24 April 2012
In this week’s Tax highlights we feature:
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'Tax highlights | 24 April 2012'
- Tax consolidation – rights to future income and TOFA amendments: The Government has released exposure draft legislation containing amendments which largely reverse measures enacted two years ago relating to the tax consolidation residual tax cost setting and rights to future income rules. Measures are also proposed to amend the interaction of the taxation of financial arrangements (TOFA) rules and tax consolidation.
- Revised exposure draft concerning tax concession entities: The Government has also released revised exposure draft legislation that proposes to restate the ‘in Australia’ special conditions for tax concession entities, such as income tax exempt entities and deductible gift recipients.
- Cases – payment to employee share trust in substitution of bonuses assessable: The Federal Court has held that a taxpayer was assessable on the whole of a payment of $11.6m made to an executive share trust (of which the taxpayer was a beneficiary) as part of changes to the taxpayer’s employment arrangements.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements, ATO information and releases, and international tax developments.