In July 2013, the OECD published an Action Plan on Base Erosion and Profit Shifting (BEPS) which identified 15 actions to address concerns about tax planning by multinational enterprises that make use of gaps in the interaction of different tax systems to artificially reduce taxable income or shift profits to low-tax jurisdictions. The OECD has now released…
The OECD is seeking public comments on 2 discussion drafts on Action Item 2 of the BEPS Action Plan. Action 2 calls for the development of model treaty provisions and recommendations for the design of domestic rules to neutralise the effect of hybrid mismatch arrangements. The first discussion draft (Neutralise the effects of Hybrid Mismatch…
The OECD has released a discussion draft document that includes the proposals produced with respect to Action 6 (Prevent Treaty Abuse) of its BEPS (Base Erosion and Profit Shifting) Action Plan. Interested parties have been invited to send comments on this discussion draft, which includes the preliminary results of the work carried out in the…
The OECD was requested by the G8 at its Lough Erne summit “to find ways to address the concerns expressed by developing countries on the quality and availability of the information on comparable transactions that is needed to administer transfer pricing effectively”. The OECD has now released a paper which sets out and briefly discusses…
On 30 January 2014, the OECD invited comments from interested parties on the Discussion Draft on transfer pricing documentation and country-by-country reporting related to Action 13 of the BEPS Action Plan. The OECD has now published the comments received. The OECD says the input will be discussed by Working Party No. 6 of the Committee on Fiscal…
The Qld Office of State Revenue (OSR) has issued the following Public Rulings: DA145.1.1 (Transfer duty exemption for qualifying vestings of land in the State); and DA416.1.1 (Vehicle registration duty – duration period for exemption for charitable institutions). [LTN 61, 31/3/14]
The NSW Civil and Administrative Tribunal has affirmed the Commissioner’s decision to impose on a taxpayer a 75% penalty tax for “intentional disregard” in relation to the taxpayer’s tax default as a result of incorrectly claiming the principal place of residence (PPR) land tax exemption in respect of a property for the 2000 to 2006…
The NSW Government on Tue 4.3.2014, announced that it will provide a $6,000 payroll tax rebate to businesses that employ workers who have recently lost their jobs through large-scale restructures. NSW Treasurer Mike Baird said the $6,000 Fresh Start Support payroll tax rebate includes the existing $5,000 rebate already available under the NSW Government’s Jobs Action…
The ACT Revenue Office has issued Revenue Circular PTA074.1 which updates Revenue Circular PTA074. The Circular aims to assist employment agents to determine the application of the exemption provisions on their own payroll tax liability. The Circular is effective from 1 October 2013. [LTN 46, 10/3/14]
In a decision handed down on Mon 24.3.2014, the NSW Civil and Administrative Tribunal affirmed a decision of the Commissioner to impose stamp duty on a document under s 58(2) of the Duties Act 1997 (NSW). On 1 May 2013, the Commissioner assessed duty and imposed interest on a document signed by the taxpayer as “trustee” and a…