02 July 2012
In this week's Tax highlights we feature:
- Living-away-from-home-allowances (LAFHA) reforms start date deferred: Legislation has been introduced to significantly reform the treatment of LAFHA. Significantly, the commencement of the reforms has been deferred from 1 July 2012 to 1 October 2012.
- Section 254T ruling: The much anticipated taxation ruling 2012/5 has been released, providing guidance on the taxation and franking of dividends paid in compliance with section 254T of the Corporations Act 2011 from 28 June 2010
- Legislation on amendments to the RTFI rules has received Royal Assent: Tax Laws Amendment (2012 Measures No. 2) Bill 2012 received Royal Assent on 29 June which includes the amendments to modify consolidation tax cost setting and rights to future income rules.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements and ATO information and releases