20 March 2012
In this week’s Tax highlights:
- Latest news – loss carry back rules possible: The Treasurer has commented that the Business Tax Working Group (BTWG) will deliver its report on the tax treatment of losses in the next fortnight and has raised the possibility of loss carry back rules. The BTWG is also examining “tax savings” to fund any changes to the loss rules
- Exposure drafts (ED) released:
- Transfer pricing: An ED has been released proposing amendments to ensure that the domestic laws that reference the tax treaty transfer pricing rules are applied in a manner which is consistent with relevant OECD guidance. The measures are proposed to have retrospective application for income years commencing on or after 1 July 2004
- Lowering company tax rate: This ED proposes to lower the company tax rate from 30% to 29% with application from the 2013-14 income year, with companies that are small business entities receiving a ‘head-start’ access to the lower rate from the 2012-13 income year.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements, ATO information and releases, and international tax developments.