MIT ‘cross-staple’ withholding, thin capitalisation ‘double gearing’, foreign super withholding exemption and sovereign immunity Acts passed 5 April 2019

The Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019; Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018  were passed into law on 5 April 2019, when they received Royal Assent as Acts No. 34,…

Hill v Tax Practitioners Board – tax agent deregistered without a client complaint and refused a stay of the order (read why)

Tax agent Richard Hill applied for a stay of the Tax Practitioners Board’s decision to terminate his registration, for failings in the administration of his own affairs (even though there were no client complaints). See below for further detail about why the TPB took this action and why the AAT refused to grant the stay.…

NZ: Recent anti-BEPS legislation – ‘Final reports’ published by Inland Revenue

The NZ Inland Revenue has published final versions of its BEPS special reports on the following rules enacted by the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (NZ), covering: large multinational groups; transfer pricing rules; permanent establishment; permanent establishment and hybrid mismatch rule for non-resident withholding tax; hybrid mismatch rules (general) and interest…

Seven Network (Operations) Limited v Screen Australia – Bride and Prejudice series not a ‘documentary’ – no Australian film production tax offset

In this case, In Seven Network (Operations) Limited failed in an important step to get a ‘tax offset’ for Australian film production expenditure in producing its ‘Bride and prejudice’ series. Screen Australia had refused to issue the necessary certificate required under s376-65 of the ITAA97. The case turned on whether the series was a ‘documentary’ and the AAT…