24 September 2012
In this week's Tax highlights we feature:
- LAFHA Bill passes Senate: The Bill containing amendments to the fringe benefits tax rules to limit the concessional tax treatment of living-away-from-home allowances and benefits has passed the Senate and is now awaiting Royal Assent
- Appeals update: High Court hearings are scheduled for:
- Mills: The taxpayer’s appeal against the Full Federal Court’s decision in Mills v Commissioner of Taxation (concerning the imputation benefit provisions) is scheduled to be heard on 2 October 2012
- Consolidated Media Holdings: The Commissioner’s appeal against the Full Federal Court’s decision in Consolidated Media Holdings Limited v Commissioner of Taxation (concerning the share buy-back provisions) is scheduled to be heard on 6 November 2012.
- Decision impact statement (DIS): The ATO has released a DIS on the Full Federal Court’s decision in Commissioner of Taxation v Noza Holdings Pty Ltd. The Noza case considered the rules which allow a deduction for certain costs relating to foreign non-assessable non-exempt income.
Plus we provide our synopsis of the latest legislative developments, cases, announcements and ATO information and releases.
Read and download Tax highlights in PDF format.