19 June 2012
In this week's Tax highlights we feature:
- Reportable tax positions (RTP) schedule 2012 update: The ATO has released a guide and accompanying instructions to assist taxpayers who are required to lodge the RTP schedule for the 2012 income year.
- TD 2012/D5 – trust distributions: The ATO has released a draft tax determination setting out its view that a beneficiary’s share of net (taxable) income of a trust estate is worked out by reference to the proportion of the (trust law) income of the trust estate to which a beneficiary is presently entitled and includes several examples.
- 2012-13 NSW Budget: The Budget contains several taxation-related measures including a 12-month deferral on the abolition of several duties.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements and ATO information and releases.