18 November 2013
In this week's Tax highlights we feature:
- Carbon tax and minerals resource rent tax (MRRT) repeal bills introduced: The Bills to repeal the carbon tax and MRRT from 1 July 2014 were introduced into the House of Representatives last week. As a result of the repeal of the MRRT, measures that were intended to be funded by the MRRT such as the loss carry-back rules and capital allowance concessions for small business, are proposed to be repealed or revised
- Research and development (R&D) bill introduced to deny large business access: The Bill to restrict access to the R&D tax incentive, so that companies and company groups with Australian aggregate assessable income of $20 billion or more would no longer be eligible to make claims for R&D incentives with effect from 1 July 2013, was also introduced into the House of Representatives last week
- Interim Decision Impact Statement (DIS) issued on AP Group Ltd case: The Commissioner has published an Interim DIS to outline the ATO’s interim response to AP Group Ltd v Commissioner of Taxation. This case, in which Deloitte advised the taxpayer, concerned the goods and services tax (GST) treatment of several types of incentive payments made by motor vehicle manufacturers to motor vehicle dealers.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.