*Investment Manager Regime Bill receives Assent – ‘FIN 48’ (Element 1) for 2010-11 and earlier years – ‘conduit income’ (Element 2) for 2010-11 and subsequent years [4]

The Tax Laws Amendment (Investment Manager Regime) Bill 2012 received Royal Assent on Thur 13.9.2012, as Act No 126 of 2012. The Bill had passed all stages without amendment and contains the first 2 elements of the Government’s Investment Manager Regime – the FIN 48 measures or “Element 1” of the IMR and the “conduit…

Directors’ liability reform in line with COAG harmonization and relief principles – Commonwealth Bill introduced [5]

The Personal Liability for Corporate Fault Reform Bill 2012 was introduced in the House of Reps on Wed 19.9.2012. It implements the Council of Australian Governments’ (COAG) Directors’ Liability reform, which aims to harmonise the imposition of personal criminal liability for corporate fault across Australian jurisdictions. The amendments proposed to be made by this Bill…

*Transfer Pricing Bill that is retrospective back to 2004 gets Royal Assent on 8 September 2012 [3]

The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 received Royal Assent on 8 September 2012 as Act No 115 of 2012. It had passed all stages without amendment and makes retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia’s tax treaties and incorporated into…

*FCT v Visy Industries USA Pty Ltd – Deduction for indemnity fee under a forward exchange contract – Commissioner loses appeal [17]

In a decision handed down Fri 10.8.2012, the Full Federal Court dismissed the Commissioner’s appeal thereby confirming the September 2011 decision of the Federal Court in Visy Industries USA Pty Ltd v FCT [2011] FCA 1065 that the taxpayer was entitled to a deduction under s 8-1 of the ITAA 1997 for an “indemnity fee”…

*Gordon J on when retrospective tax legislation may become unconstitutional – putting some ‘jurisprudential backbone’ into our pet bug-bear [88]

In giving the recent 8th Annual Tax Lecture at the University of Melbourne, the Hon Justice Gordon of the Federal Court spoke on “The Commonwealth’s taxing powers and its limits – Are we there yet?“. Among other things, she discussed the concept of retrospective tax legislation. Some of the points made by Gordon J included:…

Ernst & Young releases global survey on transfer pricing [87]

Ernst & Young has released its 2012 global transfer pricing tax authority survey: perspectives, interpretations and regulatory change. The survey reviews transfer pricing practices and attitudes in 48 jurisdictions with respect to a variety of topics, including penalties, transactions and industries of focus, dispute resolution options, and approaches to comparables benchmarking. Ernst & Young says…