Insights

The good times are well and truly over, at least when it comes to dealing with the ATO. Whilst the ATO was largely understanding and supportive of taxpayers during the COVID pandemic, it’s fair to say that has come to an end, with increased activity on a number of fronts,...

As a result of COVID, the ATO went a little easier on taxpayers and suspended a lot of its compliance activities in 2020/21. These activities are now well and truly restarting and one of those is the Next 5,000 Tax Compliance Program.What is the Next 5,000 Program?Off the back of...

Under legislative changes, Discretionary Trusts that own residential land in NSW and which do not specifically exclude foreign persons (as defined) as beneficiaries, will be subject to surcharge Land Tax. Such trusts have until 31 December 2020 to amend their Trust Deed. Therefore, where a Discretionary Trust is the owner...