Latest news

September 10, 2019

Beneficiary taxed on badly documented loan from trust

The Administrative Appeals Tribunal (AAT) in its recent decision (on 11 July 2019) Howard v Commissioner of Taxation held that a loan made by a company to a beneficiary of a trust through an interposed entity constituted a deemed dividend under Subdivision E of Division 7A of ITAA 1936. The Commissioner found a loan of…

August 20, 2019

Deceased estate CGT exemptions

The ATO has provided a useful guideline and “safe harbour” for when the executor or beneficiaries of a deceased estate can apply CGT exemptions. Generally, the main residence exemption applies on the deceased’s main residence if disposed within 2 years of the date of death. The Commissioner also has discretion to extend the 2-year limit….

August 6, 2019

DAA announcement – Valbona Mustafa

With the continued growth and development of our business it is with great pleasure that we announce the appointment of Val to the role of Principal. Val has been with the business since DAA’s inception. During that time, Val has played an integral role in developing and maintaining the general culture of excellence for which…

June 11, 2019

New Victorian Economic Entitlement Provisions – Developers Beware!

On 6 June 2019, the State Taxations Acts Amendment Bill 2019 (the Bill) passed both houses of Victorian parliament and at the time of writing is awaiting royal assent. The Bill makes significant and far-reaching changes to the Duties Act 2000 (Vic). This article discusses, in particular, the “economic entitlement” provisions contained in the Bill….

January 22, 2019

DAA announcement – Egidija Popovic and Lee Just

It is our great pleasure to recognise the the hard work and focus that Egidija and Lee have brought to DAA.  This announcement from Daniel Allison, Senior Principal and founder of Daniel Allison & Associates… Egidija Popovic – Client Director Egidija joined DAA’s predecessor firm 30 years ago, and since that time has been a…

December 11, 2018

Only partial foreign tax offset for US capital gains

A single judge of the Federal Court has agreed with the Commissioner that a taxpayer was only entitled to a 50% foreign income tax offset (FITO) for US tax paid on the sale of investments: Burton v FCT [2018] FCA 1857. An Australian resident taxpayer sold investment assets located in the US. The whole of…

November 1, 2018

DAA announcement – Jane Clark and David Everist

With our sustained and continued growth there can be challenges for the practice but more importantly, opportunities for our team. It therefore gives us great pleasure to announce significant promotions for Jane Clark and David Everist.   The promotion of these founding team members is a testament to their hard work, dedication and contribution to the success of DAA. Jane Clark – Principal Jane has proven herself to be…

October 30, 2018

Sweeping shareholder loan changes proposed

Treasury has issued a Consultation Paper proposing major changes to the Division 7A regime. The Paper is the Government’s response to an earlier Board of Taxation review, however the proposed changes go much further than the Board’s recommendations. The proposals are subject to further consultation, therefore may be altered before being legislated. The proposed start…

March 23, 2018

DAA announcement – Fikreta Skopljak

It is with great pleasure that we announce the promotion of Fikreta Skopljak to the role of Principal at Daniel Allison & Associates. Fikreta has been an integral part of our team since the firm’s inception in 2009 and, as a superannuation specialist, oversees our super advisory and compliance practice area.  With her conscientious and…

March 8, 2018

ATO Guidance on the Meaning of “Carrying on a Business”

The ATO has issued a draft taxation ruling to explain the factors it will consider when deciding whether a company (incorporated under the Corporations Act 2001) is “carrying on a business”. This is one of the tests companies and small businesses must pass to be eligible for the lower corporate tax rate. As this is…

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