MC Tax Advisors

December 20, 2018

Published by MC Tax Advisors at December 20, 2018

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Tax Bulletin

Tax Bulletin – December 2018

The more relaxed Similar Business Test for companies deducting tax losses is a step closer to becoming law, and the Federal Court confirms the foreign tax credits available for discounted capital gains. Our December Tax Bulletin discusses this and other tax updates relevant to SMEs and individuals. CASE LAW UPDATE Burton Case—Foreign tax credits and discounted capital gains In Burton […]

November 28, 2018

Published by MC Tax Advisors at November 28, 2018

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Tax Bulletin

Tax Bulletin – November 2018

An early 2019 Federal Election and the ATO moving their focus to small business. Our November Tax Bulletin outlines current issues that may be relevant to SMEs and individuals. CASE LAW UPDATE Ransley Case—another win for the ATO on sale of shares—no CGT treatment Our July Tax Bulletin discussed the Greig case in which a taxpayer was unsuccessful in arguing […]

October 29, 2018

Published by MC Tax Advisors at October 29, 2018

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Tax Bulletin

Tax Bulletin – October 2018

During October the Government issued draft legislation with respect to a number of the measures announced in the 2018/19 Federal Budget. This includes the denial of deductions for holding vacant land and removal of small business CGT concessions for Everett Assignments. Our October Tax Bulletin contains details of these and other developments. DRAFT LEGISLATION – BUDGET ANNOUNCEMENTS The Government has […]

October 29, 2018

Published by MC Tax Advisors at October 29, 2018

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Tax Bulletin

Division 7A Changes – Consultation Paper

Treasury has released a consultation paper setting out its proposed implementation of previously announced amendments to Division 7A. Although these are stated as being based on recommendations made in a Report by the Board of Tax, they include significant departures from those recommendations which may have serious financial consequences for many small businesses. The amendments are to apply from 1 […]