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Welcome to the latest edition of BDO Kendalls' Tax News. This edition we look at two recently announced tax agreements with low tax jurisdictions, a decision impact statement on capital gains tax, and review a number of other recent cases.
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ATO loses on bad debt deduction
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In an important case in the Federal Court, a judge has held that a taxpayer was entitled to a deduction of over $2 billion for bad debts written off in its money lending business (BHP Billiton Finance Ltd v Commissioner of Taxation (2009) FCA 276).Read more |
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GST implications on 'partitioning' land
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The Commissioner has released GST Ruling GSTR 2009/2 which discusses his viewson the GST consequences of partitioning real property among joint tenants or tenants in common and also a partition of land by a general law partnership.Read more |
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Decision Impact Statement on CGT
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The Full Federal Court recently held that while the Commissioner can amend an assessment at any time to give effect to certain provisions of the tax law, he can only do this in limited circumstances Read more | | | |
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New tax agreements introduced
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The International tax Agreements Amendment Bill (No.1) 2009 has recently been introduced into Parliament. The Bill gives effect to tax agreements with the British Virgin Islands and the Isle of Man.Read more |
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Settlement payment not 'incurred'
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In a test case in the Full Federal Court, the Court has overturned a decision of the Federal Court and held that the final payment due under a land contract was not 'incurred' in the year that the contract was entered into Read more |
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Partnerships and the margin scheme
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The Commissioner has released GST Ruling GSTR 2009/1, which deals with how the margin scheme applies to general law partnerships and its partners.Read more |
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