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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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Articles from the current issue:

  • Foreign beneficiaries beware of discretionary trusts following Greensill

    shopping_cart Add to cart 01 Jul 2020

    Longstanding 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.

  • Options and NSW duty: Practical considerations

    shopping_cart Add to cart 01 Jul 2020

    The 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.

  • Split central management and control and dual residency

    shopping_cart Add to cart 01 Jul 2020

    The 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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