15 April 2013
In this week's Tax highlights we feature:
- Exposure draft (ED) legislation released: The Government has released ED legislation for the introduction of a statutory definition of charity and the new quarterly credits payment option for the research and development tax incentive refundable tax offset
- Appeals update – Macquarie: The Commissioner has a lodged an application for special leave to appeal to the High Court against the Full Federal Court’s decision in Commissioner of Taxation v Macquarie Bank Limited which held that the general anti-avoidance provisions of the tax law did not apply to a scheme which included a step up in the cost base of an asset under the tax consolidation cost setting rules
- Changes to self-education expense deductions: The Treasurer has announced that tax deductions for work related self-education expenses will be subject to an annual cap of $2,000 per person from 1 July 2014.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.