19 November 2012
In this week's Tax highlights we feature:
- Part IVA amendments released: The long-awaited exposure draft has been released proposing amendments to the general anti-avoidance rule in Part IVA of the Income Tax Assessment Act 1936 with an amended application date of 16 November 2012
- Mills case overturned: The High Court has allowed the taxpayer’s appeal against the Full Federal Court’s decision in Mills v Commissioner of Taxation and held that the issue of stapled securities by a bank to enable the taxpayer to obtain franking credits was incidental to the bank’s purpose of raising Tier 1 capital
- Appeals update: The High Court has released a transcript of the hearing into the Commissioner’s appeal in the Consolidated Media Holdings case concerning the share buyback rules. Also, the Commissioner has lodged an appeal against the Administrative Appeals Tribunal’s decision in the Nash case where it was held that a taxpayer was entitled to deductions for general interest charge (GIC) accrued amounts in each year to which the GIC was referable.
Plus we provide our synopsis of the latest developments, cases, announcements,and ATO information and releases.