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Professional Firm Profit Allocations ATO View

Professional Firm Profit Allocations ATO View

If you run a professional services firm there are many tax issues to consider in the allocation of profits. The ATO is particularly concerned about individual professionals with an ownership interest who redirect their income to an associated entity, such as a trust, with the effect of significantly reducing their tax liability – raising the prospect that anti-avoidance provisions could apply.
Category: News
ATO Scrutinising Gifts or Loans From Overseas

ATO Scrutinising Gifts or Loans From Overseas

The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter instances where Australian resident taxpayers derive income or capital gains offshore which are assessable but fail to declare it in their income tax returns.
Category: News
Div 7A and Financial Accommodation

Div 7A and Financial Accommodation

The ATO has recently released a significant draft ruling around Div 7A, which operates to ensure that private companies cannot make tax-free distributions of profits to shareholders or their associates in the form of payments, loans, or forgiven debts. Generally, a private company is taken to have paid an unfranked dividend in the income year if a loan made to a shareholder/associate is not fully repaid before lodgment day.
Category: News
Foreign Investors and Residential Property

Foreign Investors and Residential Property

With the government encouraging the return of foreign investors to Australia and the gradual reopening of international borders, many foreign workers and investors may soon be making their way onto Australian shores. One of the main things they may be considering is participating in the great Australian dream of home ownership. However, for a foreign resident, there are several steps to take.
Category: News
SMSFs And Property. What Are The Rules?

SMSFs And Property. What Are The Rules?

With the property market hitting all-time highs in 2021, interest in investing in direct property through your SMSF has never been higher.
In the September 2021 quarter, Australia’s SMSFs had almost $88 billion invested in non-residential real property, with another $47 billion in residential real property.
But before you join the trend and start adding property investments to your SMSF, there are some important rules you need to be aware of.
Category: News
Natural Love and Affection Commercial Debt Forgiveness

Natural Love and Affection Commercial Debt Forgiveness

The ATO has recently finalised its stance on the issue of commercial debt forgiveness, in particular the natural love and affection exclusion. A commercial debt is any debt where interest payable is deductible, or would be deductible if interest were payable, but for certain statutory restrictions. Under this definition, investments that are securities and equity for debt swaps could be included.
Category: News
A Super Window of Opportunity

A Super Window of Opportunity

New rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system.
Category: News
Articles 41 to 50 of 199