6 May 2013
In this week's Tax highlights we feature:
- High Court clarifies operation of aspects of the GST anti-avoidance provisions: The High Court has unanimously allowed the Commissioner’s appeal in the Unit Trend case, providing important guidance about the application of certain aspects of the goods and services tax (GST) anti-avoidance provisions
- Taxing multinationals – Treasury issues paper and OECD transfer pricing risk assessment handbook released: The Assistant Treasurer has released an issues paper which outlines the challenges that changes in the global economy pose to the international tax system and canvasses a range of possible policy approaches to address those issues. Also in the context of the global focus on base erosion and profit shifting, the OECD has released a detailed handbook that countries can follow in developing their own transfer pricing risk assessment approaches
- Budget developments: After announcing that every reasonable option to fund the federal budget is “on the table”, the Government has indicated that it will shortly introduce legislation to increase the Medicare levy from 1.5% to 2% from 1 July 2014 in order to fund DisabilityCare Australia.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.