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LAQCs and the family home – are you feeling brave?

The recent TRA decision involving Mrs B Taxation Review Authority (“TRA”) No. 024/08 and her family home, which was owned by an LAQC has been criticised by some commentators because the arrangement was not sophisticated, there being no tenancy agreement and no company bank account. However, anecdotal evidence suggests that many if not most LAQC arrangements where the family home is owned by an LAQC are not cleverly executed and in fact Mrs B’s case may well be representative of the type of arrangements involving LAQCs and family homes.

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International Charities’ help required

Are you an international charity that has recently applied for listing on Schedule 32 of the Income Tax Act 2007?  Or do you have a client in this position?  If so, we would like to hear from you.

Very briefly, Schedule 32 status is afforded to a select few international charities, and with the lifting of the caps on donations credits and deductions, there has been a flood of applications to be listed.

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THE EVER DIMINISHING TRUST

The recent decision of Asher J in Public Trust and Ottow and Ottow (CIV-2009-404-3825) concerns the not uncommon situation where a guarantor no longer wishes to be bound by a guarantee that has been called up. The facts of the case are somewhat pedestrian and involve an advance to a trust that was guaranteed by trustee / beneficiaries. The disappointing element of the judgment is that while considering the question of independent advice, Asher J states that there was no duty to ensure Mrs Ottow had separate legal advice from the Ottow Trust (“the Trust”), the apparent justification for this being that “The advance was effectively a joint advance to Mr and Mrs Ottow.”

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Tax New Year’s Resolutions–Victoria Uni Tax Working Group Report

One can imagine the Income Tax Act 2007 looking in the mirror on the morning of 1 January and saying to itself: “You need to loose some weight buddy”. Or the IR 3 trying to squeeze into its envelope and feeling as if it’s bursting at the seams. Alas, just like with everyone else, neither the Tax Act nor the IR 3 is likely to keep to their New Year’s Resolutions.

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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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