Business Services Industry
Service trust crackdown.
Australasian Business Intelligence, December, 2002
Dec 11, 2002 (Queensland Business Review - ABIX via COMTEX)
Hunt and Hunt lawyer Greg Cahill has warned that the Australian Taxation Office (ATO) is scrutinising service trusts. Queensland businesses should consider ramifications for stamp duty also, according to Cahill. The ATO's crackdown is reportedly due to wide variances from the terms of service trusts outlined in the 1970s Phillips court decision. Its key finding was that service trusts are permissible for providing professional partnerships with administrative services. The payments must be "commercially realistic" and in order to serve the business's needs. In particular, the ATO has warned about duplicating charges (even inadvertently).
Publication Date: December 2002
AUSTRALIAN...
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