Stapled structures: additional integrity rules released for inclusion in the July 2018 draft legislation released

On Tuesday 7 August 2018, Treasury released draft legislation setting out the conditions stapled entities must comply with to access the infrastructure concession and/or transitional arrangements for its proposed changes to the tax treatment of stapled structures. These are the integrity measures that were not ready to be released in first exposure draft of the…

Song v FCT – Seized documents covered by legal professional privilege – despite getting advice from China and from in-house legal department

The Federal Court has found that most of the 23 documents obtained by the ATO, in the course of conducting an audit of the taxpayer, and associated entities, were protected by legal professional privilege (LPP). The documents were original emails, forwarding chains of emails and attachments. The matters to which the documents related included a…

Commissioner of Taxation v Thomas & others – High Court determines that Qld Supreme Court directions confirming validity of resolutions mismatching the dividend income and the franking credits did not determine the ‘franking’ result under the tax legislation

On Wednesday 8 August 20018, the High Court unanimously allowed two appeals (one in part) and dismissed two appeals from the Full Court of the Federal Court of Australia. The High Court held that the Full Court erred in concluding that “directions” given by the Supreme Court of Queensland pursuant to s 96 of the…