Background Many advisers need to change their procedures before registering a company for clients to ensure their clients comply with the DIN requirements and hefty penalties are not imposed. Failure to comply with the DIN rules may result in hefty penalties given a range of strict liability offences in the Corporations Act 2001 (Cth) (CA). [read more]
Most people by now may be aware of the non-resident capital gains tax withholding obligations (Withholding Regime), which arise for vendors disposing of certain taxable property. Broadly, the Withholding Regime was introduced to allow the Federal Government to obtain tax in respect of foreign vendors. However, the Withholding Regime applies to most transfers of real [read more]
Non-arm’s length income (NALI) has recently become one of the hottest and most contentious topics in the superannuation industry that impacts both large APRA and self managed superannuation funds (SMSFs). This is largely due to the finalisation of the ATO’s Law Companion Ruling LCR 2021/2, which outlines the ATO’s view of the application of the [read more]
The ATO recently issued a statement noting that there has been an increased number of taxpayers mistakenly claiming capital gains tax (CGT) small business concessions (refer: ATO QC 67318). As a result, the ATO is now actively following up those who have claimed CGT small business concessions advising them to ensure that they meet the [read more]
Daniel Butler and Bryce Figot of DBA Lawyers are senior fellows at Melbourne Law School and are lecturing a subject titled LAWS90235 Tax of Superannuation A. It is a three day intensive subject and will run in March 2022. Centred around SMSFs, the subject deals with the policies, technical rules, and current practical problems in [read more]
