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Phoenix falling: New GST measure to fight tax avoidance in the property sector

February 13, 2018

Desperate times call for desperate measures. Following an ATO submission to the 2015 Senate Inquiry on ‘Insolvency in the Australian construction industry’, which reported that $1.8 billion in GST debt had been written off as a result of phoenix activity by property developers, the Australian Government announced drastic changes in the 2017-18 Budget which would attempt to stem the bleed.

Phoenix falling: New GST measure to fight tax avoidance in the property sector

Phoenix falling: New GST measure to fight tax avoidance in the property sector

Desperate times call for desperate measures. Following an ATO submission to the 2015 Senate Inquiry on ‘Insolvency in the Australian construction industry’, which reported that $1.8 billion in GST debt had been written off as a result of phoenix activity by property developers, the Australian Government announced drastic changes in the 2017-18 Budget which would attempt to stem the bleed. … Read More

100% Pure BEPs: NZ responds to the OECD’s BEPs Action Plan

100% Pure BEPs: NZ responds to the OECD’s BEPs Action Plan

With the introduction of a new tax bill in New Zealand to counter multinationals’ BEPs activities, it is a good time to revisit Australia’s own BEPs progress. … Read More

Tax and Risk: Lessons from The Paradise Papers
Did we learn anything from the Chevron transfer pricing case? Has arm’s length price passed its use-by date?

Did we learn anything from the Chevron transfer pricing case? Has arm’s length price passed its use-by date?

In August 2017, Chevron Australia announced that it would abandon its ongoing transfer pricing dispute with the ATO.  This announcement means that, for the next few years at least, the Full Federal Court’s judgment handed down in April 2017 (Chevron Australia Holdings Pty Ltd v FCT [2017] FCAFC 62, reported at 2017 WTB 16 [486]) represents the leading authority […] … Read More

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

As practitioners will be aware, the ATO has suspended the application of its risk assessment guidelines for allocation of profits within professional services firms. The ATO’s risk assessment guidelines previously stated they would be reviewed in 2017. However, writing in Thomson Reuters 2018 Weekly Tax Bulletin Issue 3, Lance Cunningham, BDO National Tax Director, says […] … Read More

Are you tax-ready in 2018?

Are you tax-ready in 2018?

Did you know that most landlords can no longer claim a deduction for travel costs connected with an investment property? So that trip to the Gold Coast to inspect your rental unit is no longer deductible. There are also restrictions on claiming depreciation on second-hand assets used in a rental property. There are exceptions, in […] … Read More