Bell v FCT – Full Federal Court confirms net asset value test failed – credit balance didn’t ‘off-set’ excluded housing loan, and $2m loan not a related liability [22]

In a unanimous decision, the Full Federal Court has confirmed that a family trust failed the maximum net asset value (MNAV) test for the purposes of accessing the CGT small business concession in respect of a $6m gain made by the trust to which the taxpayer beneficiary was presently entitled. In doing so, the Court…

International Tax Agreements Amendment Bill 2012 – receives Assent to implement protocol to Australia-India Double Tax Agreement [12]

The International Tax Agreements Amendment Bill 2012 received Royal Assent on 27 March 2013 as Act No 14 of 2013. It gives the force of law in Australia to the Protocol to amend the DTA between Australia and India. It also gives the force of law in Australia to the Agreements between Australia and the Marshall Islands…

*Federal Parliament adjourns till Budget Day – leaving many significant tax bills unlegislated [1]

Ahead of the [now botched] Labor leadership spill and ballot for the Party leadership on Thur 21.3.2013, both Houses of Federal Parliament concluded their sittings and adjourned until Tuesday, 14 May 2013. A number of important tax and related Bills remain before Parliament and will not now be debated until after the Budget.

[LTN 55, 21/3/13]

*The Tax Laws Amendment (2012 Measures No 6) Bill 2012 was passed by the House of Reps [2]

The Tax Laws Amendment (2012 Measures No 6) Bill 2012 was passed by the House of Reps on Mon 18.3.2013, without amendment, and now moves to the Senate. The Bill proposes amendments concerning: FBT and in-house benefits, medical expenses rebate, managed investment trusts (MITs), limited recourse debts, native title benefits tax exemption, exploration expenditure deductibility,…

*Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 – GST instalments; reduced Super Co-contribution; TOFA changes etc. [3]

The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 20.3.2013. It contains the following amendments: GST instalment system – the Bill would amend the GST law to enable entities that are paying their GST by instalments, and that subsequently move into a net…

*Removal of CGT discount for foreign individuals: draft legislation released [5]

The Assistant Treasurer on Fri 8.3.2013, released for consultation exposure draft legislation and explanatory materials to remove the CGT discount for non-resident individuals on taxable Australian property, such as real estate and mining assets announced in the 2012-13 Federal Budget. The proposed measures will apply where an individual has a discount capital gain, including a…

*Changes to CGT scrip-for-scrip rollover and small business concessions: draft legislation released [6]

The Government on Wed 20.3.2013, released for consultation an exposure draft legislation and explanatory material concerning 2 sets of CGT changes covering scrip-for-scrip rollover and small business concessions. The changes have been combined into one set of amendments. In the 2011-12 Budget, the Government announced that certain integrity rules in the CGT small business concessions…