Insights

Dan's Deliberations Section 100A: The great unknown The Commissioner’s guidance, or lack thereof, on the operation of section 100A of the ITAA 1936 continues to create great uncertainty for tax professionals. Section 100A was introduced into the Act in 1978 to deal...

Monique's Musings There are a lot of factors to consider when drafting consent orders for Family Law property settlements – so here's another.  The marriage or relationship breakdown rollover under Subdivision 126-A of the Income Tax Assessment Act 1997 (Cth)...

Shivani's Serve The Taxing Uncertainties of Divorce Parties to a family law property settlement may be quick to select their preferred assets but have they considered the potential tax implications attached to those assets? In any case, will the Family Court take into...

Dan's Deliberations Divorce and tax - two modern day certainties? Tax can have a significant impact on property settlements. While most family lawyers have a working knowledge of the CGT issues, Division 7A and its impact on property settlements is less understood. At...

Mat's Monologue The ATO has released its finding report for its Top 500 tax performance program. The program was an extension of the Top 320 program. The program seeks open and transparent engagement with the wealthiest private groups in Australia. The program focuses...

Lisa's Lore A Supreme Court case in Queensland has caught our attention this week: Re Permewan [2021] QSC 151. It’s got everything you could want in a case about a deceased estate: family drama, intrigue and a valuable lesson about the “gift and loan back” strategy....

Dan's Deliberations Division 7A and maturing sub-trust arrangements Most readers will be aware of the ATO’s administrative approach to the application of Division 7A to unpaid present entitlements (UPEs) owing from a trust to a corporate beneficiary as set out in TR...

Dan's Deliberations A non-resident makes a capital gain on an asset they own personally that is not Taxable Australian Property. Result = not taxable. A non-resident beneficiary receives a distribution from an Australian resident fixed trust of a capital gain on an...

Upcoming events Don’t get caught out on June 30: What you need to know about Trust Distributions and Division 7A (Webinar) On Tuesday June 15 at 11am AWST, Birchstone Tax Law will be hosting a free webinar on trust distributions and Division 7A. To find out more...