24 January 2012
In this week’s Tax highlights:
- Consolidation and franking deficit tax (FDT) offset: The ATO has released a fact sheet which outlines when the Commissioner will exercise his discretion to allow the full tax offset where the FDT liability arose due to circumstances which were unanticipated or outside the entity's control, specifically in relation to retrospective consolidation legislative amendments
- Goods and services tax (GST) margin scheme valuations: An issues paper has been released by the ATO detailing some of the recurring problems identified by the Australian Valuation Office in non-complying valuations prepared for GST margin scheme purposes
- International tax developments – India: The Delhi High Court has ruled in favour of the taxpayer on whether royalties or a business connection arose in India from the offshore supply of hardware and related software.
Plus we provide our synopsis of the latest tax-related announcements, ATO information and releases, court cases and international tax developments.
Read and download 'Tax highlights' in PDF format below.