29 January 2013
In this week's Tax highlights we feature:
- Decision impact statement (DIS) – Mills case: The ATO has released a DIS on the High Court’s decision in Mills v Commissioner of Taxation which held that an arrangement for the issue of stapled securities was entered into and carried out for the purpose of enabling the taxpayer who became a holder of the securities to obtain franking credits, but this was incidental to the purpose of raising Tier 1 capital
- Latest cases – scrip-for-scrip roll-over relief: The Administrative Appeals Tribunal has found that scrip-for-scrip roll-over relief was available to two taxpayers who received a percentage of the consideration for the sale of shares that differed from the percentage of shares they held in the company
- Appeals update – Sent: The taxpayer has applied for special leave to appeal to the High Court against the Full Federal Court’s decision in Sent v Commissioner of Taxation which held that the taxpayer was assessable on the whole of a payment made by the taxpayer’s employer to an executive share trust as part of changes to the taxpayer’s employment arrangements.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.