28 October 2013
In this week's Tax highlights we feature:
- Draft legislation to repeal the Minerals Resource Rent Tax (MRRT) released: The Government has released exposure draft (ED) legislation and explanatory material to repeal the MRRT, effective from 1 July 2014. The ED also indicates that the Government proposes to discontinue or re-phase the measures that were intended to be funded by the MRRT, including the loss carry-back rules, certain small business capital allowance concessions and the increase in the superannuation guarantee charge percentage
- In receipt of “money” due to a non-resident: The Full Federal Court has unanimously allowed the Commissioner’s appeal against the decision of the Federal Court in Resource Capital Fund IV L.P. v Commissioner of Taxation and held that the term “money” in the provision of the tax law which may apply where a person has control of money belonging to a non-resident taxpayer is not confined to Australian currency and does include foreign currency.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.