Taxation Issues on Release of a Company's Unpaid Present Entitlement
Taxation Determination TD 2015/20, released by the ATO on 25 November 2015, explains the Commissioner's view on whether a release by a private company of its unpaid present entitlement (UPE) constitutes a "payment" under the Div 7A shareholder…
SMSF - Policy Conditions
Income protection insurance is worth considering for working people. It can pay a proportion of your salary if you are temporarily unable to work because of sickness or injury. When taking out any insurance policy, you should check carefully…
Personal Tax - CGT: Deceased Estates
It is relatively common for a taxpayer to inherit residential property under a will. While an inherited dwelling can be a wonderful gift, it often results in capital gains tax (CGT) implications, particularly where the taxpayer later sells the…
Agistment Activities: Business
Q. I propose to purchase about 20 acres of land which is used for cattle grazing. I will continue to use the land for agistment purposes, although my long-term plan is to subdivide the land and sell the subdivided blocks. Will the agistment…
SMSF ATO Powers
The ATO – as the regulator of SMSFs (self-managed super funds) – has a range of treatments available to it to deal with SMSF trustees who have not complied with the super laws. The ATO says its primary focus is to encourage SMSF trustees…