Tax residence for companies
Bywater Investments Limited v Commissioner of Taxation; Hua Wang Bank Berhad v Commissioner of Taxation [2016] HCA 45 The High Court has clarified the question of how a company can be controlled and managed in its unanimous dismissal of appeals by four companies (“the appellants”) from a decision of the Full Court of the Federal […]
Property development and taxes
In our experience, people embarking on property development improve their tax and commercial position by documenting their intentions from the beginning. Ultimately, it’s beneficial to know what you are getting yourself into from the outset! Sometimes this can be as simple as a one page deed outlining the intentions of the parties with the net result being a […]
Wills and Certainty
Sarich v Sarich [2017] WASC 222 The recent decision of Sarich v Sarich from the Supreme Court of Western Australia again shows that a lack of clear drafting and legal advice in a Will can result in unintended consequences on the beneficiaries of the estate. The executor sought directions from the Supreme Court as to the proper interpretation of […]
CGT Withholding – Foreign residents
Purchasers to become tax collectors on real estate post-1 July New withholding rules on the sale of property by foreign residents have been introduced – which essentially makes purchasers tax collectors. The government says this has been necessary as foreign investment in Australia, including in residential real estate, is increasing at an unprecedented rate. The […]
Pitfalls of renting your home
Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent put part of your home, such as […]
Opening on a Public Holiday
A vexed issue for business owners especially cafes and restaurants, is whether to open on Public Holidays and whether there should there be a surcharge. There is a balance between wage costs against opportunities, and often this can be challenging for a business owner to determine.
Small Business CGT Active v Passive
The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions […]
CGT on developing the family home
Understanding the taxation consequences of splitting the family home land or starting a development.
Getting advice around this is important and makes sure you do not lose concessions.
Perils of not updating a will after divorce
It used to be true love; roses were gifted, dinners were cooked, finances shared. You could even hear the pitter-patter of little feet! All was well, and so you made a Will leaving everything to your significant other, put it away and never thought about it again. Then it all went sour. Cinderella became the […]
Dealing with ATO Debt
Introduction Settlements of tax disputes in the early stages provides benefits for both the taxpayer and the Australian Taxation Office (“ATO”). Early engagement and ongoing communications with the ATO is critical for the purpose of negotiating mutually beneficial settlement terms. The Zafra Legal team has the experience to assist all taxpayers to achieve a sensible […]
