SHAM TRANSACTIONS AND THE MILLAR CASE [2016] FCAFC 94 CPD OF THE TAX BAR ASSOCIATION HELD AT THE FEDERAL COURT OF AUSTRALIA 10 October 2016 Presented by Jennifer Batrouney QC, Annette Charak, Hadi Mazloum ************************* Jennifer Batrouney QC: Sham has been described as a “popular and pejorative word” and, as Tony Slater QC has said,…
Collective investment vehicle non-resident withholding taxes Consultation Paper November 2016 (copy from Australian Federal Treasury website – consultation) NOTES TO PARTICIPANTS The proposals outlined in this paper have not received Government approval and are obviously not yet law. As a consequence, this paper is merely a guide as to how the proposals might operate. CONTENTS…
BOARD OF TAXATION Implementation of the OECD Hybrid Mismatch Rules – A Report to the Treasurer (31 March 2016) [The Report] Table of Contents FOREWORD – IV EXECUTIVE SUMMARY – 5 CHAPTER 1: INTRODUCTION – 11 Background – 11 Review process – 12 Overview – 13 UK Hybrid Rules – 14 European Commission action on…
BACKGROUND TACKLING MULTINATIONAL TAX AVOIDANCE The Government is strongly committed to ensuring that multinationals pay their fair share of tax in Australia. The Government has been working determinedly, in partnership with the Organisation for Economic Co-operation and Development (OECD) and through its leadership role in the G20, to ensure multinationals are paying their fair share…
On 6 April 2016, Treasury released a draft of the Tax and Superannuation Laws Amendment (2016 National Innovation and Science Agenda) Bill 2016, which was to further the ‘National Innovation and Science Agenda’ by making it easier for companies to carry forward their tax losses and capital losses by adding a ‘similar’ business test to the…
GST and Real Estate Contracts – when things go wrong By – Chris Sievers – Victorian Bar Introduction 1) Since the introduction of the GST in 2000,[1] there has been a number of decisions by State Courts and Tribunals dealing with disputes as to the treatment of GST under real estate contracts. These disputes are between parties…
The International Consortium of Investigative Journalists (ICIJ) issued a news release, on Sunday 3 April 2016, about the leak of a huge number of documents from a Panamanian law firm, which it identified as ‘Mossack Fonseca’. It published these documents together with more than 100 news organisations. This is of sufficient interest (not only for its Australian tax…
The current law mandates the effective life to be used for certain intangible depreciating assets in calculating their decline in value, which may not necessarily reflect the period of time that the assets provide economic benefits to the taxpayer. [Intangible assets per s40-95(7) below] On 7 December 2015, the Government announced a package of measures designed to…
Tax Transparency: reporting of entity tax information In making this private companies report, the Commissioner recognises that he has a legislative duty to report certain specified information (including the amount of tax paid) by certain corporate tax entities for the 2013–14 income year and later income years under s3C of the Taxation Administration Act 1953 (TAA). These…
The Commissioner’s ‘Remedial Power’ Tax and Superannuation Laws Amendment (Measures No. 2) Bill 2016 – Schedule 1, will introduce a new Div 370 into the First Schedule to the Taxation Administration Act 1953 (TAA1), subdiv 370-A of which, will give the power the Commissioner to modify the tax law, by legislative instrument, where he thinks…