Essentials Monthly Tax Update - June 2024

Stay informed with essential tax updates - legislation, significant cases, ATO docs & more. Perfect for juniors or if you are looking for a refresher!

This month, we cover:

• Quick updates

  • Instant asset write off (IAWO)

  • Reminders for tax professionals

  • Division 7A Minimum Yearly Repayments

  • Family Trust Elections and Interposed Entity Elections (FTE & IEE)

• Case updates

  • Moloney - valuations and market value substitution rules

  • Ierna - Section 45B and Part IVA

  • Merchant - SMSF trustee disqualification (AAT case)

• Deep dive - What’s in the mix?

  • Godolphin - dominant use of land

  • PBR - Main residence and active asset

  • PBR - Depreciating assets

Date recorded: 26 June 2024