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.
The Victorian Court of Appeal has entrenched as law a broad meaning of “associated transactions” in its recent decision involving Oliver Hume Property Funds and the Commissioner of State Revenue.
The Full Federal Court has handed down its much-anticipated decision in PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86, overturning the decision of the Federal Court.
Over the past two months, every Australian state and territory, with the exception of Tasmania, has delivered its 2024-25 state budget. The ACT was the last so far – on 25 June 2024.