The High Court heard the following applications for special leave to appeal on Fri 8.11.2013: Sanctuary Lakes Pty Ltd v FCT – the High Court refused taxpayer special leave to appeal against the decision in Sanctuary Lakes Pty Ltd v FCT [2013] FCAFC 50. The Full Federal Court decision had unanimously dismissed the taxpayer’s appeal…
The High Court heard the following applications for special leave to appeal on Fri 8.11.2013: Howard v FCT – the High Court granted the taxpayer special leave to appeal on one ground (but refused on the other) against the decision in Howard v FCT [2012] FCAFC 149. The Full Federal Court had upheld the Commissioner’s…
The OECD has invited public comments and input on questions related to the tax challenges of the digital economy. This is part of the G20 Action Plan on Base Erosion and Profit Shifting (BEPS). Among other things, Action 1 of the Action Plan seeks to identify the main difficulties that the digital economy poses for…
The OECD has announced that members of the Global Forum on Transparency and Exchange of Information for Tax Purposes took significant steps during a 21-22 November 2013 meeting in Jakarta, Indonesia to implement a global call for greater international co-operation against tax evasion. Actions taken include: Publication of new compliance ratings for 50 countries and jurisdictions on practical…
The OECD has announced that Liechtenstein and San Marino have become the 62nd and 63rd signatories of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters at a ceremony held on Thur 21.11.2013. The ceremony took place on the first day of the 6th meeting of the Global Forum on Transparency and Exchange of…
The Institute of Public Accountants (‘IPA’) has reminded small businesses that the current small business instant asset write off threshold of $6,500 will go back to id=”mce_marker”,000 from 1 January 2014 as part of the Government’s repeal of the mining tax. Accordingly, the Institute says eligible small businesses should consider taking advantage of the current threshold before…
The transcript of the Senate Economics Legislation Committee Estimates hearing held on Wednesday 20 November 2013 has been released. The meeting discussed, among other things: GST on movable homes draft ruling; tax deductibility of contributions to foreign aid; the Paid Parental Leave scheme; Govt decision not to proceed with taxing super fund earnings over id=”mce_marker”00,000; self-education expenses;…
The OECD Committee on Fiscal Affairs (CFA) has invited public comments on a discussion draft on technical changes to be included in the next update to the OECD Model Tax Convention. These technical changes include proposals for changes to the Model Tax Convention resulting from the work of Working Party 1 on Tax Conventions and…
The Assistant Treasurer on Fri 8.11.2013, announced that the Board of Taxation will extend its post-implementation review of Div 7A of Pt III of the ITAA 1936 to include the broader taxation framework in which private business operates. Senator Sinodinos said “the Board’s examination of Div 7A highlights that complexities can arise because of the Division’s interaction…
The Government on Wed 6.11.2013, announced its formal position with respect to a large number of previously announced tax, superannuation and related changes that have not been legislated. The Government said it is determined to resolve all policies relating to these matters by 1 December 2013 for inclusion in the Mid-Year Economic and Fiscal Outlook (MYEFO). The…