Tax

An appeals court has found that an unpaid present entitlement to a corporate beneficiary is not a loan under tax law, upending the ATO’s longstanding practice of treating UPEs as part of a trustee's assessable income.

Mineral Resources confirmed Thursday managing director Chris Ellison will be replaced following a disclosure scandal detailed late last year, but no new penalties will be imposed.

The Senate has waved through a component of the Albanese government's plans to support the green energy transition, approving tax credits for clean energy and critical minerals production.

SkyCity has agreed to settle its dispute with the Treasurer of South Australia over the treatment of electronic gaming credits after losing its High Court challenge in October. 

The liquidators for landbanking company Aviation 3030 can recover half of a $3.4 million landholder duty from a former director, after a judge found they reaped benefits from indirect ownership in land sold for $135 million in 2018. 

Maxcon Developments, which allegedly owes $23 million in unpaid tax, has lost its bid to stay orders winding up the business, with a judge deeming the company “hopelessly insolvent”.

Accounting disciplinary body Chartered Accountants ANZ has dropped its investigation into former PwC tax partner Wayne Plummer, who was linked to the firm's tax leaks scandal in 2023. 

Two Queensland solicitors have scored partial wins in their decades-long disputes with the tax office because of the Administrative Appeals Tribunal’s “wholesale failure” to give proper reasons.

The government has proposed tougher penalties to crack down on the improper use of legal professional privilege claims in Commonwealth investigations.

An ex-EY partner accused of pocketing $700,000 in commissions in a tax loss scheme wants to vindicate his reputation at trial but is weighing whether to keep his silence, a court has heard.