Birchstone Brief for the week ended 17 February 2023
Gift & Loan Back Arrangements - Webinar
The “gift and loan back” strategy is popular for individuals with high:
who own assets in their personal capacity that are vulnerable to those risks. The strategy aims to strip the value out of the personal asset pool, without transferring any assets themselves (which would generally trigger CGT and/or duty liabilities).
Gift and loan back arrangements have been in vogue for many years now, and they come in a variety of forms. But the 2022 decision of the Queensland Supreme Court in?Re Permewan raised many questions about the efficacy of the strategy.
Join Daniel Taborsky and Lisa Monaco on 21?March at 11am?AWST / 2pm?AEDT where?they will put the gift and loan back?strategy under the microscope and discuss:?
Click the link below to find out more and to register for the webinar.?
ATO Updates
PCG regarding working from home deductions finalised
PCG 2023/1 finalises PCG 2022/D4 and sets out the ATO's compliance approach to taxpayers claiming a deduction for additional running expenses incurred while working from home. In summary, the PCG provides that from 1 July 2022 taxpayers can only claim such expenses if they use the:?
Also of note is the fact that the finalised PCG retains elements of PCG 2022/D4 which were critcised by tax professionals (as discussed in?the Birchstone Brief for the week ended 4 November 2022).
领英推荐
Class rulings issued
The ATO has issued:?
Other News
Productivity Commission to undertake inquiry into philanthropy
The Treasurer has requested that the Productivity Commission undertake an inquiry into philanthropic giving in Australia.?The terms of reference provide that the inquiry will involve, among other things, an examination of?the tax expenditure framework that applies to charities. The Commission has also been asked to advise on priority areas for reform to address barriers or harness opportunities to increase philanthropy, having regard to (amongst other things) the integrity of the taxation system.?
The goal of the review is to boost charitable donations?and achieve the government's goal of doubling philanthropic giving by 2030. The final report should?be provided in the first half of 2024.?
National principles for charitable fundraising established
The Assistant Minister for Competition, Charities and Treasury has announced that the Commonwealth, State and Territory Treasurers have agreed to a set of national fundraising principles to streamline and harmonise State and Territory requirements regarding charitable fundraiser conduct. Regulatory guidance will be developed in collaboration with the charitable fundraising sector, with each participating jurisdiction?to release an implementation plan by July 2023.?
Legislation
Bill regarding TPB reform, off-market share buy-backs and franked distributions funded by capital raisings introduced
The Treasury Laws Amendment (2023 Measures No 1) Bill 2023 (Cth) was introduced into the House of Representatives on 16 February. If enacted into law, the Bill will:
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