The Tax Laws Amendment (2012 Measures No 4) Bill 2012 effectively awaits Royal Assent after having been passed without amendment by the Senate on Wed 19.9.2012. The Bill contains amendments re: LAFHAs; GST and representatives of incapacitated entities; consolidation and penalties. The Bill had been amended in the House to delete the existing Sch 1…
M o r g a n’ s T a x M o n t h – September 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2012and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian Bar…
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”…
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 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…
The Corporations and Markets Advisory Committee (CAMAC) today [Tue 7.8.2012] released its report on Managed Investment Schemes. The report was in response to a request from the Government for advice on various matters concerning the regulation of managed investment schemes under Chapter 5C of the Corporations Act, following the failure in recent years of a…
The Qld Office of State Revenue (OSR) has issued Public Ruling DA085.2.1 (Transfer duty – relief for certain vacant land concession beneficiaries). The OSR says ex gratia relief from transfer duty will be considered, on a case-by-case basis, to extend the benefit of the first home concession and vacant land concession to transactions where the…
The OSR has advised that from Fri 24.8.2012 taxpayers will no longer be able to lodge documents or make payments in person at its counters in Brisbane, Maroochydore, Rockhampton, Townsville and Cairns. Documents can be lodged by post and all payments can be made electronically or via post. Further information can be obtained by calling…
The NSW Supreme Court has ordered that payroll tax assessments for the 2005 to 2009 years issued to a taxpayer be remitted to the Commissioner for redetermination in accordance with its findings. The taxpayer sells various snack foods and drinks through vending machines and engages independent contractors to, among various things, store, transport and restock…
In a decision handed down on Tue 7.8.2012, the Victorian Supreme Court has denied the Commissioner of State Revenue (Vic) leave to appeal, under s 148 of the Victorian Civil and Administrative Tribunal Act 1998 (Vic), from the orders of the Victorian Civil and Administrative Tribunal in a payroll tax grouping matter. The Tribunal confirmed…