CGT Event K6: The Sleeper Tax Trap Unveiled in the ATO’s Latest Ruling
Where a shareholder has acquired shares in a private company or units in a unit trust, that were acquired prior to 20 September 1985, such interests are generally considered a ‘pre-CGT’ asset when disposed.
However, where the market value of post CGT assets held by a company or a trust represent at least 75% of the net value of that company or trust, at the time of the disposal of the interest, that disposal of the so-called ‘pre-CGT’ interest by a shareholder or unit holder, may be subject to CGT.
Episode 68: Navigating Small Business Restructures
With a focus on eligibility and practical application, this episode dives into the complexities of restructuring options for small businesses. Whether you’re facing financial uncertainty or looking to take proactive steps to safeguard your business.
ATO targeting loan guarantee
On 11 December 2024, the ATO released two updates (TD 2024/D3 and TA 2024/2) dealing with the interaction of Division 7A (s.109U of the Income Tax Assessment Act 1936) to private company loans and payments involving guarantees.
Episode 67: Bankruptcy Essentials & Small Business Restructures
In this episode, we explore ATO-issued notices such as Director Penalty Notices, Statutory Demands, and more.
Key Updates to Tax Practitioner Code of Conduct
On 8 October 2024 the revised Legislative Instrument titled Tax Agent Services (Code of Professional Conduct) Amendment (Measures No. 2) Determination 2024 (the LI) was registered.
Tax Yak Episode 66: Responding to ATO Enforcement Notices
Dive into the best practices for handling ATO-issued Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.
Tax Yak Episode 65: TPB matters (Part 2)
This episode, focuses on the new Legislative Instrument registered on 2 July 2024 titled Tax Agent Services (Code of Professional Conduct) Determination 2024 (for registered tax agents and BAS agents), which took effect from 1 August 2024 – although transitional rules have been announced which will give practitioners an extension until next year provided ‘genuine steps’ towards compliance have been made. Registered tax practitioners need to pay immediate attention to the Instrument, as it introduces new obligations under the Code administered by the TPB and action should be taken now to show that ‘genuine steps’ toward compliance have been made.
First tranche of draft TPB guidance on new obligations — conflicts of interest and confidentiality
On 6 August 2024, the Tax Practitioners Board (TPB) issued two exposure draft Information Sheets setting out the TPB’s proposed guidance in relation to three of the eight new obligations for registered agents under the Code of Professional Conduct in the Tax Agent Services Act 2009 (TASA).
Tax Yak Episode 64: TPB matters (Part 1)
This episode, focuses on the new tax agent breach reporting regime, whereby the TPB has provided guidance material pursuant to TPB (I) D53/2024 (which came into effect on 1 July 2024, whereby tax practitioners (which includes Tax and BAS agents) gain an understanding of the updated breach reporting obligations under section 30-35 and 30-40 of the Tax Agents Services Act (TASA) 2009.
First tranche of draft TPB guidance on new obligations — false or misleading statements
On 6 August 2024, the Tax Practitioners Board (TPB) issued two exposure draft Information Sheets setting out the TPB’s proposed guidance in relation to three of the eight new obligations for registered agents under the Code of Professional Conduct in the Tax Agent Services Act 2009 (TASA).
