This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

Tax highlights

26 March 2012


DOWNLOAD  

Deloitte Tax highlights, 7 February 2012In this week’s Tax highlights:

  • Cases: The Full Federal Court handed down the following major decisions last week:
    • Part IVA: Dismissing the Commissioner’s appeal, the Full Federal Court has held in Commissioner of Taxation v Futuris Corporation Limited that the taxpayer did not obtain a ‘tax benefit in connection with a scheme’ that resulted in the capital gain made by the taxpayer from the sale of a subsidiary being reduced by approximately $83 million and, accordingly, the general anti-avoidance provisions of Part IVA did not apply
    • Share buy-back: Contrary to the decision at first instance, the Full Court has held in Consolidated Media Holdings Ltd v Commissioner of Taxation that consideration for a share buy-back was a deemed dividend and not capital proceeds sourced from a share capital account.
  • Shipping reforms introduced: Tax Laws Amendment (Shipping Reform) Bill 2012 and related bills have been introduced into the House of Representatives proposing a range of tax incentives for the shipping industry, including an income tax exemption, accelerated depreciation for eligible vessels, and a new seafarer tax offset for employers.
  • Minerals Resource Rent Tax (MRRT) Bill passes Parliament: The MRRT Bill 2011 and related Bills have passed the Senate and now await Royal Assent.

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

 

Share

 
Follow us



 

Talk to us