LATEST NEWS

Vacant Land not Input Taxed as ‘Residential Premises’
The Full Federal Court has unanimously dismissed a taxpayer's appeal against an assessment of GST in respect of the sale of two separate blocks of vacant land in 2004 and 2005 respectively. In doing so, the Full Court has held that vacant land is not land capable of being occupied as a residence or for residential accommodation within the s 195-1 definition of ‘residential premises’ for the purposes of s 40-65(1) of the GST Act: Vidler v FCT [2010] FCAFC 59 (Full Federal Court, Sundberg, Bennett and Nicholas JJ, 1 June 2010).

Div 7A Loans and Trust Entitlements
The Tax Office has released Taxation Ruling TR 2010/3 which sets out the Commissioner's views on when a private company with an unpaid present entitlement (UPE) from an associated trust is considered to have made a loan to the trust for Div 7A purposes. Broadly, the ruling provides that the company will be considered to have made a ‘Div 7A loan’ to the trust if the UPE has been satisfied and the company agrees to loan the amount to the trust, or if the company does not call for payment of a subsisting UPE and thereby agrees that it can be used for trust purposes.

ELLIOTT HOUSE
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