31 January 2012
In this week’s Tax highlights:
- Taxation of retail premiums: The ATO has released a taxation ruling which sets out the Commissioner’s views on the taxation of retail premiums paid to shareholders in companies where share entitlements are not taken up or are not available
- Appeals update: The taxpayer has appealed against the Federal Court’s decision in Mitsui & Co (Australia) v Commissioner of Taxation, where it was held that a production licence which included both a right to undertake exploration activities and a right to produce petroleum, did not constitute two separate depreciating assets
- State taxes – Queensland: The Queensland Government has announced several stamp duty changes as a result of its Mid-Year Fiscal Review including the indefinite deferral of the abolition of duty on business assets until the budget can accommodate the abolition.
Plus we provide our synopsis of the latest tax-related announcements, ATO information and releases, and international tax developments.
Read, download or print Tax highlights, in PDF format below.