Legal Professional Privilege remains a powerful tool for protecting the confidentiality of communications between client and legal advisor.
A stay in the sun
Thinking of putting up your house on AirBnB to fund a European summer adventure? Think ahead, and read our article...
Cryptocurrency, The Taxman and Big Data
In 2019 the ATO started its first crypto data-matching program. The ATO’s data matching program compared taxpayer self reported income to cryptocurrency transaction data occurring between 2014 and 2019. Recently, the ATO expanded their program to gather information up to the 2022-2023 income year and will continue to gather and compare...
An Active Asset: Mr Eichmann and his block of land
The Gatekeeper to Small Business Capital Gains Concession Eligibility. An Active Asset is a key technical definition in the eligibility criteria for all small business capital gains tax concessions and must be an asset used in the course of carrying on a business. Eichmann v Commissioner of Taxation [2020] FCAF...
Upcoming changes to Individual Tax Residency Rules – Test Driving the Framework
First Impressions - Test driving the proposed residency rules The pending overhaul of Australia’s individual tax residency rules, announced in the Commonwealth Government’s 2021-2022 budget[1] based on the Board of Taxation’s 2019 report, ‘Reforming Individual Tax Residency Rules – A model for modernisation: a report to the Treasurer’[2] (‘Report’) mark...
Relaxing Super Residency Rules
Superfund residency requirements are being relaxed. Under changes announced in the 2021-2022 Commonwealth budget, the ‘Active Member’ test is being abolished and the Central Management and Control safe harbour is being extended from 2 to 5 years. Great news if you live and work overseas but have an SMSF or...