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    Federal Budget 2012/13 - Executive Summary

    We were told that this would be a tough budget, and the Government’s mantra has held true. The Treasurer has had the unenviable task of choosing between multiple deserving reforms, while delivering a $1.5 billion budget surplus in the face of plummeting tax receipts.

    Federal Budget 2012/13 - Business taxation

    In a major development, the previously announced cut to the company tax rate will not go ahead.

    Federal Budget 2012/13 - Private Clients

    This was a quiet budget for private clients, with no specific measures announced. However many measures mentioned elsewhere (for example, dropping the corporate tax cut) will have a significant impact on this sector of the economy. Many of the changes to personal taxes are also likely to impact significantly on small business.

    Tax Consolidation: Rights to future income, a thing of the past.

    On 18 April 2012 the Treasury released an Exposure Draft (the “ED”) of legislation to retrospectively amend certain “unintended” aspects the tax consolidation regime relating to rights to future income and the residual cost setting rules. If legislated the proposed rules will operate to restrict tax deductions in relation to certain assets for corporate groups which have undertaken mergers, acquisitions and restructures. 

    Consolidations of the Past: Opportunities Exist!

    Background - The Consolidation Regime

    The core principle of the consolidation regime is the single entity rule ("SER"). The SER provides that for tax purposes, all transactions performed by members of the consolidated group will be taken to be performed by the head company. Furthermore, the asset of the members of the consolidated group will be taken to be owned by the head entity rather than the legal owner of the assests.

    Even when you lose you can still win: The BTWG's Final Report on the tax treatment of losses

    On 13 April 2012, the Treasurer released the Business Tax Working Group’s (“BTWG”) Final Report on the Tax Treatment of Losses (“the Final Report”).

    2012 – Changing some of the FBT “sacred cows”

    The 2012 Fringe Benefits Tax (FBT) year-end has come and gone, so once again, employers will be looking at what has changed over the last twelve months and how that will affect the employer’s liability for FBT.

    In preparing their FBT returns, employers should be aware of recent changes that have been made to the FBT law, as well as a number of changes that have been flagged which will affect the 2012-2013 FBT liability.

    ATO CELEBRATES BAMFORD ANNIVERSARY WITH A DRAFT RULING ON TRUST INCOME - TR 2012/D1

    Today marks the two year anniversary since the five judges of the High Court of Australia handed down its much publicised decision in the Bamford case. The key element of this decision was the question of what is meant by the five words “income of the trust estate” in tax provisions that determine how trustees and beneficiaries are taxed. 

    One year and 364 days PB (i.e. “Post Bamford”) the Australian Taxation Office (“ATO”) have released their own interpretation as to what the Commissioner believes the High Court of Australia really meant, in the form of Draft Taxation Ruling TR 2012/D1 (the “Draft Ruling”). The Draft Ruling discusses the meaning of the term “income of the trust estate” and provides a number of illustrative examples.

    Investment Manager Regime (IMR) – Second Exposure Draft Legislation released for public consultation – further, but not absolute, certainty for foreign managed funds

    A second exposure draft (ED) legislation for the first two elements of the Investment Manager Regime (IMR) was released recently to address issues raised in submissions for the first ED legislation released in December 2010 and January 2011.  Submissions on this second ED legislation are due on 4 April 2012.

    Using a share sale facility for foreign interest holders – tax impediments to be removed

    Using a share sale facility for foreign interest holders – tax impediments to be removed

    When undertaking a business restructure, a security sale facility is commonly used by listed entities to issue or transfer shares in a company or units in a trust for the benefit of foreign security holders.   The purpose of a security sale facility is to circumvent complex legal requirements that regulate the issue or transfer of securities in foreign jurisdictions.  But until now, the use of a security sale facility could deny vital capital gains tax (CGT) relief to all of the entity’s security holders.
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