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Welcome to the first edition of Tax news for 2008. For the benefit of new readers, icons precede stories that have particular relevance to corporate & international tax (Corp) and business/SMEs (Bus).
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In December, Tax News discussed several Court and Tribunal decisions. The following is an update on some of those decisions. Read more | | | |
Back flip on hire purchases
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The Commissioner has released Taxation Determination TD 2007/31. This Determination considers whether the hire, under a hire purchase agreement, of substantial equipment by a non resident Read more |
ATO win on PSI rules
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The Commissioner has again been successful in the Courts in applying the personal services income (“PSI”) provisions Read more |
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Issuing shares for assets
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The Commissioner has released Draft Taxation Ruling TR 2008/D1, which deals with the tax consequences for companies that issue shares in return for the acquisition of assets (such as trading Read more |
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More 'scheme' victories for ATO
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As seems to occur every month, the Commissioner has succeeded in having deductions denied in two more cases involving tax effective schemes. Read more |
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Implications of overpaid wages
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The Commissioner has released three Draft Taxation Determinations regarding the taxation implications of an employer mistakenly paying wages to an employee to which they were not Read more | | | |
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Depreciation of 'ambience'
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The Commissioner has released Taxation Ruling TR 2007/9, which deals with depreciation on items which are used to create a particular atmosphere or ambience in a business. Read more |
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Part IVA and 'wash sales'
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Taxation Ruling TR 2008/1 deals with the application of the anti avoidance provisions in Part IVA to ‘wash sale’ arrangements. Read more |
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FBT & minor benefits exemption
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The Commissioner has released final Taxation Ruling TR 2007/12, which contains his views on the application of the minor benefits exemption in the FBT provisions. Read more |
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Simplified Superannuation
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As readers would probably be aware, a fundamental change to the taxation of superannuation commenced on 1 July 2007. One of the changes implemented was to provide caps Read more |
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