3 September 2012
In this week's Tax highlights we feature:
- Appeals update – News Group case: The Commissioner has appealed against the Federal Court’s decision in Messenger Press Proprietary Limited v Commissioner of Taxation which held that deductions of approximately $2 billion for currency exchange losses were allowed
- Intergovernmental Agreement (IGA) to implement US Foreign Accounts Tax Compliance Act (FATCA): Treasury has invited submissions on the advantages and disadvantages of an IGA between Australia and the US, based on the US Model IGA
- Latest cases – permanent place of abode and excess super contributions tax: The Administrative Appeals Tribunal has recently considered the concept of ‘permanent place of abode’ in determining residency and also when special circumstances exist to set aside an excess superannuation contributions tax assessment.
Plus we provide our synopsis of the latest legislative developments, cases, announcements and ATO information and releases.
Read and download Tax highlights in PDF format