23 July 2012
In this week's Tax highlights we feature:
- ATO Compliance Program 2012-13: The ATO has released its annual compliance program, which sets out the Commissioner’s assessment of the most significant risks to compliance with the tax and superannuation systems
- Currency exchange loss deductions allowed – News Group case: The Federal Court has allowed deductions of approximately $2 billion for currency exchange losses on the basis that an exchange of actual ‘currency’ or ‘money’ was not necessary to satisfy the former currency exchange gains and losses rules in Division 3B of Part III of the Income Tax Assessment Act 1936
- Loss carry-back, bad debts, limited recourse debt: Treasury has released a number of discussion papers including papers on the proposed implementation and design details for the company loss carry-back initiative, treatment of bad debts in related party financing and the definition of limited recourse debt.
Plus we provide a snapshot of key outstanding income tax measures and our synopsis of the latest legislative developments, announcements and ATO information and releases.