The High Court, sitting in Sydney, has refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in Tech Mahindra Limited v FCT [2016] FCAFC 130. The Full Federal Court decision, which now stands, dismissed the taxpayer’s appeal, effectively upholding the judgment of Perry J in September 2016 that a company resident in…
On Tuesday 21.3.2017, the Lower House passed the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 and the Diverted Profits Tax Bill 2017. The Diverted Profits Tax Bill was passed without amendment but the Multinational Tax Avoidance Bill was amended to clarify the interaction between the controlled foreign companies (CFC) rules in Pt X…
T a x T e c h n i c a l – M o n t h l y N e w s – March 2017 Developments – This is a collection of developments in Australian tax law and practice that occurred in March 2017 which aims to be relevant to tax practitioners.[i] Compiled By F John Morgan…
The AASB has approved Australian Accounting Standard AASB 2012-9 to withdraw Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia for annual reporting periods beginning on or after 1 January 2013, with early application permitted. The AASB has also issued an Agenda Decision addressing the issue of when it would be appropriate to conclude that…
The Government has released an exposure draft of the primary amendments to be included in an Insolvency Law Reform Bill in 2013. The draft Bill implements reforms previously released in the proposals paper, A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia. The draft Insolvency Law Reform Bill 2013 would…
The just-released OECD latest Economic Survey of Australia says it recognises the strong performance of the Australian economy and its resilience to the global economic crisis, but it noted that “activity has moderated” with GDP expected to grow by about 3% annually over the 2013-14 period. The OECD says Australia needs to maintain flexible markets,…
Reuters (London) has reported that coffee chain Starbucks said it could voluntarily pay about £20m in corporation tax in Britain over the next 2 years. “We are making a commitment that we will propose to pay a significant amount of corporation tax during 2013 and 2014 regardless of whether our company is profitable during these…
At its meeting on Tue 4.12.2012, the Reserve Bank Board decided to lower the official cash rate by 25 basis points from 3.25% to 3%. Reserve Bank Governor Glenn Stevens said the Board judged that a further easing in the stance of monetary policy was appropriate to foster sustainable growth in demand. The Board last…
The WA State Administrative Tribunal has affirmed the Commissioner’s decision to refuse a land tax exemption claimed by the taxpayers for the 2010-11 financial year, as it found the land was not being used by the owner of the land for a rural business, as required under s 29(3) of the Land Tax Assessment Act 2002…
The State Taxation and Other Acts Amendment Bill 2012 (Vic) on Tues 4.12.2012, received Royal Assent as Act No 76 of 2012. Among other things, it amends the Land Tax Act 2005 (Vic) to ensure that the principal place of residence exemption operates as intended and to restrict the amount of unpaid land tax the…
