2 September 2013
In this week's Tax highlights we feature:
- Discussion of draft tax ruling (TR) on the meaning of “exploration” for Petroleum Resource Rent Tax purposes: This week we discuss the ATO’s draft TR which sets out its response to ZZGN v Commissioner of Taxation. While the principles espoused in the draft TR are largely in line with expectations, uncertainty remains regarding their application date and whether the ATO will seek to apply the principles in reviewing the categorisation of historical exploration expenditure
- First promoter penalties case – Commissioner’s appeal allowed: The Full Federal Court has allowed the Commissioner’s appeal against the Federal Court’s decision in Commissioner of Taxation v Ludekens and found that the scheme promoters were subject to civil penalties under the promoter penalties regime.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.