On 23 August 2012, the Commonwealth Treasury released, for consultation, an exposure package consisting of draft legislation and accompanying draft explanatory memorandum in respect of the Commonwealth Government's proposed loss carry back scheme for corporate taxpayers. This follows the Treasury's release of a discussion paper about the measure in July 2012.
The loss carry-back measures will allow a company in a temporary loss position to carry-back up to $1 million of revenue losses over the previous 2 income years (in which income tax was paid). A tax offset of up to $300,000 is available to eligible corporate taxpayers.
The scheme commences for the 2012-13 income year and therefore companies should be aware of the scheme in the current year or substituted accounting period.
In a unanimous decision, the Full Federal Court has overturned a decision of a single judge of the Federal Court in Minerva Financial Group Pty Ltd v Commissioner of Taxation [2022] FCA 1092...
Multinational groups who use intangible assets as part of their operations should be aware of two new guidance documents published by the ATO.
Foreign surcharges are payable in addition to ordinary stamp duty or land tax. Victoria and Queensland offer exemptions from the foreign surcharges for certain large organisations.