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The New Research & Development Tax Credit: What does this mean for you?
- By Howard Badger
- Published 10/02/2010
- Moore Tax News
- Unrated
The Federal Government recently released the draft legislation for the new R&D Tax Credit. The draft legislation significantly increases the benefit of the R&D concession, particularly for companies with group turnover below $20 million. However, the draft legislation also makes it considerably more difficult to access the concession.
Trust Structures and Company Beneficiaries - Draft Ruling Released on Unpaid Present Entitlements
- By Moore Stephens
- Published 9/02/2010
- Moore Tax News
- Unrated
On 16 December 2009 the ATO released its keenly awaited Draft Ruling TD 2009/D8 relating to the Division 7A implications of unpaid present entitlements (“UPE”) owing to company beneficiaries. An UPE broadly exists where a trust has made a distribution of income or capital to a beneficiary which remains unpaid. This circumstance is very common in private groups of structures, where the use of company beneficiaries is commonplace. Accordingly, this draft ruling has enormous implications for private business structures.
ATO signals tough approach to highly-engineered cross-border structures
- By Moore Stephens
- Published 21/12/2009
- Moore Tax News
- Unrated
Last month, the ATO signalled a low tolerance for highly engineered cross-border structures when it dramatically sought to impose tax on TPG’s $1.5 billion profit on the Myer float. In the course of the ATO’s frantic efforts to secure a slice of the Myer millions, it issued two draft determinations last Friday setting out the circumstances in which it will challenge similar private equity arrangements.
Managed Investment Trusts - Exposure Draft released: Capital Account Treatment
- By Moore Stephens
- Published 15/12/2009
- Moore Tax News
- Unrated
The Assistant Treasurer, Senator Nick Sherry, has released for public consultation the Government's draft Managed Investment Trusts (“MIT”): capital account treatment legislation; together with its explanatory material.
Tighter restrictions on accessing non-commercial business losses
- By Allan Mortel
- Published 6/11/2009
- Moore Tax News
- Unrated
The Federal Government announced in the 2009-10 Federal Budget that it would tighten the non-commercial loss rules for individuals with an adjusted taxable income of $250,000 or more.
Tax Laws Amendment (2009 GST Administration Measures) Bill 2009
- By Stephen Adrian
- Published 26/10/2009
- Moore Tax News
- Unrated
On 7 October 2009, Tax Laws Amendment (2009 GST Administration Measures) Bill 2009 has been released by the Treasury in response to the Board of Taxation’s review of the legal framework for the administration of the GST.
Employee Share Scheme (ESS) Legislation introduced into parliament
- By Moore Stephens
- Published 26/10/2009
- Moore Tax News
- Unrated
On 21 October 2009, the Federal Government introduced the final form of the Employee Share Scheme legislation into parliament.
R&D incentive update
- By Moore Stephens
- Published 22/09/2009
- Moore Tax News
- Unrated
Consultation on measures to restrict the R&D Incentive from 2010. The first consultation paper on the 2009 Federal Budget R&D measures has been released. The intention is to fund the increase in R&D incentive by tightening the definition of R&D. This will have a profound impact across the board on the eligibility of companies to access the R&D tax incentives and the amount of expenditure upon which claims can be made.