26 November 2012
In this week's Tax highlights we feature:
- Phase 2 of transfer pricing reforms released: Exposure draft (ED) legislation to implement the second stage of reforms to Australia’s transfer pricing rules has been released. The ED proposes to replace the current transfer pricing provisions with new rules which will seek to ensure that the amount taxable in Australia in cross-border dealings between entities reflects the arm’s length economic contribution made by Australian operations
- Legislation awaiting Royal Assent: Several tax-related Bills, including legislation to reinstate temporary loss relief and an asset rollover for merging complying superannuation funds, have been passed by Parliament and now await Royal Assent
- Inspector-General of Taxation (IGT) reviews: The IGT has announced the terms of reference for his reviews into the ATO’s administration of penalties and the ATO’s compliance approach to individual taxpayers regarding delayed income tax refunds, superannuation excess contributions tax and use of data matching.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.