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Written by practitioners for practitioners Taxation in Australia is continually ranked as Australia's leading tax journal.
Published 11 times per year, the 'blue journal', as it is affectionately known, is available exclusively to members.
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This comprehensive publication features articles with a strong, practical approach to the latest tax issues and professional development.
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Articles from the current issue:
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Foreign beneficiaries beware of discretionary trusts following Greensill
shopping_cart Add to cart 01 Jul 2020Longstanding international taxation law principles assert that the taxation of ordinary income and statutory income such as capital gains should be determined based on the residency of the taxpayer and the source of the income. It appeared that this was accepted by the ATO with respect to foreign capital gains flowing through an Australian discretionary trust to a foreign resident up until an ATO consultation on these matters in 2016. The ensuing departure from this position became public knowledge by virtue of TD 2019/D6 and TD 2019/D7 and was recently tested in the Federal Court decision in Peter Greensill Family Co Pty Ltd (trustee) v FCT. For the reasons set out in the decision and discussed in this article, the result is that the trustee of an Australian discretionary trust is taxable on foreign capital gains distributed to foreign beneficiaries.
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Tax tips: Discretionary trusts: some practical issues
shopping_cart Add to cart 01 Jul 2020A recent decision of the Tasmanian Supreme Court canvasses issues of interest that arose in relation to the administration of a family discretionary trust.
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Options and NSW duty: Practical considerations
shopping_cart Add to cart 01 Jul 2020The use of options in real estate transactions is common. However, the NSW duty implications of these arrangements are not always well understood by advisers. Failure to understand the duty position can result in multiple imposts of duty — a cost that often arises when a taxpayer is least able to afford it. This article outlines the NSW duties regime applying to options, including the nature of options, and discusses issues around option transfers, the nomination of another person to exercise the option, novations, the assignment of option rights, and issues arising from simultaneous put and call options. The article also outlines a number of practical issues that should be considered by taxpayers and their advisers before entering into these arrangements.
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CEO's report: We are your biggest fan: Advocacy “sans frontières”
file_download Free to download 01 Jul 2020What we are doing to advocate for our community, in tax policy and beyond.
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Tax counsel's report: A united front from the tax profession
file_download Free to download 01 Jul 2020In this month’s column, tax counsel Stephanie Caredes considers the value that the united front among representatives of the tax profession has brought during the coronavirus crisis.
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Split central management and control and dual residency
shopping_cart Add to cart 01 Jul 2020The ATO’s approach to central management and control (CMAC) in TR 2018/5 and PCG 2018/9 introduces a new controversy into corporate residency by potentially treating a single board meeting as the exercise of CMAC in multiple jurisdictions. This article argues that such an approach is inconsistent with the foundation of CMAC first set out in De Beers case, and followed in previous dual CMAC decisions such as the Union Corporation case, that a company resides where CMAC actually abides and the real business of the company is carried on.
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Alternative assets insights: Hybrid mismatch rules: Proposed changes
shopping_cart Add to cart 01 Jul 2020Proposed amendments to the Australian hybrid mismatch rules seek to clarify a number of problematic operational issues.
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A matter of trusts: Trading trusts and the oppression remedy
shopping_cart Add to cart 01 Jul 2020The law relating to oppression remedies being applied to trading trusts remains shrouded in uncertainty. What has caused this uncertainty? And can certainty be restored?
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Tax News – At a glance: June – What happened in tax?
shopping_cart Add to cart 01 Jul 2020The following points highlight important federal tax developments that occurred during June 2020.
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Superannuation: Electronic execution of deeds by individuals
shopping_cart Add to cart 01 Jul 2020The electronic execution of a deed by individuals can occur in Victoria until 24 October 2020 and in NSW until 22 October 2020.
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President's report: The new normal and our hope to get there soon
file_download Free to download 01 Jul 2020The new economic environment, future tax policy, and the wellbeing of our community.
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Mid market focus: Capital gains and foreign resident beneficiaries
shopping_cart Add to cart 01 Jul 2020The tax treatment of capital gains distributed by a discretionary trust to a foreign resident is at the forefront of recent guidance by the Commissioner.