About Katherine Lam

This author has not yet filled in any details.
So far Katherine Lam has created 59 blog entries.

The end of increased funds to charity does not justify the means

The Administrative Appeal Tribunal has upheld the decision of the ACNC not to allow the registration of charities because of the underlying reasons for their registration. Cancer & Bowel Research Australia Ltd, Breast Cancer Australia Ltd, and Kids Cancer Research Australia Ltd (entities) were all incorporated in May 2017 as companies [...]

2021-11-16T16:16:00+10:00November 16th, 2021|

Where angels now fear to tread

An angel investor is an individual (usually high net worth) who provides financial backing for small start-ups or entrepreneurs, typically in exchange for ownership equity in the company. They are high risk investments, but essential to getting new inventions to market. The Federal Court had previously decided in Commissioner of Taxation v [...]

2021-11-16T16:16:10+10:00November 16th, 2021|

Shake up in School Building Funds

There are nearly 5,000 school building funds (SBF) on the books of the ATO and it is the second largest category of Deductible Gift Recipients (DGRs) after Public Benevolent Institutions. The ATO has had SBF on the compliance radar for a long time as it believes there are substantial risks to [...]

2021-11-16T16:16:19+10:00November 16th, 2021|

Did you miss something in 2021?

Australian Taxation Office (ATO) The ATO has recently refreshed its compliance and strategic plans and here is our pick of the highlights. On the current ATO Watch list are: Public and Private Ancillary Funds – annual scrutiny of finances and compliance with Guideline requirements. Refund of Franking Credits – review of [...]

2021-11-16T16:16:28+10:00November 16th, 2021|

The High Court rules limitation periods may be waived – relevance for family loans

Price -v- Spoor [2021] HCA 20 Background In this case the High Court ruled that a person can waive their right to a statutory limitation period. Facts A borrower had granted a mortgage in 1998 to be repaid in the year 2000. The mortgage was not repaid and in 2017 the mortgagee brought [...]

2021-10-11T16:31:05+10:00October 11th, 2021|

Gift and loan-back strategy – interesting comments by the Supreme Court of Queensland

Re Permewan [2021] QSC 151 The gift and loan-back-strategy is widely employed in estate planning and asset protection scenarios. The essence of the strategy is as follows: The principal (who wishes to protect their assets) gifts a substantial sum, equivalent to the net value of the asset they are trying to protect to [...]

2021-10-11T16:30:42+10:00October 11th, 2021|

The use of corporate appointors in 2nd generation family trusts

Background The appointor (sometimes called principal) of a family trust has the power to appoint and dismiss the trustee. The appointor is the ultimate controller of the family trust. The appointor rarely has substantial other powers within a family trust and as such is only occasionally involved in trust management.  This is generally [...]

2021-10-11T16:30:21+10:00October 11th, 2021|

Dismissal for mandatory vaccination refusal upheld

In a decision which will no doubt be welcomed by employers in the residential aged care sector, the Full Bench of the Fair Work Commission has this week denied permission for an employee in that sector to appeal a decision that she was not unfairly dismissed after refusing an influenza vaccination.[1]  [...]

2021-09-28T14:16:55+10:00September 28th, 2021|

Federal amendment to Sex Discrimination Act 1984 for volunteers

Background In 2018, the Government funded the Australian Human Rights Commission (AHRC) to undertake a National Inquiry into sexual harassment in Australian Workplaces. The resulting Respect@Work Report recommended legislative amendments to simplify and clarify the overarching legal frameworks to ensure that employers and workers are able to effectively address sexual harassment [...]

2021-09-28T14:03:33+10:00September 28th, 2021|

Gifts of trading stock to DGRs

Many businesses and DGRs overlook the ability to claim a tax deduction for a gift of trading stock. Trading stock is defined as anything a business produces, manufactures or acquires, to manufacture, sell or exchange and includes livestock. Trading stock is subject to special tax rules that enable a business to [...]

2021-09-28T14:03:24+10:00September 28th, 2021|
Go to Top