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Full Federal Court Decision on Fuel Tax Credits

22 October 2019

Linfox Australia Pty Ltd v Commissioner of Taxation of the Commonwealth of Australia [2019] FCAFC 131

The Full Court of the Federal Court recently handed down a decision in Linfox Australia Pty Ltd v Commissioner of Taxation of the Commonwealth of Australia [2019] FCAFC 131 (Linfox Case) in relation to fuel tax credits claimed by Linfox pursuant to the provisions of the Fuel Tax Act 2006 (Cth) (FTA).

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Government attack on the black economy – road freight services targeted

22 October 2019

Businesses that provide road freight services have increased tax compliance obligations as they are now subject to the Government’s Taxable Payments Reporting System (TPRS).

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safe harbour

Stop tax in its tracks – ATO extends CGT exemption on sale of deceased’s residence

11 October 2019

The sale of a person’s main residence (ie their home) is generally exempt from capital gains tax. This exemption is ‘carried through’ to beneficiaries or executors of deceased estates who seek to dispose of the deceased’s main residence, where certain conditions are satisfied.

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Superannuation Guarantee Amnesty

Superannuation Guarantee Amnesty – Ready, Set, Go!

07 October 2019

On 18 September 2019, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 (the Bill) was introduced into Parliament. The Bill seeks to re-introduce a superannuation guarantee amnesty, following the previous amnesty legislation lapsing due to the Federal Election being called in April 2019.

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tax deductions on vacant land

Do you claim tax deductions on vacant land you own? An unwelcome surprise for property investors from 1 July 2019

10 September 2019

In a Bill currently before Parliament, property investors will be denied deductions for holding and financing costs incurred in owning vacant land. Ordinarily, such costs would be deductible where the land is intended to be used for the purpose of producing assessable income.

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Are you overpaying land tax?

26 July 2019

Are you overpaying land tax based on out of date council valuations?

The 2019-2020 Victorian State Budget reported that land tax revenue in 2019-2020 is expected to increase to $3.7 billion. This is a significant increase from the $1.2 billion raised in 2009-2010.

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Duties Trap for Property Developers – Economic entitlement rules now law

20 June 2019

Property developers who enter into agreements to develop Victorian land with an unencumbered value of over $1 million are at significant risk of incurring a duty liability, under new legislation that received Royal Assent on 18 June 2019.

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Atkins Freight Services

Financing your assets – The taxation issues

01 March 2019

One of the fundamental questions any business owner needs to address is how to finance their assets. On commercial grounds, the various options have important implications.

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B doubles

Who can claim depreciation on trucks?

07 November 2018

This may seem a somewhat straightforward question, but, as with many tax questions, the answer is not particularly easy. Like most of these matters, the answer depends on the circumstances.

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Private binding rulings

14 September 2018

Private binding rulings are a mechanism in the Australian tax administration system where a taxpayer may seek the ATO’s view on the treatment of a transaction without going through the formal objection or dispute process.

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Employee v contractor – tax problems if you get it wrong

21 June 2018

In follow up to our recent article titled Independent Contractors or Employees, while it’s one thing to know the difference between employees and independent contractors, an important issue to consider is the consequences for getting the classification wrong.

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Victorian state taxation of foreign landowners

13 April 2018

Foreign investors in Victorian land are subject to complex State taxes, including foreign purchaser additional duty, absentee owner land tax surcharge and vacant residential land tax.

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GST withholding changes introduced to combat phoenixing practices in property development

10 April 2018

New laws have been passed affecting the GST obligations of property developers. These laws take effect from 1 July 2018, but may affect contracts entered into prior to this date.

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Development of Commercial Accommodation – Selected Issues

23 March 2018

The development and operation of commercial accommodation raises complex regulatory, contractual, commercial and taxation issues.

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Landowner partnership reconstruction

Landowner partnership reconstruction

15 January 2018

Overview

The reconstitution of a general law partnership or a tax law partnership may have different income tax, capital gains tax (CGT) and goods and services tax (GST) consequences that should be addressed in preparing a Partnership Reconstitution Deed.

A general law partnership may be reconstituted without the tax consequences associated with reconstituting a tax law partnership, a joint venture or co-ownership.

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gaming machine expenditure

Deduction of gaming machine expenditure

22 December 2017

The Administrative Appeals Tribunal has clarified the tax treatment of gaming machine entitlement fees expenditure deciding the amounts constitute a general deduction in the income year incurred.

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Rigby Cooke Lawyers tax issues

Selling a business: some tax issues

21 December 2017

This paper was presented by Rigby Cooke Lawyers Tax Partner, Dr Keith Kendall at the Tax Institute Tasmania State Convention, 19 & 20 October 2017.

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congratulations

Rigby Cooke Lawyers’ Tax & Wealth and Wills & Estates expertise recognised

06 December 2017

Rigby Cooke Lawyers’ Tax & Wealth and Wills & Estates teams have been recognised by independent survey and review source Doyle’s Guide for their expertise in their respective practice areas.

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loan

Forgiving quarantined Div. 7A loans & UPEs

12 December 2016

Latest news from Rigby Cooke’s tax team. Making sense of the #austax system.

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stamp duty

Additional stamp duty implication for discretionary trusts

10 November 2016

Foreign purchaser additional duty and absentee owner surcharge land tax may apply to Australian discretionary trusts transacting in Victorian residential land where the discretionary trust has potential foreign beneficiaries.

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Partitioning land and bare trusts

31 August 2016

Co-owners of land or parcels of land often wish to exchange ownership interests to become sole owners of specific land or specific parcels of land.

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Foreign property transactions

Foreign property transactions to be hit with additional expenses

19 June 2016

A number of recent changes affecting foreign purchasers of property in Victoria have either come into, or are soon to come into effect. These changes are already impacting on the sale of property.

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Managing trust deed amendments

07 June 2016

This paper was presented to The Tax Institute, Western Australian Division, 29 April 2016

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Capital Gains Tax

New foreign resident capital gains withholding payments regime

09 May 2016

Quick facts:

  • From 1 July 2016, any purchaser who acquires an Australian property with value of $2 million or more from a foreign resident vendor will be required to withhold and pay 10% of the purchase price to the Australian Taxation Office (ATO).
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budget

Federal Budget tax alert 2016-2017

03 May 2016

The Federal Treasurer handed down his first Budget (the government’s third) at 7.30 pm on 3 May 2016.

Download our full report >>

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cgt

CGT event time and options

04 April 2016

In structuring 30 June transactions it is often desirable to sign a contract before 30 June, but defer payment of capital gains tax (CGT) or the CGT event until a subsequent income year; particularly where settlement is deferred to a subsequent income year so there are no sale proceeds for the vendor to pay the tax or it is desired to set-off losses in the subsequent income year.

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Offshore income

Project DO IT (disclosure of unreported offshore income): update on ATO activity

01 December 2014

Disclosure statistics released

  • The ATO has announced that, at 30 June 2014, there had been 166 disclosures, 250 expressions of interest (where taxpayers have identified themselves and said they will be making a disclosure) and more than 600 general enquiries in relation to Project DO IT.
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