Stephen O’Flynn
Articles by this Author
Revised Exposure Draft - In Australia Special Conditions
- By Stephen O’Flynn
- Published 20/04/2012
- Not for Profit Interests
- Unrated
In July last year Treasury sought feedback on the In Australia special conditions for tax concession entities.
We are pleased that the Government has listened to the feed-back provided by the NFP sector and advisors and on 17 April 2012 released a revised exposure draft for comment.
We are pleased that the Government has listened to the feed-back provided by the NFP sector and advisors and on 17 April 2012 released a revised exposure draft for comment.
Centro decision highlights the stamp duty risk of long term lease arrangements
- By Stephen O’Flynn
- Published 15/03/2012
- Moore Property News
- Unrated
Last Friday, 9 March 2012, the High Court refused Centro (CPL) Ltd special leave to appeal against a NSW Court of Appeal decision concerning stamp duty and long-term lease arrangements. Consequently the landmark Court of Appeal decision1 stands.
The Centro decision highlights that long-term lease arrangements are a key stamp duty risk area for taxpayers. The case is also likely to impact on taxpayers outside NSW as similar anti-avoidance provisions exist in most jurisdictions (such as Victoria). Consequently taxpayers contemplating arrangements involving acquisitions of freehold interests with long term lease arrangements in place should ensure they seek advice on the potential duty implications.
The Centro decision highlights that long-term lease arrangements are a key stamp duty risk area for taxpayers. The case is also likely to impact on taxpayers outside NSW as similar anti-avoidance provisions exist in most jurisdictions (such as Victoria). Consequently taxpayers contemplating arrangements involving acquisitions of freehold interests with long term lease arrangements in place should ensure they seek advice on the potential duty implications.
GST and appropriation legislation introduced into Parliament
- By Stephen O’Flynn
- Published 9/03/2012
- Education Interests
- Unrated
GST treatment of appropriations
On 1 March 2011, the Government introduced Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012 into Parliament. One of the amendments introduced through the Bill is the changes to the GST treatment of appropriations. The amendments are substantially the same as the Exposure Draft legislation released in November last year (see "Changes to GST and appropriations are a victory for common sense") and will apply from the date the legislation receives Royal Assent.
On 1 March 2011, the Government introduced Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012 into Parliament. One of the amendments introduced through the Bill is the changes to the GST treatment of appropriations. The amendments are substantially the same as the Exposure Draft legislation released in November last year (see "Changes to GST and appropriations are a victory for common sense") and will apply from the date the legislation receives Royal Assent.
Addendum to not-for-profit guide on commercial activities
- By Stephen O’Flynn
- Published 22/02/2012
- Not for Profit Interests
- Unrated
Enterprise Care – Newsletter
The Australian Taxation Office (‘ATO’) released an addendum (NAT 7966ADD) to its guide – Tax basics for non-profit organisations (NAT 7966) to incorporate the decision in Commissioner of Taxation v Word Investments ltd (2008) in relation to operating commercial business enterprises through charities (i). This case clearly provides that entities (including subsidiary entities) which operate commercial enterprises can still be charitable as long as the commercial enterprises are undertaken to effectuate the charitable purposes of the entity (or its parent).
The Australian Taxation Office (‘ATO’) released an addendum (NAT 7966ADD) to its guide – Tax basics for non-profit organisations (NAT 7966) to incorporate the decision in Commissioner of Taxation v Word Investments ltd (2008) in relation to operating commercial business enterprises through charities (i). This case clearly provides that entities (including subsidiary entities) which operate commercial enterprises can still be charitable as long as the commercial enterprises are undertaken to effectuate the charitable purposes of the entity (or its parent).
Tax Consolidation: Treasury says no to your “rights to future income” deductions
- By Stephen O’Flynn
- Published 1/12/2011
- Moore Tax News
- Unrated
On 25 November 2011 the Assistant Treasurer announced changes to the rules relating to tax consolidated groups and residual tax cost setting and rights to future income (‘RFI’). The changes follow a review of the rules undertaken by the Board of Taxation. The Board concluded that the scope of the rules were broader than intended, allowing for preferential tax treatment towards consolidated groups.
Changes to GST and appropriations are a victory for common sense
- By Stephen O’Flynn
- Published 30/11/2011
- Public perspective , Education Interests
- Unrated
On 24 November 2011 the Government released exposure draft legislation which will provide much needed clarity to the GST treatment of government appropriations. The proposed amendments are designed to ensure that payments by Government related entities (“GREs”) pursuant to an appropriation will generally only be subject to GST if they are made in the context of a commercial transaction.
Proposed Victorian Landholder Duty Model would make Victoria an unfavourable investment destination
- By Stephen O’Flynn
- Published 14/09/2011
- Moore Property News
- Unrated
The Victorian State Revenue Office has released a consultation paper on 8 September 2011 detailing the proposed changes to the Victorian land rich duty provisions.
No flight means no supply: Qantas success to impact on GST in the services sector
- By Stephen O’Flynn
- Published 9/09/2011
- Moore Tax News
- Unrated
On 1 September 2011 Qantas Airways Ltd achieved a surprise win against the Commissioner of Taxation in the Full Federal Court of Australia [1]. The Court’s decision is likely to trigger a reassessment of the GST treatment of prepayments for goods and services which never eventuate.
Overview of the Carbon Tax Scheme
- By Stephen O’Flynn
- Published 14/07/2011
- Carbon Emissions Update , Moore Tax News
- Unrated
Overview of the Carbon Tax Scheme
- The Government has proposed to introduce a Carbon Tax scheme from 1 July 2012. The new legislation will put on a price on carbon in a bid to reduce Australia’s carbon pollution.
- The carbon tax will be targeting the nation’s top polluters by requiring them to pay a fixed price of $23 per tonne of carbon pollution released into the atmosphere. It is estimated that around 500 businesses will be affected initially.
- The fixed price will increase by 2.5% annually in line with real world inflation, over a three year period:
Amendments to the GAIC Scheme
- By Stephen O’Flynn
- Published 6/07/2011
- Moore Property News
- Unrated
Amendments to the GAIC Scheme
As part of the Baillieu Government's election commitment, the Planning and Environment Amendment (Growth Areas Infrastructure Contribution) Act 2011 was enacted on 29 June 2011 which sets out major changes to the Growth Areas Infrastructure Scheme (GAIC) Scheme.
As part of the Baillieu Government's election commitment, the Planning and Environment Amendment (Growth Areas Infrastructure Contribution) Act 2011 was enacted on 29 June 2011 which sets out major changes to the Growth Areas Infrastructure Scheme (GAIC) Scheme.