What ‘capital’ could be in a CIS capital distribution
A proposed amendment to the Income Tax Act will tax unit trust investors on capital distributions before disposals, without any base cost offset.
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Draft Bill hides a ‘stealth tax’ in your unit trust investments
Proposed amendments could undermine the tax-efficient compounding that makes a collective investment scheme an attractive investment vehicle.
Draft amendments narrow taxpayers’ ‘bona fide inadvertent error’ defence
The proposal restricts the ‘bona fide inadvertent error’ defence under the understatement penalty regime to cases where the tax shortfall is a ‘substantial understatement’.
