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The ATO Redefines the Rules of The Game

The draft ruling released by the ATO on 16 December 2009 in relation to whether undrawn entitlements from trusts to companies are loans has generated a lot of interest and also significant uncertainty.  Many accountants are concerned whether the change of interpretation will really impact only for the current and later financial years, whether the [...]

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Employee Share Schemes – Less “screaming” AND less “scheming”?

Originally circulated as an Exposure Draft, Treasury has now released the Bill Tax Laws Amendment (2009 Budget Measure No 2) Bill 2009 containing the Employee Share Scheme (“ESS”) legislation that was announced in the 2009-10 Federal Budget. The original Budget announcement was met with “screams” of concern. The “screams” were heard. Following consultation with Industry, [...]

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What’s NEW at Webb Martin Consulting?

A number of exciting changes have recently taken place at Webb Martin Consulting, so we thought we would fill you in on what has been happening. Three NEW consultants – Sydney, Adelaide, Gold Coast – we’ve arrived!! We are pleased to announce the recent addition of three new highly experienced tax consultants – Meng Lee [...]

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Bamford v FCT – Game On!

The High Court has granted Special Leave for the Commissioner and the Bamford’s to pursue their respective appeals to the High Court from the full Federal Court decision. Having considered the parties written submissions, in a 5 minute hearing on 3 November 2009, the Court focussed on whether leave should be granted on all grounds. [...]

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Bamford v FCT – the story so far…

Case summary of Bamford v FCT [2009] FCFCA 66 – compiled 14 October 2009 Bamford v FCT, the story so far – Section 97 (1) of the ITAA 1936 provides that: “ … where a beneficiary of a trust estate who is not under a legal disability is presently entitled to a share of the [...]

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