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]
This is part 8 of our series of ‘employee versus contractor’ articles. Part 8 focuses the ATO’s decision impact statement (DIS) on the Full Federal Court (Full Court) in JMC Pty Ltd v Commissioner of Taxation [2023] FCAFC 76. (The other articles, parts 1-7, are linked under the Related Articles heading below.) Overview The DIS [read more]
A recent AAT decision demonstrates circumstances of a successful challenge to a disqualification made pursuant to s 126A of the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA). The decision of Merchant v Commissioner of Taxation [2024] AATA 1102 also highlights the dangers of what may, at face value, seem like ordinary investments such as acquiring [read more]
Overview The taxation of trusts continues to be an area of scrutiny for the ATO. The ATO has released a webpage titled ‘Trust distributions done right’ that provides guidance to practitioners on how to prepare for year-end trust distributions. The webpage (QC 101752) can be found here. Clearly, the ATO is concerned with trustees and [read more]
This is part 7 of our series of ‘employee versus contractor’ articles. Part 7 focuses on recent changes by the Federal Government to the definition of ‘employer’ and ‘employee’ in the context of the Fair Work Act 2009 (Cth) (FWA). The other articles (parts 1-6) are linked under the Related Articles heading below. Overview The [read more]
Preparing a valid change of trustee deed can prove complex as, among other things, the governing rules of the trust or SMSF must be complied with, the correct parties must be made a party and the deed needs to be appropriately drafted. Moreover, in New South Wales (NSW), the question also arises –– whether a [read more]
The AAT decision of Came and Commissioner of Taxation [2023] AATA 3951 highlights some complexities related to foreign superannuation fund transfers to Australian superannuation funds under the rules in sub-div 305-B of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997). Facts The taxpayer, Mr James Came, migrated from South Africa to Australia in 2004. [read more]
A recent Australian Financial Complaints Authority (AFCA) decision highlights the consequences for financial advisers when they fail to meet their service obligations. Under the Corporations Act 2001 (Cth) (CA) financial advisers are required to ‘act in the best interests of the client’ and ‘must only provide advice if it would be reasonable to conclude that [read more]
