Cryptocurrencies: What does the taxman think of your Bitcoin?

By Anthony Watson, Partner and James Lawrence, Partner  Bitcoin has been heralded as the ultimate digital payment technology: decentralised, immutable and free from the restraints of existing financial services structures. Other cryptocurrencies possess similar attributes. This relatively new technology presents fascinating legal challenges on numerous fronts. But how does the Australian Taxation Office treat cryptocurrency
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NSW Budget 2016-17

By Jennifer Yeo, Special Counsel, and Isobel Feben, Lawyer. NSW introduces Foreign Investor Duty and Land Tax Surcharges and abolishes off-the-plan concession for foreign persons The NSW Budget 2016-17 handed down on 21 June 2016 introduces new measures affecting foreign persons who own or purchase residential property in NSW on and after that day. The
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New Withholding Tax Regime – What Do Real Estate Agents Need To Know?

By Jennifer Yeo, Special Counsel From 1 July 2016, purchasers of certain ‘taxable Australian property’ from foreign tax residents will be required to pay 10% of the total purchase price to the Australian Taxation Office (ATO). As a successful agent, it is vital you inform both the vendor and purchaser of their obligations under the
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New foreign resident capital gains tax withholding regime

The Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act was enacted on 25 February 2016. All purchasers of Australian real property, interests in entities that predominantly hold Australian real property or options over these will be affected by the new foreign resident capital gains tax withholding regime.  The new regime will apply to
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Buy-sell agreements – can life insurance policies still be owned by an SMSF?

Last year, the ATO scrutinised the practice of an SMSF holding a life insurance policy in order to fund a buy-sell agreement. In what was described by commentators as a “harsh” decision and a backflip on the ATO’s prior position, the ATO ruled that such an arrangement was capable of contravening the sole purpose test
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The Tax Storey

To read the latest editions of The Tax Storey, an informative update and report on all things Tax-related, please see below link. The Tax Storey: Issue 1 The Tax Storey: Issue 2 The Tax Storey: Special Star Wars Edition! Contact Mills Oakley To subscribe or suggest a topic for discussion in a future issue, please
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Offshore Tax Fraud – Last chance to come clean (and stay out of jail!)

Australians who have evaded tax outside Australia now have less than five months to take advantage of a unique ATO initiative to allow a voluntary disclosure.  The initiative is known as Project DO IT, short for “Disclose Offshore Income Today.” Project DO IT offers tax evaders the opportunity to voluntarily disclose tax evaded through false
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Project DO IT: Disclose Offshore Income Today

By Jack Stuk, Partner When the Commissioner of Taxation announced Project DO IT in March 2014, he said, “as governments around the world step up their data sharing and harness powerful technology to find tax cheats, the concept of the ‘tax haven’ is dying. It’s just a matter of time before you’ll be caught.” This
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The Tax Story – May 2014

  The Coalition Government has announced a “Cutting Red Tape” initiative.  It proposes to cut 9,000 regulations which it claims will reduce compliance costs by $1 billion every year. Its first initiative so far has been the introduction of the Omnibus Repeal Day (Autumn 2014) Bill into parliament which aims to amend or repeal unnecessary
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The Mills Oakley Tax Compliance Index

Courtesy of John Storey | Partner, Private Advisory Like an out of control virus the multitude of tax laws, regulations, rulings and decisions expands every year, seemingly without limits. Both sides of Australian politics profess to support small business. But currently, it is the government itself that is the biggest impediment to small business, in
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Another Div 7A U-Turn by the ATO — Family Law and Tax collide

As widely reported, the Tax Office released Draft Taxation Ruling TR 2013/D6 (the Draft Ruling) on 13 November 2013. The Draft Ruling concerns the treatment of payments by a private company arising from matrimonial property proceedings under Div 7A of ITAA1936 for under market value. The Draft Ruling expresses the Tax Office’s view that s
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Beware the Notional Settlor Clause – s 99A accumulation assessment looms large!

With all the recent activity concerning the taxation of trusts (the Bamford’ case (2010) 75 ATR 1), controversial ATO rulings, legislative changes and more to come), it is easy for advisors to lose track of the basics. For example, it is crucial when advising clients how to distribute income or capital from a discretionary trust
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Carbon Tax Alert – Is Your Business Carbon Tax Ready?

Guideposts through the “green” maze and the new carbon tax On 8 November 2011, the Clean Energy Act 2011 was passed by the Senate. It introduces a carbon price in Australia (frequently referred to in the media as a carbon tax) and is the Government’s response to the risks of global climate change. The key
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Does wealth equal happiness?

by Jack Stuk, Partner Taxation, Property Joint  Ventures & Complex Estates, Mills Oakley and recently published in  Thomson Reuters Weekly Tax Bulletin Issue 13. Proper Succession/Estate Planning … a better way Despite being in the top 30 richest families in the World, never has so much (from the litany of newspaper reports) produced so much
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GST refunds to be paid immediately- high court says no to commissioners’ appeal –BAS takes precedence

The High Court of Australia on Friday 9th December 2011 has refused the Commissioner of Taxation’s application for special leave to appeal a decision of the full Federal Court of Australia. That finding, in favour of our client was that a taxpayer is entitled to be paid the GST refunds claimed in their Business Activity
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Sale of business – saving CGT / stamp duty and CGT rollover relief

Two different vendor clients, sought advice whether a sale of shares of a company owning their respective businesses was more advantageous from a commercial and tax outcome than a “business asset” sale. The Purchaser may benefit, due to stamp duty savings (especially outside Victoria) if a share sale occurs. For instance, in NSW it could
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Mixing Business and Pleasure – Claiming CGT Small Business Concessions for the Home

The sale of the Family Home is not always exempt. For example, a taxable capital gain may arise where the home: 1. is on land exceeding 2 hectares (e.g. fringe metro areas); 2. is not in an individual family member’s name who resides in the home (e.g. in the name of a company or trust,
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