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Tax Insights

16 Feb 2018  |  Riposte

Consolidation integrity bill introduced

The Government has finally introduced into the House of Representatives the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018 to give effect to proposed measures announced in various Federal Budgets since 2013.

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14 Feb 2018  |  Riposte  |  Real Estate

Affordable residential housing MIT measures

On 8 February 2018 the Government introduced the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018 into the House of Representatives. The Bill will enact the announcement in the May 2017 Budget about managed investment trusts investing in affordable residential housing. Individuals will also be eligible for an increased CGT discount where they invest in affordable residential housing. The Bill does not include the announced prohibition on holding residential property in a MIT. We understand however that this is not because the Government has changed its mind but rather because it is still considering its policy. It is expected that the Government will announce its position regarding MITs investing in residential property at a later time.

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14 Feb 2018  |  Riposte  |  Real Estate

The Review of Tax Treatment of Bare Trusts and Similar Arrangements

The Board of Taxation has today released a report into its review of the tax arrangements applying to bare trusts and similar arrangements. The Board has considered whether, and how, to legislate the current industry practice of looking through such trusts for income tax purposes. The treatment of bare trusts has been considered in reviews into the tax system by Governments in the past and although similar recommendations had been made, no changes to the Tax Law have followed. Let’s hope that this time the Government makes the recommended changes and aligns the Tax Law with industry practice.

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News & Events

15 Jan 2018  |  News & Announcements

International Tax Review - World Tax - 2018

In the latest edition of International Tax Review - World Tax, Greenwoods & Herbert Smith Freehills has been ranked as a Tier 1 firm for tax in Australia.

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21 Dec 2017  |  News & Announcements

Congratulations to our newest Director and Senior Associate

Greenwoods & Herbert Smith Freehills is delighted to announce the promotion of Christopher Neil to the position of Director and Nastassia Bondarenko-Edwards to the position of Senior Associate, effective 1 January 2018.

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14 Dec 2017  |  News & Announcements

Legal 500 Asia Pacific 2018

Greenwoods & Herbert Smith Freehills is delighted to be ranked for the fifth consecutive year in the top tier for Tax in Australia in the Legal 500 Asia Pacific guide.

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