11 March 2013
In this week's Tax highlights we feature:
- Removal of capital gains tax (CGT) discount for non-resident individuals: The Assistant Treasurer has released exposure draft legislation concerning the proposed removal of the CGT discount on capital gains accrued after 8 May 2012 for foreign resident and temporary resident individuals
- First case on promoter penalty provisions: The Federal Court has dismissed the Commissioner’s first case for the imposition of civil penalties on alleged scheme promoters under the promoter penalties regime in Commissioner of Taxation v Ludekens
- Debate scheduled on Part IVA and transfer pricing amendments: Debate is scheduled this week in the House of Representatives on the Bill containing proposed amendments to reform Australia’s general anti-avoidance rule and transfer pricing rules.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.