11/07/2016 – The OECD has today released its standardised IT-format for the exchange on tax rulings (ETR) between jurisdictions – the ETR XML Schema – as well as the related User Guide. The ETR XML Schema is part of the OECD’s work to ensure the swift and efficient implementation of the BEPS measures, endorsed by G20 Leaders…
11/07/2016 – Interested parties are invited to provide comments on a discussion draft which deals with elements of the design and operation of the group ratio rule under Action 4 (Interest deductions and other financial payments) of the BEPS Action Plan. In October 2015, the BEPS Action 4 Report Limiting Base Erosion Involving Interest Deductions and Other Financial…
A taxpayer has been successful before the Victorian Civil and Administrative Tribunal in seeking a duty exemption in relation to a transfer of land to him from a company under s36 of the Duties Act 2000 (Vic) (property passing to beneficiaries of fixed trusts). The background facts were complex. The Tribunal heard details of a “trust company”…
The 2016-17 SA Budget was handed down on Thursday 7.7.2016. The SA Treasurer, Tom Koutsantonis, announced a budget surplus. Mr Koutsantonis also announced the following tax proposals: extending the small business payroll tax rebate – The small business payroll tax rebate introduced in the 2013-14 Budget will be extended for a further 4 years to 2019-20. extending and expanding…
A taxpayer has been unsuccessful before the Qld Civil and Administrative Tribunal in arguing that there was a “constructive trust” in relation to 3 properties. The taxpayer had purchased 3 residential properties for each of his 3 children to live in. There were agreements between the children and their parents that they would pay their…
The Federal Court has allowed a taxpayer’s application to stay proceedings of her appeal, against amended assessments, until determination of committal criminal proceedings against her husband which were related to the transactions that gave rise to the amended assessments. In doing so, the Court found that she would otherwise suffer “real prejudice” in her appeal…
The EU Parliament voted in favour (514 to 68, 125 abstentions) of recommendations made in a report by Parliament’s Special Committee on Tax Rulings II on 6.7.16. These recommendations were for: an EU register of beneficial owners of companies; a tax havens blacklist; sanctions against non-cooperative tax jurisdictions; action against abuse of “patent box” regimes; a code of…
On 30 June 2016, the transitional period for recognised accountants who provide self-managed superannuation fund (SMSF) related financial advice ended. Recognised accountants who lodged applications with ASIC between 1 July 2013 and 30 June 2016, who were professional practising certificate members of CPA Australia, Chartered Accountants Australia & New Zealand or the Institute of Public…
The ATO has made available (on it’s website) a document which it calls: ‘Local File – high level design’ to help taxpayers understand their new reporting requirements as part of Country-by-Country (CbC) reporting. The Local File is of one of three statements multinational entities, with an annual global income of at least A$1 billion, are required to provide…
On Wednesday 6.7.2016, the Commissioner issued the following Class Rulings: CR 2016/49: demerger of Graphex Mining Limited by Indiana Resources Limited. It applies from 1 July 2015 to 30 June 2016. [LTN 128, 6/7/16] Extract from Ruling Dividend consequences – all Indiana shareholders 28. No part of the value of a Graphex ordinary share distributed to an Indiana shareholder will…