Latest news

March 24, 2020

Australia’s second economic stimulus package announced

As the number of confirmed COVID-19 cases surges across the country, both Victorian and Commonwealth Government announced further economic stimulus packages to buffer the tremendous shock the coronavirus has caused to our economy. Federal Government Package The Federal Government introduced another $66.1 billion package that includes economic stimulus measures to support individuals and households, businesses,…

March 13, 2020

Australia’s $17.6 billion economic stimulus package

On the same day the World Health Organisation declared COVID-19 a global pandemic, the federal government unveiled a $17.6 billion economic stimulus package to ease the financial fallout caused by the virus. This action aims to keep Australians in jobs and small/medium business in business during the challenging economic environment. Here is how some of…

March 4, 2020

Directors personally liable for company’s GST liabilities from 1 April 2020

From 1 April 2020, company directors can be personally liable for their company’s outstanding GST. This is an extension to the existing director penalty regime that allows the ATO to collect unpaid Superannuation Guarantee Charges and PAYG liabilities from directors personally. The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received royal assent on 17…

October 29, 2019

Blow for gaming machine operators

On 16 October 2019, the High Court of Australia unanimously allowed an appeal from the ATO and found the gaming licenses acquired by a Victorian hotel operator were CGT assets, therefore not eligible for a deduction in relevant income year or over the following five years (FCT v Sharpcan Pty Ltd). This overturned the Full Federal Court’s 2018…

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…

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