Allens

20 May 2013

Consistent with its broader policy of protecting the corporate tax base, the Federal Government announced as part of the 2013-2014 Budget that it will strengthen the thin capitalisation rules to prevent multinationals shifting profits out of Australia. Partner Charles Armitage and Senior Associate Julian Feiner look at the proposals.

17 May 2013

As part of the 2013 Budget, the Federal Government has announced several important amendments to the foreign resident capital gains tax regime. A key one is the expansion of the scope of taxable Australian real property assets for shareholdings held by foreign residents. Partner Martin Fry and Law Graduate Chris Lum explain.

16 May 2013

The Federal Government's proposed amendments to the immediate deduction for the cost of mining rights and information first used in exploration might be viewed as a disproportionate response to its concern that the section is being applied inappropriately in certain instances. Partner Martin Fry and Lawyer Claire Nicholson explain.

10 May 2013

The recent Resource Capital Fund decision has provided valuable insights into the application of the capital gains tax rules to foreign investors generally, and entities treated as fiscally transparent under the US tax laws in particular. Partner Martin Fry and Law Graduate Chris Lum explain.

21 February 2013

A recent UK Supreme Court judgment has confirmed that the common law right to claim legal privilege over legal advice attaches solely to advice provided by legal professionals, and can only be extended to other professionals by legislative enactment. Partner Duncan Travis, Senior Associate Joel Phibbs and Lawyer Sheree Rubinstein report on the judgment and the position in Australia.

15 February 2013

The Federal Government has introduced legislation into Parliament that involves a substantial re-write of Australia's transfer pricing laws. Partner Toby Knight explains the proposed amendments that will permit, in certain circumstances, the actual cross-border transaction entered into by the taxpayer to be ignored, with tax being imposed instead on a different, hypothetical arrangement.

14 February 2013

In response to recent Full Federal Court decisions, the Federal Government has introduced legislation to amend the general anti avoidance rules (Part IVA) in the Tax Act. Partner Martin Fry and Lawyer Claire Nicholson explain the proposed amendments that will modify the way in which the 'tax benefit' test is applied and the way in which it interacts with the operative provision of Part IVA.

20 November 2012

Legislation to establish a national regulator to oversee not-for-profit entities in Australia has been passed by both Houses of Parliament. Special Counsel Glenys Hodges reports on the new regulator, and provides an update on the progress of other aspects of the Commonwealth Government's not-for-profit reform agenda.

22 October 2012

A recent Federal Court case serves as a warning that mortgagees should take into account any garnishee notice issued in relation to a mortgagor's tax debt before agreeing to release a mortgage to facilitate a sale by the mortgagor. Partner John Gallimore and Law Graduate Andrew Shetliffe report.

17 October 2012

The Commissioner of Taxation's authority to recover tax claims from foreign jurisdictions and to pursue tax claims in Australia on behalf of foreign states will soon cover a much larger number of foreign jurisdictions. Partner Larry Magid, Lawyer Claire Nicholson and Vacation Clerk Jonathon Hoe look at the implications of the Federal Government's ratification of the OECD Convention on Mutual Administrative Assistance in Tax Matters.

08 October 2012

Two long-awaited draft Tax Determinations released by the Australian Taxation Office highlight the obligations of insolvency practitioners, and others who act as an agent or trustee, to retain sufficient money to pay tax which is, or will become, payable on any income, profits or gains arising from their appointment. Partners Charles Armitage and Michael Quinlan and Senior Associate Joanne Langford report

03 October 2012

The High Court of Australia has handed down its decision on whether GST was payable by Qantas in relation to unused airfares. Senior Associate Marc Johnston spoke to BRR Media about the High Court's findings and how the decision could impact on companies.

16 August 2012

The recent Full Federal Court decision in Mitsui v Commissioner of Taxation highlights the importance of identifying the particular asset acquired when seeking to obtain an upfront deduction for exploration expenditure under section 40-80 of the Tax Act. Partner Martin Fry and Lawyer Jennifer Richards report.

16 July 2012

A recent Supreme Court of New South Wales decision, dismissing an application to restrain the Office of State Revenue from recovering assessed taxes while the time to challenge the assessments was still running, confirms the courts' reluctance to interfere with the recovery of taxes. Partner Michael Quinlan and Lawyer Yu Zhang report

14 June 2012

Victoria's land-rich duty regime will, from 1 July 2012, be replaced by new landholder duty rules that will apply to a much larger range of transactions than the existing land-rich provisions. Partner Katrina Parkyn and Lawyer Jennifer Richards report

29 May 2012

A recent Federal Court decision granting an adjournment of a winding up application may indicate an increasing willingness by the courts to take into account the impact of a tax appeal on the ultimate financial viability of a company, even if it is insolvent. Partner Michael Quinlan and Law Graduate Arlou Arteta report

09 May 2012

The Federal Government has announced a range of tax changes in the Federal Budget. Partner Charles Armitage spoke to BRR Media about what these changes mean for businesses

22 March 2012

Partners Charles Armitage and Martin Fry talk to BRR Media about the proposed new tax loss rules for major projects and the lessons learned from projects that have run into financial difficulty

02 March 2012

The Federal Government has announced that it will be introducing changes to the general anti-avoidance rule. Partner Larry Magid spoke to BRR Media about the reasons behind the move and how the changes may impact on Australian businesses

25 January 2012

The Australian Taxation Office has today issued a ruling on retail premiums paid to shareholders who do not participate in renounceable rights issues. Partner Martin Fry spoke to Boardroom Radio about the practical implications of the ruling

17 January 2012

The Queensland Government has announced stamp duty changes that have the potential to impact significantly on any transactions that directly or indirectly deal with exploration permits or authorities to prospect. Partner Katrina Parkyn reports on the changes, which reverse the previous rules whereby these transfers were not dutiable

17 January 2012

The Queensland Government has announced stamp duty changes that have the potential to impact significantly on any transactions that directly or indirectly deal with exploration permits or authorities to prospect. Partner Katrina Parkyn spoke to Boardroom Radio on the changes, which reverse the previous rules whereby these transfers were not dutiable

11 November 2011

The Federal Parliament has passed legislation to establish an Australian carbon pricing scheme, which will operate initially like a carbon tax, with a fixed (but increasing) carbon permit price, and will then transition into a cap and trade scheme after three years. Partner Grant Anderson and Lawyer Fergus Green report on this historic development

30 September 2011

A recent Federal Court decision highlights potential limitations on the Commissioner of Taxation's ability to make a determination under Part IVA. Tax Partner Charles Armitage, Litigation Partner Malcolm Stephens and Tax Senior Associate Joanne Langford report

16 September 2011

Following the recent release of both its climate change policy, Securing a clean energy future: The Australian Government's climate change plan, and exposure draft legislation to implement its proposed carbon pricing scheme, the Federal Government has introduced its clean energy legislation package into the House of Representatives. Partner Grant Anderson reports on the principal differences between the exposure draft legislation and the legislation package as introduced into Parliament

02 September 2011

Qantas has scored a significant court victory over the payment of GST on unused passenger fares. Partner Ross Stitt speaks to Boardroom Radio about the issues considered in the court's decision and the implications for business

31 August 2011

A recent Full Federal Court decision makes it much more difficult for the Commissioner of Taxation to apply Part IVA to corporate restructures. Tax Partner Larry Magid, Litigation Partner Malcolm Stephens and Lawyer Tom Prince report on the case which involved a member of the James Hardie group of companies and whether there was a 'tax benefit'

12 August 2011

The Federal Government has released draft legislation containing the tax implications of its proposed carbon pricing scheme. Partner Martin Fry reports on the key income tax implications for entities when acquiring, holding, surrendering and trading in carbon units

14 July 2011

Details of the carbon pricing scheme released by the Federal Government include guidance on the income tax and GST treatment of the carbon permits that are the linchpin of the carbon tax. Partners Cameron Rider, Martin Fry and Ross Stitt report on a relatively complex regime that is yet to be finalised

12 July 2011

The Federal Government has released details of its proposed carbon pricing scheme, which will operate initially like a carbon tax with a fixed (but increasing) carbon permit price and will then transition into a cap and trade scheme after three years. This scheme is the result of negotiations within the Multi-Party Climate Change Committee and is set to be implemented in legislation that is to be introduced into Parliament later this year. Partner Grant Anderson and Lawyer Fergus Green report.

10 July 2011

The Federal Government has released the framework for its carbon tax scheme. Grant Anderson speaks to Boardroom Radio about the scheme and what businesses should be doing now to prepare for it

16 June 2011

The Queensland Government this week confirmed changes to landholder duty to begin on 1 July 2011. Partner Katrina Parkyn speaks to Boardroom Radio about the changes, including how they will impact listed companies and listed unit trusts

08 June 2011

The Federal Government's proposed carbon tax scheme will have GST implications for major emitters and businesses that receive government assistance. Partner Ross Stitt speaks to Boardroom Radio about the implications arising out of emissions permits and assistance for emissions-intensive trade-exposed industries

02 June 2011

Queensland, South Australia and the Northern Territory are to make important changes to their stamp duties legislation, with effect from 1 July 2011. The changes will broaden the reach of landholder duty and impose greater duty on a larger range of transactions, particularly affecting ones involving real property, mining tenements and listed entities. Partner Adrian Chek summarises the changes and considers the importance of the timing of any upcoming transactions

12 May 2011

Consistent with its broader policy of encouraging private investment in infrastructure, the Federal Government announced as part of the 2011-12 Budget that special treatment would be given to tax losses made by infrastructure projects designated as having 'national significance'. Partner Charles Armitage and Senior Associate Rory O'Brien look at how this will work

11 May 2011

The Federal Government announced a range of tax measures in last night's Federal Budget. Partner Larry Magid speaks to Boardroom Radio about amendments to the integrity rule in the debt/equity classification

11 May 2011

The Federal Government announced in last night's Federal Budget infrastructure tax changes in a bid to boost private investment. Tax Partner Charles Armitage and Infrastructure Partner Leighton O'Brien speak to Boardroom Radio about the changes and the likely impact they will have on infrastructure investment in Australia

27 April 2011

As the Federal Government has accepted all the Policy Transition Group's recommendations relating to the Minerals Resource Rent Tax, the proposed legislation's design principles are now clear, and an exposure draft should be available for comment in mid 2011. Partners Grant Cathro and Katrina Parkyn report

20 April 2011

The Federal Government's proposed carbon pricing scheme may commence as early as July 2012. Many significant aspects of the scheme, including the relevant tax mechanisms, are yet to be settled. Partner Martin Fry comments on some key tax implications for affected companies.

18 April 2011

A recent Federal Court decision highlights the difficulties that can be encountered in trying to define the taxing point in a manner that is capable of applying to a wide variety of different projects. The case could also prove instructive for those drafting the Minerals Resource Rent Tax legislation. Partner Grant Cathro reports

28 March 2011

The recent Federal Court decision in Noza Holdings Pty Ltd v Commissioner of Taxation involved the Australian Taxation Office's unsuccessful application of the General Anti-Avoidance Rule in Part IVA to a funding structure involving deductions under section 25-90 of the Income Tax Assessment Act 1997. The Commissioner's approach in this case reflects a more general ATO suspicion of such deduction claims, exemplified by the recent release of Draft Taxation Determination TD 2011/D2 in relation to bank lending arrangements involving offshore subsidiaries. Partner Toby Knight reports

18 March 2011

The Australian Taxation Office has released a practice statement on its advance pricing arrangement program, following on from other recent tax ruling guidance on the application of Australia's transfer pricing provisions to multinational enterprises. Partner Toby Knight and Lawyers Julian Feiner and Claire Nicholson report

04 February 2011

Queensland's land-rich duty regime will be replaced by new landholder rules from 1 July 2011. The new rules have the potential to impact significantly on transactions involving entities that own or have an indirect interest in any land in Queensland, including listed companies and listed unit trusts. Partner Katrina Parkyn reports

03 February 2011

Queensland's land-rich duty regime will be replaced by new landholder rules from 1 July 2011. Partner Katrina Parkyn speaks to Boardroom Radio about how the new rules have the potential to impact significantly on transactions involving entities that own or have an indirect interest in any land in Queensland, including listed companies and listed unit trusts

20 December 2010

Australian issuer companies should be aware of a recent Australian Taxation Office draft ruling that states Retail Premiums paid in respect of certain accelerated rights issues will be regarded as unfranked dividends for tax purposes, and therefore taxed as such in the hands of Australian resident shareholders, and subject to withholding tax where paid to non-Australian resident shareholders. Partner Martin Fry, Senior Associate Rory O'Brien and Lawyer Kai Fu report

13 December 2010

The Australian Taxation Office has recently published four important determinations dealing with the treatment of private equity investments in Australian assets, including a significant acknowledgement that a tax treaty exemption may be available through fiscally transparent investment vehicles. Partner Larry Magid and Senior Associate Thomas McAuliffe report.

10 December 2010

The Federal Government has released a discussion paper on changes to the demerger tax relief rules. Partner Katrina Parkyn speaks to Boardroom Radio about the changes and who will benefit from them

29 November 2010

The Senate recently passed legislation to reform the capital gains tax scrip for scrip roll-over relief provisions. The reforms are designed to align the capital gains tax roll-over relief with the Corporations Act 2001 (Cth) provisions dealing with takeover bids and schemes of arrangement. Partner Tom Story and Lawyer Chris Blane report on the effect of the new law on public to private transactions

01 October 2010

The High Court has ruled that the sale of foreign currency at an Australian airport is a GST-free supply. Partner Ross Stitt speaks to Boardroom Radio about the implications of the decision for financial supplies

24 September 2010

The Australian Taxation Office's Employee Share Scheme working party had its winding up meeting this week. Partner Sarah Bernhardt (who was a member of the working party) and Lawyer Teresa Campbell report on the main discussion points