by Tony Greco | Jul 9, 2021 | Features
The mischief it is trying to address relates to the owners of a professional firm being taxed on an “artificially low” share of the business’ profits. Lawyers, engineers, architects, doctors, financial planners and accountants are amongst the likely suitors being...
by Tony Greco | Mar 25, 2021 | Blog
Every so often a case comes along which spikes interest from tax professionals. The Lambourne case at the Administrative Appeals Tribunal (Lambourne v FC of T AATA 4562 http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AATA//2020/4562.html) is one such case. The...
by Tony Greco | Mar 8, 2019 | Blog
We review all proposals from two perspectives: members’ and public interest lens. Most of the time the public interest and members’ interest are aligned, but this is not always the case. For months now, the two major political parties have been foreshadowing divergent...
by Tony Greco | Feb 8, 2019 | Blog
Australian individual income tax residency rules have remained largely unchanged since they were introduced in 1930. It is not unexpected, given that the current definition of ‘resident’ was enacted over 80 years ago, that the current rules are no longer fit for...
by Tony Greco | Apr 6, 2018 | Blog
Tax ruling TR 2010/3 which has been in effect from 16 December 2009 outlines the ATO’s view that a UPE between a trust and a private company beneficiary is the provision of financial accommodation to the trust for the purposes of Division 7A and therefore could be...
