18 March 2013
In this week's Tax highlights we feature:
- New Commissioner of Taxation’s first speech: Chris Jordan has made his first speech as Australia’s Commissioner of Taxation. His speech focused on the future of the ATO in relation to the design of the tax system, resolution of technical issues and disputes, and the consultation process for law reform
- Government’s forward work program for consultation on tax measures updated: Exposure draft legislation scheduled to be released in the coming months includes a third exposure draft for amendments to the loss recoupment rules for companies with unequal share structures
- Decision impact statement (DIS) - Visy Packaging Holdings Pty Ltd: The ATO has released a DIS on the Federal Court’s decision in the Visy Packaging Holdings Pty Ltd case where it was held that companies within the Pratt group were entitled to deductions and loss transfers that were related to transactions which were part of a ‘profit-making scheme’. Deloitte Lawyers was the instructing solicitor for the taxpayer.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.