13 March 2012
In this week’s Tax highlights:
- Investment Manager Regime (IMR) – revised exposure draft released: The Government has released revised exposure draft (ED) legislation implementing elements 1 and 2 of the proposed IMR. These amendments seek to prevent the ATO from raising assessments in respect of certain investment income of ‘IMR foreign funds’ for the 2010-11 and prior income years where the fund has never lodged an Australian tax return (‘Fin 48’ amendments) and to exempt certain investment income of an IMR foreign fund that is taken to have a permanent establishment in Australia as a result of investing through an Australian intermediary such as a manager or broker (‘conduit income’ amendments).
- Stamp duty refund – termination of new agreement for sale of property: On appeal from the NSW Court of Appeal, the High Court has found that the taxpayer in ALH Group Property Holdings Pty Ltd v Chief Commissioner of State Revenue was entitled to a stamp duty refund as a result of the termination of the agreement under which the stamp duty liability had arisen.
- Treasury releases work program for current and proposed consultation on tax and superannuation measures: Treasury’s Forward Work Program for March 2012 indicates that ED legislation for the proposed amendments to the transfer pricing rules is expected to be released early this month and ED legislation for the amendments to the tax consolidation rights to future income and residual cost setting rules is expected to be released in early/mid 2012.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements, ATO information and releases, and international tax developments.