacting employers of fly-in-fly-out workers

Taxpayer falls foul of the PSI attribution rules

New ATO guidelines on the sharing economy

Developers profits held to be on revenue account

Claiming deductions when expenses are incurred by another entity

Problems with expenses incurred by entities outside of the operating entity

Extension of FBT exemption for multiple portable electronic devices for SBEs