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ATO is chasing "land banking" by foreign investors
If you are a foreign resident and you have acquired vacant land in Australia with Foreign Investment Review Board approval, and you have not met a condition of that approval (namely, building dwelling or dwellings on that land within the required time), then be careful. Read more...here.
Selling real property? Declare any gain in the right income year!
A recent Federal Court case showed the importance of the rule that a capital gain is assessable in the income year in which the contract for its sale is entered into, even if settlement occurs in a later income year (perhaps several years later). Read more...here.
Determining a person's residence for tax purposes is not as easy matter!
A recent Federal Court decision once again outlined the importance of determining a person's residency status for tax purposes - and moreover how difficult that may be. Read more...here.
Receiving loans or other benefits from your company? Beware!
Earlier this year, the High Court handed down an important decision about the operation of Division 7A. Read more...here.
Super death benefit: ATO rules adult child is not a dependant despite disability
Adult children are not usually dependants for tax purposes. Read more...here.
Part IVA: Where tax planning crosses the line
You're entitled to arrange your affairs to pay less tax. Read more...here.
What happens to your age pension if you retire overseas
If you retire overseas, you may still be able to receive the Age Pension, but some things change. Read more...here.
NEW DISCLOSURE RULES FROM THE TAX PRACTITIONERS BOARD
In relation to the taxation services we provide, we advise that the Tax Practitioners Board (TPB) maintains a register of tax agents and BAS agents which can be accessed and searched here. The register contains details of registered, suspended, and deregistered tax and BAS agents.
If you have a complaint about a tax agent service that we provide, we encourage you to seek to resolve it with us by contacting us immediately. You can also make a complaint to the TPB in accordance with their complaints process set out here.
Our registration as a tax agent is not subject to any conditions and in the last five years we have not been subject to any of the events described in subsection 45(1)(d) of the Tax Agent Services (Code of Professional Conduct) Determination 2024 (the Determination) or other matters required to be disclosed under other laws.
The full text of the Tax Practitioners Board disclosure requirements and guidance may be found here.
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