Daily Archives: April 24, 2017

OECD releases its ‘The International VAT/GST Guidelines’ – setting a internationally agreed standards and recommended approaches to avoid growing risks of double taxation and unintended non-taxation

On 12 April 2017, the OECD noted that Value Added Tax (VAT; also known as Goods and Services Tax, under the acronym GST in a number of OECD countries) has become a major source of revenue for governments around the world. Some 165 countries operated a VAT at the time of the completion of the International VAT/GST…

Transfers from default funds to ‘MySuper’ funds by 1 July 2017 – draft legislation to extend asset rollover relief and loss transfers to transfers within the same fund

On 13 April 2017, the Government has released an exposure draft of legislation and associated draft explanatory material for public consultation. This legislation will amend the Income Tax Assessment Act 1997 to give effect to tax reforms announced on 29 June 2015, which expand the tax relief available to superannuation funds, when mandatorily transferring assets…

Thomas & Anor v FCT – franked dividends and the franking credits/off-sets distributed separately disproportionately between beneficiaries – not how tax law works but bound by QSC’s declaration on effect of distributions

The decision below and the QSC decision In a complex matter, the Full Federal Court has unanimously allowed the taxpayers’ appeals against the August 2015 decision of Greenwood J in Thomas v FCT [2015] FCA 968. Greenwood J had held that a discretionary trust could not distribute franking credits to an individual beneficiary differently from the manner in which the…