14 May 2012
In this week’s Tax highlights we feature:
- International Dealings Schedule (IDS) 2012: An update on the new 2012 IDS form which is replacing the Schedule 25A and Thin capitalisation schedule
- Trust resolutions: The ATO has confirmed that trustees need to ensure that any resolution made to distribute trust income is made in accordance with the terms of the trust deed and by 30 June
- State and Territory 2012-13 Budgets: Significant tax-related measures announced in the Victoria and Northern Territory (NT) Budgets include:
- Victoria: WorkCover premiums for Victorian employers will be reduced by 3% from 1 July 2012
- NT: The abolition of stamp duty on non-land business property will be deferred. This measure was previously announced to apply from 1 July 2012.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements, ATO information and releases, and international tax developments.