NSW: Revenue Legislation Amendment (Surcharge) Bill passed – exemption from Foreign owned purchaser surcharge for development of homes & form of declaration for small business exemption from insurance duty

Tax Month - December 2017, Tax Month - November 2017

The State Revenue Legislation Amendment (Surcharge) Bill 2017 (NSW) was passed by the NSW Legislative Council yesterday [Wed 22.11.2017] without amendment and received Royal Assent on 30 November 2017 as Act No 67 of 2017. The Bill makes various amendments to the Duties Act 1997, Land Tax Act 1956 and Land Tax Management Act 1956, including: an exemption…

NSW State Debt Recovery Bill 2017 introduced – NSW State Revenue Commissioner to be allowed to recover other NSW agency receivables using all his powers (ouch)

Tax Month - November 2017

The State Debt Recovery Bill 2017 was introduced in the NSW Legislative Assembly on 21 November 2017 to implement a whole-of-government approach to debt collection across Government agencies. The NSW Commissioner of State Revenue is to get the power to collect debts on behalf of other State agencies. The idea appears to be: To collect the $130m…

Mendonca and Tax Practitioners Board – AAT held that it had no jurisdiction to review Board’s decision not to investigate a complaint – as it did not relate to ‘tax agent services’

Tax Month - November 2017

The AAT has ruled that it did not have jurisdiction to review a Tax Practitioners Board (TPB) decision not to investigate a complaint about 2 tax agents. Mr Gerard Mendonca, the applicant, sought review of a decision made by the Tax Practitioners Board (“the Board”) on 25 July 2017. In that decision, the Board decided…

Implementing the OECD Hybrid Mismatch Rules – draft bill to insert new Div 832 of the ITAA97

Tax Month - November 2017

On 24 November 2017, Treasury released an exposure draft of legislation to address hybrid mismatch arrangements. The exposure draft legislation seeks to implement the recommendations of the 2015 Organisation for Economic Co-operation and Development (OECD) report – Neutralising the Effects of Hybrid Mismatch Arrangements. Hybrid mismatches exploit differences in the tax treatment of an entity…

FISCHER & ORS v NEMESKE PTY LTD & ORS – Family Trust’s distribution of an amount equal to the ‘asset revaluation reserve’ on certain shares (and not the shares themselves) with the ‘loan back’ booked – was effective

Tax Articles

Introduction On April 6th 2016 the High Court handed down a 3-2 majority decision holding, inter alia, that a trustee had validly exercised a power to “advance” and “apply” trust capital, or income, by creating a debt, enforceable at law, that reflected the increase in value of the main asset of the trust, at the…

Settling legal disputes – the income tax, CGT and GST effect on various elements of the settlement amount paid

Tax Articles

Tax and settlements Dr Philip Bender, barrister, List A Barristers Introduction This paper looks at the impacts of Federal taxes on litigation settlements. The main areas covered by the paper are: Goods and Services Tax (GST) and settlements; Income tax (including capital gains tax) and settlements; and Superannuation death benefits. GST and settlements In order…

US Major Tax Reform – House of Reps passes Bill as debate moves to the Senate – biggest overhaul of US Code since Regan in 1986 – lower & fewer rates, fewer deductions, exacerbates deficit, drives economy, markets love it, some republican Senators hate it (interesting times…)

Tax Month - November 2017

The US House of Representatives on 16 November 2017 approved H.R. 1, Tax Cuts and Jobs Act), containing a broad package of tax cuts affecting businesses, individuals and families. Reuters said this has moved Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation. The largely party-line 227-205 vote in…

Singapore-Australia Free Trade Agreement – regulations to determine regional value content and FTA record keeping and duty refunds

Tax Month - November 2017

The Customs (Singaporean Rules of Origin) Regulations 2017 (SRO Regulations) were registered on Fri 17.11.2017. They prescribe matters relating to the new rules that are required to be prescribed under new Division 1BA of the Customs Act 1901 concerning the Singapore-Australia Free Trade Agreement (SAFTA). The Customs Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Act 2017…