14 January 2013
In this week's Tax highlights we feature:
- Status of announced tax measures: A concise summary of announced tax measures tracking federal government key announcements, discussion papers, reviews and exposure draft legislation
- Exposure draft – taxation of financial arrangements (TOFA): ED legislation has been released proposing amendments to the TOFA Stages 3 & 4 provisions, which includes amendments to the core rules, and the various methods for recognising gains or losses from financial arrangements under Division 230 of the Income Tax Assessment Act 1997
- Proposed changes to fuel tax ruling as a result of Linfox decision: The Commissioner has released a draft addendum on when taxable fuel is acquired for use in a vehicle “for travelling” on a public road and encompasses fuel used to operate lights, brakes, power-steering, wipers and heating/air-conditioning for passenger comfort.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.