by George Kolliou | Oct 1, 2012 | Features
The Commissioner issued Draft Determination TD 2012/D4 on 13 June 2012. This is the latest statement on the vexed question of what variations to the terms of trusts give rise to a resettlement. This welcome move by the Commissioner provides much greater certainty for...
by George Kolliou | Aug 1, 2012 | Features
Following Bamford and the cases leading to it, the announcement of the re-write of Division 6 and the interim streaming rules, the ATO has issued Draft TR 2102/D1 dealing with the meaning of “income of a trust”. The draft ruling appears to be a yet another attempt by...
by George Kolliou | Jun 1, 2012 | Features
Rental property deductions The taxpayer in The Applicant v Commissioner of Taxation [2012] AATA 174 owned a property in regional NSW which had been vacant for five years. As well as the taxpayer’s residence, the taxpayer owned other properties in regional NSW....
by George Kolliou | Apr 1, 2012 | Features
Small business CGT concessions, as the term implies, apply to small businesses only. The old $5 million MNAVT has been replaced by the alternative of either: the $6 million MNAVT or the $2 million turnover test. This means that taxpayers with a relatively low turnover...
by George Kolliou | Dec 1, 2011 | Features
The issue of resettlement of trusts is very topical as practitioners wrestle with income and capital definitions and streaming provisions in trust deeds following the Bamford decision and the new streaming rules. In many cases, particularly with old trust deeds,...
