Tax Training – 7/6/24 – Dr Campbell Rankine: Div 7A and Overdrawn Partnership Accounts

Drawings to and from the accounts of partners is an essential aspect of partnerships. In a recent PBR the ATO considered partnership drawings to be a loan or financial accommodation for the purpose of Division 7A. Are the PBRs an anomaly  or will the ATO seek to...

Tax Training – 31/5/24 – Dr Campbell Rankine: ACCC v Master Wealth Control and so called “Vestey Trusts”

We will look at the recent case concerning Master Wealth Control Pty Ltd (the DG Institute) and Dominique Grubisa and the purported claims of creating novel trusts by the name of “Vestey Trusts”, the attempts at gift and loan back for asset protection, attempts to...

Tax Training – 24/5/24 – Dr Campbell Rankine: Farnsworth v FCT, White v Shortall, trading stock and fungibles

The next step in our exploration of fungibles and equitable rights in relation to them is considering trading stock and when it is on hand and how it can be dealt with.  Led by Dr Campbell Rankine Required reading: Farnworth v Federal Commissioner of Taxation [1949]...

Tax Training – 17/5/24 – Dr Campbell Rankine: Wash Sales and Fungibles

Where an asset is sold and then bought back to crystallise a CGT Event the ATO seeks to apply Part IVA. But there are more fundamental issues where fungibles are involved in trusts, as seen in the discussions in White v Shortall.  Led by Dr Campbell Rankine  Required...

Tax Training – 10/5/24 – Dr Campbell Rankine: Continuing White v Shortall

We will resume Tax Training on 11th May continuing with a discussion on White v Shortall led by Dr Campbell Rankine. White v Shortall (2006) 68 NSWLR 650 White v Shortall: https://jade.io/article/3581 Redirect to tax training...

Tax Training – 12/4/24 – Dr Campbell Rankine: Declaring Trust Over Fungibles – Hunter v Moss and White v Shortall

We will resume Tax Training on 12th April with a discussion on declaring trusts over fungibles and whether that fails for lack certainty of subject matter, led by Dr Campbell Rankine. Two controversial decisions will be discussed: Hunter v Moss [1994] 1 WLR 452 and...