This is part 10 of our series of ‘employee versus contractor’ articles. Part 10 focuses on recently updated guidance from the ATO regarding 12 common myths that result in engaging entities incorrectly classifying an employee as a contractor or vice versa. The webpage (QC 33185) can be found here. The other articles (parts 1-9) are linked [read more]
In the matter of Absolute Vision Technologies Pty Ltd (subject to deed of company administration) [2024] NSWSC 1010 where a prior self managed superannuation fund (SMSF) trustee had failed to transfer title to a new trustee, a court order (more accurately speaking, ‘judicial advice’) was required to sell an asset to transfer the proceeds to [read more]
Yesterday, Treasury released exposure draft regulations to allow people to exit certain legacy pensions. This expands on and supports implementation of the 2021–22 Budget measure to allow exiting certain legacy retirement products. For some this will be highly welcome news! In the next SMSF Online Update, Bryce Figot will unpack these regulations in detail, discussing: [read more]
As a lawyer, I do a substantial amount of work advising and representing approved SMSF auditors who are being audited/reviewed by the ATO and/or who have been referred to ASIC. Accordingly, I paid considerable attention to certain new statistics that the ATO released recently regarding ‘SMSF auditor case outcomes 2023–24. ATO referrals to ASIC are [read more]
Non-arm’s length income (NALI) applies a 45% tax to both ordinary and statutory income of a superannuation fund. A net capital gain is statutory income. However, how does NALI interact with the capital gains tax (CGT) provisions? The ATO has recently released Tax Determination (TD) 2024/5 to outline its current view on the interaction between [read more]
Introduction This case note was prepared shortly after the Katz v Grossman decision was handed down in late 2005 and I have updated this newsfeed as it remains relevant today and is a great ‘war story’ for advisers. Indeed, there has been a great number of cases that have since added to our understanding in [read more]
In light of recent changes to the professional and ethical obligations on tax practitioners, it is important for clients and advisers to consider who to seek guidance from. This article discusses certain advantages of engaging a lawyer for advice or assistance. Background The Tax Agent Services Act 2009 (Cth) (TASA) has recently been amended to [read more]
Historically, deeds were required to be written on paper (or parchment or vellum), as well as being signed, sealed and delivered. Recently, however, there have been numerous legislative developments that allow for deeds to be executed electronically, subject to certain requirements. These requirements differ depending on the Australian state/territory’s laws the deed is subject to. [read more]
A recent Federal Court decision has held that a transfer of units in a unit trust to an SMSF was void pursuant to s 128B of the Bankruptcy Act 1966 (Cth) (BA). The decision of Ruhe (Trustee) v Rodmarg Pty Ltd, in the matter of Bankrupt estates of Power [2024] FCA 638 demonstrates the circumstances [read more]
This is part 9 of our series of ‘employee versus contractor’ articles. Part 9 focuses on the ATO’s recent decision impact statement (DIS) on the Full Federal Court (Full Court) in Jamsek v ZG Operations Australia Pty Ltd (No 3) [2023] FCAFC 48 (Jamsek). The other articles (parts 1-8) are linked under the Related Articles [read more]
