20 August 2012
In this week's Tax highlights we feature:
- Committee report on proposed living away from home allowance (LAFHA) reforms: In its review into Tax Laws Amendment (2012 Measures No. 4) Bill 2012, the House of Representatives Standing Committee on Economics has recommended that LAFHA be taxed wholly within the fringe benefits tax system.
- New exposure draft legislation released: Treasury has released exposure draft legislation on several topics including a new clean building managed investment trust withholding tax regime, GST margin scheme amendments re subdivided land and GST overpayments rules.
- Appeals update: Taxpayers have been granted special leave to appeal to the High Court against the following Full Federal Court decisions:
- Mills: It was held that Part IVA applied to cancel franking credits that arose to the taxpayer under a scheme involving the issue of stapled securities by the foreign branch of an Australian bank.
- Consolidated Media Holdings: It was held that consideration received by the taxpayer in respect of a share buy-back was a deemed (rebateable) dividend under the share buy-back rules.
Plus we provide our synopsis of the latest legislative developments, cases, announcements and ATO information and releases.