16 July 2012
In this week's Tax highlights we feature:
- Appeals update – Greenhatch: The taxpayer has applied for special leave to appeal to the High Court against the Full Federal Court’s decision in Commissioner of Taxation v Greenhatch, which indirectly dealt with the ability of a trustee to effectively stream capital gains to specified beneficiaries for tax purposes
- Proposals paper – strengthening certain integrity provisions in the scrip for scrip roll-over: A proposals paper has been released to amend the integrity provisions of the capital gains tax scrip for scrip roll-over to remove significant tax minimisation opportunities
- ATO guidance – taxation of financial arrangements (TOFA): The ATO has released information explaining how TOFA gains and losses should be reported in the relevant labels of income tax returns.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements and ATO information and releases