27 August 2012
In this week's Tax highlights we feature:
- Legislation on the move: The House of Representatives has passed amendments to the Bill which proposes to change the tax treatment of living-away-from-home allowances to ensure that such allowances are taxed entirely within the fringe benefits tax system, and the two Bills which introduce the first phase of the Government’s transfer pricing reforms and establish an investment manager regime have both passed the Senate and now await Royal Assent.
- Exposure draft on loss carry-back: Exposure draft legislation to implement the loss carry-back measures for companies has been released.
- ATO guidance on tax compliance for SMEs and wealthy individuals: The ATO has released a booklet informing small to medium enterprises (SMEs) and wealthy individuals of their key rights and obligations in relation to their dealings with the ATO.
Plus we provide our synopsis of the latest legislative developments, cases, announcements and ATO information and releases.