Insights

Acumen September 2016

Legal issues from September 2016.

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Acumen July 2016

Legal issues from July 2016.

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Meaning of land for Queensland stamp duty purposes - Sojitz Coal Resources Pty Ltd v Commissioner of

On 30 January 2015, the Supreme Court of Queensland (per McMurdo J) upheld an appeal by Sojitz Coal Resources Pty Ltd (Sojitz) against a decision of the Commissioner to impose land rich duty on its...

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Dividends and Section 254T - draft bill released

On 10 April 2014, the Government released the draft Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014. This article discusses the proposed changes to section 254T and...

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Australia's new transfer pricing regime

On 13 February 2013, the Federal Government introduced Tax Laws Amendment (Countering a Tax Avoidance and Multinational Profit Shifting) Bill 2013 (Bill) into Parliament. The Bill, if enacted, will...

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Changes to Part IVA of the Income Tax Assessment Act

The Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Sharing) Bill 2012 (Cth) (Bill) was introduced into the House of Representatives on...

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Limited partnerships - liability of limited partners for partnership tax liabilities

A recent court decision has made clear that limited partners of an unincorporated limited partnership are liable for certain tax liabilities of the

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Proposed loss carry-back scheme for corporate taxpayers

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...

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Private Equity Tax Determinations

On 26 October 2011, the Commissioner of Taxation issued Taxation Determinations TD 2011/24 and TD 2011/25, dealing with the source of income and availability of tax treaty benefits, respectively...

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Mineral and Petroleum Resource Rent Taxes Update

The Government appointed a Policy Transition Group (PTG) to develop the detailed technical design of the new taxes. The PTG provided its report to Government in December 2010, making...

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Mineral resource rent tax

On 10 June 2011, Treasury released for public comment preliminary exposure draft (ED) legislation and accompanying explanatory memorandum (EM) for the mineral resource rent tax...

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Taxation treatment of earn out rights

As part of the Commonwealth Budget 2010-11, the Assistant Treasurer announced the Government...s intention to enact legislation to apply a ...look-through... capital gains tax (CGT) treatment for...

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The proposed Minerals Resource Rent Tax

On 2 July 2010 the Prime Minister, Deputy Prime Minister and Treasurer, and the Minister for Resources and Energy issued a Joint Media Release (JMR). The JMR announced a 'breakthrough agreement' and

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Resource Super Profits Tax

The mining industry...s reaction to the Australian Government...s proposal to enact a Resource Super Profits Tax (RSPT), a rent based tax, as recommended by Australia...s Future Tax System (Henry...

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Full Federal Court decision in RCF

On 3 April 2014, the Full Federal Court handed down its decision in Commissioner of Taxation v Resource Capital Fund III (RCF), L.P. [2014] FCAFC 37, allowing the Commissioner's appeal against the...

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Some international tax developments

This article discusses topics including ATO amnesty for offshore income, tax disclosure and transparency, transfer pricing documentation - ATO guidance, and OECD discussion draft on preventing...

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Resource Capital Fund case

In Resource Capital Fund III, L.P. v Commissioner of Taxation [2013] FCA 363, the Federal Court held that a Cayman Islands limited partnership...in which 97% of the partnership interests were held...

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NSW Stamp Duty: novation not a transfer

On 30 January 2013, Gzell J of the New South Wales Supreme Court handed down the decision in CTI Joint Venture Company Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 20. The decision...

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Recent changes to the directors' penalty regime

On 29 June 2012, legislation amending the directors... penalty (DP) provisions in Division 269 of Schedule 1 to the Taxation Administration Act 1997 (Cth) (TAA) and associated measures was enacted...

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Tax ruling on dividends and changes to Section 254T

On 27 June 2012, the Commissioner of Taxation (Commissioner) issued Taxation Ruling TR...2012/5 (Ruling) (previously issued as Draft Taxation Ruling TR 2011/D8), dealing with section 254T of the...

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Taxation of trusts update

The following articles provide an overview of the recent developments in relation to the taxation of

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Which trustee is liable for tax when there is a change of trustee?

The Commissioner issued Practice Statement Law Administration PS 2012/2 on 28 June 2012. PS LA 2012/2 sets out the Commissioner's approach to determining from which entity he will seek to recover

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Draft Taxation Ruling on dividends

On 21 December 2011, the Commissioner of Taxation issued Draft Taxation Ruling TR 2011/D8 (Draft TR) on 'Section 254T of the Corporations Act and the assessment and franking of dividends paid

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Dividend franking - current year profits and accumulated losses

On 21 June, the Australian Tax Office (ATO) issued two draft 'fact sheets' relating to the taxation of the payment of dividends. This follows amendments to section 254T of the Corporations Act...

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