Tax & Accounting Blog

Another big week in tax esp for MNEs, says Weekly Tax Bulletin

Business Tax, Estate, Gift & Property Tax, Federal Tax, Indirect Tax, Individual Tax, International Reporting & Compliance, State, Territory & Local Tax, Tax April 29, 2016

Just a few days before the 2016 Federal Budget, the tax writing team at Thomson Reuters has produced another bumper issue of Weekly Tax Bulletin (see below for details of the coverage).

The team will also be in the Budget media lock-up to report the 2016 Federal Budget next Tuesday, 3 May 2016. Subscribers to Weekly Tax Bulletin will receive their Special 2016 Budget Night Edition of Weekly Tax Bulletin on Budget night. If you are not currently a subscriber, but would like to know more about the Budget, please contact your Thomson Reuters representative or click here to register for a free copy of the Special Budget Report. Thomson Reuters will also be hosting a free webinar on the Budget to be presented by Roelof Van Der Merwe, National Taxation Director, Nexia Australia. To register for this important free Budget webinar, click here.

In its comprehensive coverage of tax and related developments, Issue 17 of Thomson Reuters’ 2016 Weekly Tax Bulletin (published on 29 April 2016) contains the following reports:

  • PRACTITIONER ARTICLE
    • ATO Taxpayer Alerts for multinational business: need to be documentation-ready and factor in risk management – by Tony Cooper and Peter J Janetzki, Partners, International Tax Services, EY
  • TAX PRACTICE UPDATE
    • ATO releases 4 Taxpayer Alerts on profit-shifting arrangements
    • International corporate tax avoidance: revealing ATO comments at Senate committee hearing
    • Govt rules out changes to negative gearing and the CGT discount
    • No “deal” between Federal Court and ATO to fast-track cases
    • Senate committee tax avoidance report Part 2 tabled: highly critical of MNEs
    • Tax agents should set up email notifications – Portal mail
    • Purported tax-exempt non-profit “foundations” used to evade or avoid tax obligations
    • Personal services income diverted to SMSF: Taxpayer Alert
    • Statutory interpretation – ATO releases Episode 11 of interpretation NOW!
    • ATO complex issue resolution service: ATO reminder
    • Govt to allocate extra funding to AFP to fight tax evasion and other serious crime
    • ATO strategies and activities to address the cash and hidden economy: ANAO report
    • R&D tax incentive: new ATO checklist
    • Exchange rates for non-30 June year end
    • CPI: March quarter 2016 indexation factor for FBT purposes
    • Total tax revenue figures 2014-15 from ABS
    • Financial advisers get breathing space on education reforms; exam timetable pushed back
    • NZ Government establishes inquiry into its Foreign Trust Disclosure Rules
    • World Customs Organisation Valuation Agreement on transfer pricing and customs
    • Details of recent tax and related articles from a variety of journals – an excellent research and reference tool. Journals referenced this week are Financial Planning, Asia Tax and Trade Bulletin.
  • LEGISLATION
    • Resumption of debate on Bills in Federal Parliament in Budget week
    • Family tax benefit – health check requirement: Determination amended
  • SUPERANNUATION
    • SMSF registrations to be cancelled: ATO letter to trustees
    • Alerting clients to Div 293 tax messages in myGov
    • NSW Police voluntary superannuation contributions – Cth funding announced
  • CASES
    • Interest deduction claims: Court orders evidence be taken from foreign bank and documents be produced – FCT v Rawson Finances Pty Ltd (No 2)
    • Superannuation death benefit: interdependency relationship not found on private ruling facts – Re TBCL & Anor and FCT [2016] AATA 264
  • STATE TAXES
    • Victorian Budget 2016-17: payroll tax cut; stamp duty increase on foreign property buyers; etc
    • Vic: State Taxation and Other Acts Amendment Bill introduced
    • Vic landholder duty: no duty as “economic entitlement” not acquired – BPG Caulfield Village Pty Ltd v Comr of State Revenue