Taxation in Australia

The Taxation in Australia Journal

Written by practitioners for practitioners Taxation in Australia® is continually ranked as Australia's leading tax journal. Access the latest issue of Taxation in Australia in print, on your iPad or Android tablet, or online with our new digital edition.

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With a readership exceeding 35,000, Taxation in Australia is published 11 times per year and available exclusively to members in hard copy and online format, and now as an app on the Apple iPad and on Android tablets. This comprehensive publication features articles with a strong, practical approach to the latest tax issues and professional development. It is affectionately known as the Blue Journal.

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Articles from the current issue:

  • The importance of credibility in tax audits and appeals: Part 1 Add to cart

    01 Feb 2016

    The perceived credibility of a taxpayer’s evidence is nearly always critical to the outcome of a tax dispute, whether it is the Commissioner’s perception of the taxpayer’s evidence following an audit, or the perception of a court or tribunal in an appeal. Perceptions of credibility are often affected by the absence or (in)adequacy of critical records, and inconsistencies between contemporaneous records and subsequent statements made in interviews, examinations, audit responses, objections, issues papers and witness statements. The Commissioner’s information-gathering powers provide ample opportunity to unearth any inconsistencies.

    The two parts of this article consider the importance of a taxpayer’s credibility in tax audits and appeals in the context of the taxpayer’s evidential burden and the standard of proof, how credibility is assessed by a court or tribunal, and (in part 2) the practical considerations for both taxpayers and the Commissioner of Taxation in dealing with issues in audit and preparing for an appeal

  • Trusts: practical solutions for real-life problems Add to cart

    01 Feb 2016

    The Commissioner of Taxation can and does challenge the legal effectiveness of transactions that taxpayers undertake even before engaging with specific tax issues arising from trust dealings. It is crucial for trustees and their professional advisers to read and understand the trust deed. This may prove difficult where one is dealing with a deed written in archaic and highly complicated legal language, possibly requiring the intervention of the court, or where the whereabouts of the trust deed itself are unknown. This article provides an account of trust law, with an emphasis on the taxation of trusts and beneficiaries, and includes reference to relevant cases and ATO materials.

    The article considers appointment and removal of trustees, trust creditors, insolvent trusts, the consequences of unpaid present entitlements, de facto trustees, reimbursement agreements, vesting and what happens when the trust deed cannot be found.

  • Small business restructure roll-over Add to cart

    01 Feb 2016

    In the 2015-16 federal Budget, the government announced that it would introduce new roll-over measures which would make it easier for small business owners to restructure, and permit their existing businesses to continue to operate, but through new legal structures, without triggering a capital gains tax (CGT) liability. Exposure draft legislation has since been released for comment.

    This article recommends two further measures, to allow simplicity in changing business structure to occur as foreshadowed in the Budget, without inadvertently compromising access to CGT concessions otherwise available to a business owner. These measures would extend the definition of an eligible CGT asset to include shares in a small business entity (SBE) company and units in an SBE unit trust, possibly introducing an “active asset test”, and allow for continuation of the ownership period under the small business 15-year CGT concession for SBEs restructuring under the new small business restructure roll-overs.

  • Managing disputes in SMSFs Add to cart

    01 Feb 2016

    Joint investments, such as a multi-member self-managed superannuation fund (SMSF), can give rise to disputes among fellow investors. Within an SMSF, however, the options for resolving disputes must be considered with reference to a complex overlay of superannuation and tax regulation. While a disgruntled shareholder may be able to sell shares to a fellow shareholder and walk away, disentangling interests in an SMSF is not nearly so straightforward. This article examines the kinds of disputes that can arise in an SMSF, and how they may be resolved.

    The article considers the regulatory framework, the significance of a fund’s constituent documents, options for resolving disputes, and how an SMSF may be made proof against disputes. The author concludes that advisers should perhaps be more ready to insist that clients think carefully about whether a single member SMSF might better suit their needs.