2 October 2012
In this week's Tax highlights we feature:
- LAFHA amendments now law: The Bill containing amendments to the fringe benefits tax rules to limit the concessional tax treatment of living-away-from-home allowances and benefits has received Royal Assent and is now law.
- Latest cases:
- Qantas Airways Limited: The High Court has held (by majority) that Qantas made a taxable supply which incurred a GST liability when it received fares for flights whether or not the passenger took the flight that was booked
- Fowler: The Federal Court has held that where a grant of share options was conditional upon shareholder approval, the options were only acquired for the purposes of the employee share scheme rules when that approval was obtained.
- ATO Public Rulings Program: Rulings and determinations scheduled for release in October 2012 include a draft taxation determination on the tax treatment of foreign non-portfolio dividends received by an Australian resident company through a permanent establishment offshore.
Plus we provide our synopsis of the latest legislative developments, cases, announcements and ATO information and releases.
Read and download Tax highlights in PDF format.