Tax Alert - December 2012
Tax Alert is a monthly publication that keeps you up to date with the latest developments in tax. The alert is compiled by our national tax specialists who are continually monitoring the outlook for new tax developments and analysing the implications for our clients.
Allowances: balanced issues paper proposals blighted by accommodation bombshell
Since 2006 the tax treatment of allowances has been under review, with Inland Revenue’s public rulings team issuing exposure drafts on the topic in both 2006 and 2010. The technical analysis being undertaken on the current tax legislation was leading Inland Revenue to conclude that a range of payments to employees had a sufficient private purpose to justify them being taxable, despite this being contrary to actual practice. Such things being considered as potentially taxable included working lunches and meals while travelling on business.
Also in this issue:
- Hope for best, prepare for the audit
- Earthquake issues continue to shake up the tax rules
- Changes loom for mining taxation
- Payments to Non-Resident Film Renters – did you know the rules have changed?
- Attributable FIF income method – election may be required!
- Changes made to record keeping allowances
- Taxing multinational companies
- Australian Government releases Exposure Draft of new transfer pricing legislation for Australia