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Tax highlights

17 December 2012


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In this week's Tax highlights we feature:Tax highlights, Deloitte

  • New draft legislation released on Section 254T (payment of dividends):  The Government has released exposure draft legislation proposing to repeal and replace the existing Corporations Law rules on the payment of dividends

  • Cases: The following decisions were handed down over the past week:

    • Dividends of $183m received by a trust found not to be assessable: The Full Federal Court has held that section 23AJ of the Income Tax Assessment Act 1936 applied to exempt dividends of approximately $183 million received by a trust as a head company of a consolidated group

    • Deduction disallowed for contributions made to company facing financial difficulties: The Administrative Appeals Tribunal has denied the taxpayer a revenue deduction for contributions made to a company in financial difficulty on the basis that it could not be objectively inferred that the taxpayer entered into the transactions with an intention or purpose to make a profit or gain.

Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.

 

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