Taxation (14)

The South Australian Budget was handed down late last week. The table below summarises the key changes that you should be aware of.

Two recently announced measures will have a dramatic impact on limited recourse borrowing arrangements (LRBA) going forward.

Following on from the Government's announcement in October 2014, the Government has now introduced Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 (the Bill) into Parliament.

Commissioner of Taxation and Qantas Airways Limited [2012] HCA 41

On 8 May 2012 the Treasurer handed down the 2012-13 Federal Budget.  The Budget is a surplus of $1.5 billion for 2012-2013 mainly as a result of cuts in Government spending on defence, foreign aid and abandoning planned tax cuts for businesses, foreign investors into Australia and individuals.
On 18 April 2012, the Assistant Treasurer released exposure draft (ED) legislation outlining amendments proposed to tax laws so to better protect workers' entitlements to superannuation and to strengthen director obligations.

The Australian Taxation Office ("ATO") continues its focus on identifying “sham contracting arrangements” (arrangements where individuals operate as contractors instead of employees of a business) as part of its 2011-12 Compliance Program.

Tax Determination TD 2011/21

Monday, 31 October 2011

Trust investments - Characterising the nature of gains and losses.

Following on from Treasury’s review of fraudulent phoenix companies in 2009, measures enhancing penalties that may be applied against directors and powers available to the Commissioner of Taxation (“Commissioner”) have been introduced before Parliament. What is important to note about these enhanced director liability amendments is they will apply to all companies and their directors, not just those identified as Phoenix companies.

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