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Tax Stock Take 2023 /2024
Navigating the Maze
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There has been a plethora of taxation developments over the last 6 months, we will unpack key tax developments and their implications inclusive of legislative changes, ATO rulings, and Court judgments that practitioners must be aware of as they manage the tax compliance risks for taxpayers during 2024.
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Division 7A & Payments
Paying a high price for using company assets
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Division 7A has often been described as a weapon of mass destruction but the mistaken perception is that it only applies to private company loans to shareholders and associates. In fact, Division 7A can have dire consequences in the case of private company payments including the transfer of property and the use of company assets by shareholders and associates. Unpack the scope and effect of the Div 7 payment regime and viable planning strategies to avoid paying the high price of an unfranked deemed dividend arising for shareholders or associates including in instances of marriage breakdown.
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Taxation of Family trusts
Blood is thicker than water when it comes to streaming
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Family trust structures have traditionally been considered a viable instrument for asset holding and income distribution. However, since recent court judgments and ATO rulings, it begs the question how to set up a family trust structure and appropriate distribution mechanisms for effective establishment and operation including the tax advantages and disadvantages.
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Tax and the Family Home
Home is where the heart is but only if it provides shelter (from tax)
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For many people, their family home represents their most valuable asset.Peter will provide comprehensive coverage of tips, traps, pitfalls, and planning strategies to the potential application of the income tax, capital gains tax, GST, and fringe benefits tax regimes to the acquisition and/or sale of the family home.
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