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Government tightens non-commercial loan rules - two new exemptions announced to benefit rural communities and small business operators

Piper Alderman
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Australia
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September 22 2009

Earlier in the year, the Federal Government announced as part of its Budget that the non-commercial loan rules in Division 7A of the Income Tax Assessment Act 1936 would be extended to cover circumstances where a shareholder (or their associate) is permitted to use a company asset, such as real estate or a car for free or at a rate that is less than market value

Mining companies land rich provisions

Piper Alderman
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Australia
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October 6 2009

The High Court has recently considered the application of the NT land rich provisions in relation to the acquisition of shares in a mining company

Part IVA not applied to complex corporate group restructure

Piper Alderman
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Australia
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October 6 2009

The taxpayer was recently successful after a long run of cases where the Commissioner has succeeded in the application of Part IVA to deny tax benefits arising out of various transactions

Successful challenge to charitable status of organisation political activities

Piper Alderman
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Australia
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October 6 2009

There has been a campaign for some time against charities by the Commissioner in relation to their tax-exempt status and in particular there has been concern at a political level particularly under the former Government as to whether the lobbying undertaken by charities and as to whether this affects their charitable nature

Non-forestry managed investment scheme (MIS) failures clarification of the law

Piper Alderman
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Australia
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October 6 2009

Following the collapse of Timbercorp and Great Southern Plantations there have been some concerns by investors as to the status of their tax deductions

Supply of foreign currency on departure side of airport

Piper Alderman
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Australia
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October 6 2009

The natural construction of the GST Act would have considered that the supply of foreign currency is a supply of money and therefore a financial supply which is input taxed

Footballers' management expenses deductible Spriggs and Riddle

Piper Alderman
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Australia
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June 30 2009

On 18 June 2009, the High Court unanimously upheld the taxpayers' appeals from the decision of the Full Federal Court and held that fees paid to managers were deductible under section 8-1(1) of the Income Tax Assessment Act 1999 (Act) and were not capital expenses which were denied deductibility under section 8-1(2) of the Act

Footballers’ management expenses deductible

Piper Alderman
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Australia
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June 30 2009

On 18 June 2009, the High Court unanimously upheld the taxpayers’ appeals from the decision of the Full Federal Court and held that fees paid to managers were deductible under section 8-1(1) of the Income Tax Assessment Act 1999 (Act) and were not capital expenses which were denied deductibility under section 8-1(2) of the Act

Trust to trust roll-over relief

Piper Alderman
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Australia
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December 17 2009

Proposed legislation that is currently before Parliament will provide for trust to trust roll-over relief where a CGT asset is transferred from one fixed trust to another fixed trust

GST vacant land residential premises

Piper Alderman
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Australia
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December 17 2009

In a recent case, the taxpayer sought to argue that vacant land was still residential premises for GST purposes even though there was no structure on the land that could constitute living facilities

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