The State Revenue Legislation Amendment Bill 2017 (NSW) was passed by the NSW Legislative Council without amendment on 4 April 2017 and received Royal Assent on 11 April 2017 as Act No 11 of 2017. It is an omnibus-style amendment Bill that makes a range of amendments to the Duties Act 1997, Land Tax Management Act 1956 and the Payroll Tax Act 2007. Among other things:…
On 5 April 2017, the Commissioner issued TD 2017/10, ruling that costs that a taxpayer incurs, after a CGT event happens, can still ‘relate to’ that CGT event under paragraph 110-35(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) and thus be ‘incidental costs’ that can be counted in the ‘second element’ of an assets’…
On 5 April, 2017, the Inspector-General of Taxation (IGT), Mr Ali Noroozi, announced terms of reference for his review into the Goods and Services Tax (GST) refund verification process. Extract from the ‘Terms of Reference’ Historically, the ATO retained GST refunds, under its general powers of administration (s356-5 of the Sched 1 of the TAA),…
On 4 April 2017, Treasury Laws Amendment (2017 Measures No 1) Bill 2017 received Royal Assent as Act No 26 of 2017. It amends: The Income Tax Assessment Act 1997 to ensure the National Innovation and Science Agenda measures contained in Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 operate in accordance with their…
On 4 April 2017, the Treasury Laws Amendment (2016 Measures No 1) Bill 2016 received Royal Assent as Act No 25 of 2017. It amends: The Corporations Act 2001 to: provide that employee share scheme disclosure documents lodged with the Australian Securities and Investments Commission (ASIC) are not made publicly available for certain start-up companies;…
The following Bills aimed at preventing multinationals from shifting profits offshore received Royal Assent on 4 April 2017 and became Act No 27 & 21 of 2017 (respectively). Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017– Act No 27 of 2017. Provides for a diverted profits tax to apply from 1 July 2017 to ensure that significant global…
Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 – (Act No. 27 of 2017) – which includes the so called ‘Diverted Profits Tax‘ These provisions come into effect, broadly from 1 July 2017, in accordance with Item 52 of Schedule 1 to the Bill – set out below. 52 Application The amendments…
A taxpayer has been unsuccessful in its appeal to the Victorian Supreme Court, from a decision of the Victorian Civil and Administrative Tribunal, which ruled that it was not entitled to the primary production land tax exemption for various properties over a number of years. The taxpayer was a land developer and lessor of land.…
In Study and Prevention of Psychological Diseases Foundation v FCT [2015] FCA 1117, the Federal Court remitted this matter back to the AAT, to determine the date from which the taxpayer’s tax exempt endorsement as a charity should be revoked. On being remitted, the AAT has now determined that the revocation should apply from 1 January 2005,…
The Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017 was introduced into the House of Reps on Thursday 30.3.2017, to amend the tax law to: supplement the same business test with a more flexible similar business test to improves access to losses for companies (and certain trusts) that have changed ownership so as to allow…
