The accountant who was liable The following is a de-identified summary of a pattern of facts and legal arguments that have occurred to several bookkeepers and accountants. Some of these matters have concluded with the bankruptcy of the accountant involved, and other...
Constructive Payment By Journal Entry The fundamental question is whether a journal entry in an entity’s accounts constitutes a constructive payment under s 11-5, Sch 1 TAA53, and, more broadly, what constitutes a constructive payment. This has been considered in some...
Failed asset protection Notwithstanding that a promissory note is a relatively simple instrument, it may be drawn incorrectly. Examples of this are Re Permewan26 and Turner v O’Bryan-Turner, 27 both of which involved a “gift and loan back” scheme. A further analysis...
A final interesting point relates to whether business real property can be contributed to an SMSF where that contribution is made under the small business CGT concessions. In particular, whether the retirement exemption under Subdiv 152-D ITAA97 which allows a...
Related party dealings and R&D Payments The necessity for a payment extends to many areas of tax law. One example is the ability to claim R&D expenditure paid to associates. The relevant provision for R&D expenditure is s 355-205 of the Income Tax...
Payroll Tax Payroll Tax and Healthcare Clinics RevenueSA have announced a payroll tax amnesty for medical clinics in South Australia. Medical centres around Australia have been put on notice since the release of the judgement in Thomas and Naaz Pty Ltd v Chief...
