18 February 2013
In this week's Tax highlights we feature:
- Bills introduced into Parliament: A number of Bills have been introduced into Parliament including legislation to introduce the loss carry-back provisions, ensure the effective operation of Part IVA and modernise Australia’s domestic transfer pricing rules
- Cases: Part IVA held not to apply to a scheme: In Commissioner of Taxation v Macquarie Bank Ltd, the Full Federal Court dismissed the Commissioner’s appeal and held that Part IVA did not apply to a scheme in which Macquarie Bank gained a step up in the cost base of an asset which resulted in the reduction of a capital gain by approximately $277 million
- Review into the self-assessment system: The Inspector-General’s Review into improving the self-assessment system has been released. The review was conducted in response to concerns about risks and protections for taxpayers under Australia's self-assessment system.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.