This paper reviews the recent developments and, particularly the recent case law, in relation to anti-avoidance provisions to the operation of trusts- including what would historically be regarded as typical discretionary trust distributions....
This paper seeks to provide an overview of the typical taxation complexities and issues that need to be navigated when private groups seek to implement funding arrangements for their business or investment activities, especially flexible and innovative arrangements between related or closely co-ordinating parties....
Division 7A is still an evolving area of tax law. In this article, we discuss an emerging risk area for Division 7A where private companies are partners in a partnership, in the context of an unpublished change in the ATO’s view. We include in this article our views on this risk and as well as practical mitigation strategies for taxpayers. ...
Following on from his previous published views on a correct interpretation of section 100A, West Garbutt Principal – Director, Mark West has provided further comment following the BBlood decision (by Thawley J), the decision by the Full Federal Court in the Guardian AIT appeal and the issue by the ATO of its final ruling TR 2022/4. Mark submits there remain significant unresolved inconsistencies between the ATO's approach in TR 2022/4 - and the words of section 100A and the case law. To access this document, please click: Section 100A update ...
West Garbutt Principal - Director, Mark West has authored the following paper on the 'ordinary family or commercial dealing' exceptions in section 100A of the Income Tax Assessment Act 1936. The decision of BBlood Enterprises Pty Ltd v Commissioner of Taxation [2022] FCA 1112 is thoroughly analysed by Mark on the basis of valuable guidance in relation to this section of the Income Tax Assessment Act 1936. To access this document, please click: BBlood Enterprises Decision ...
West Garbutt Principal - Director, Mark West has authored the following paper for Taxation in Australia Vol 56(11). This paper challenges the view that tax purpose limits the extent of the "ordinary family and commercial dealing" exclusion from the meaning of "reimbursement agreement" in s 100A of the Income Tax Assessment Act 1936. This “tax purpose based” view is central to the position reflected in the ATO’s TR 2002/D1 and PCG 2022/D1. But a disciplined analysis of the exact words of s 100A in the context of the approach to statutory interpretation prescribed by the High Court, and past case...
West Garbutt Senior Associate Alex Whitney has authored the following paper on family trusts for Legalwise. This paper discusses the intricacies of the family trust election rules and their impact on family trusts at each stage of a trust’s lifecycle. To access this document, please click: Family Trusts; the beginning, middle and end ...
Dung Lam and Marlon Camacho, lawyers of West Garbutt, have authored the following paper published in the New South Wales Law Society Journal on the recent Revenue NSW Ruling regarding the Transfer of Primary Production Property between Family Members. This paper discusses the NSW duty exemptions available for family farm succession planning. To access this document, please click: Handing down the family farm without NSW Duty ...
Lawyers Mark West and Alex Whitney, author the following paper which covers what is understood to be the current ATO view on, and also how to proactively manage and mitigate the risks in relation to, reimbursement agreements. This paper was presented by Mark West at the 2021 Queensland Tax Forum. To access this document, please click: Trusts 100A - reimbursement agreements; identifying and reducing taxpayer risks ...
Lawyers Lyndon Garbutt, Mark West And Michael McLaughlin discuss the Superannuation Guarantee legislation passed earlier this year and the benefits to the taxpayer to make use of the amnesty period and the benefits of disclosure to the ATO before the cut-off date. To access this document, please click: Superannuation Guarantee shortfalls ...