ATO: Division 7A and concern with unit trust arrangements
February 24, 2022
The ATO have raised concerns about a number of arrangements involving unpaid present entitlements and unit trusts that may have implications under Division 7A.
The ATO have identified ca...
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ATO: Division 7A and UPEs
February 24, 2022
For unpaid present entitlements (UPEs) on or after 1 July 2022, the Commissioner's view in Draft Taxation Determination TD 2022/D1 is that even if not converted to an ordinary loan, a UP...
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ATO releases s100A and UPE draft guidance
February 24, 2022
The ATO has released a package of draft advice and guidance products, setting out its evolving view on the tax treatment of:
trust entitlements arising out of reimbursement agreements u...
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Commercial debt forgiveness: love and affection exclusion finalised
February 17, 2022
Taxation Determination TD 2022/1 finalises the ATO's position on the "natural love and affection" exclusion in the commercial debt forgiveness rules. The key point in TD 2022/1 is that the ...
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Reimbursement arrangement s 100A
February 17, 2022
The Commissioner has lodged a notice of appeal to the Full Federal Court from the decision in Guardian AIT Pty Ltd ATF Australian Investment Trust v FCT [2021] FCA 1619.
The Federal Cou...
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High Court rules on employee vs independent contractor distinction
February 17, 2022
The High Court has made two rulings in relation to the distinction between employees and independent contractors.
In Construction, Forestry, Maritime, Mining and Energy Union & Anor v ...
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SME Loan Guarantee Scheme extended to 30 June 2022
December 16, 2021
The Treasurer announced on Monday 13 December 2021 that the SME Loan Guarantee Scheme will be extended by 6 months to 30 June 2022.
This extension keeps the same terms and conditions as...
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DGRs eligibility has changed from 14 December
December 16, 2021
DGRs that were endorsed under one of the 11 amended DGR categories prior to 14 December 2021, need to check they meet the changed requirements. From 14 December 2021 all general deductible...
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COVID-19 vaccination incentives and rewards – ATO fact sheet
December 16, 2021
The ATO has released a fact sheet for employers on the tax and superannuation consequences of providing incentives or rewards to employees who get vaccinated against COVID-19.
Specifica...
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Professional firms profit allocation guideline finalised
December 16, 2021
The ATO has finalised Practical Compliance Guideline PCG 2021/4 Allocation of professional firm profits – ATO compliance approach that sets out the ATO’s compliance approach to the al...
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