Company loss carry-back exposure draft Print E-mail

The Government has released for consultation an exposure draft and explanatory material to introduce company loss carry-back into the business tax system. The exposure draft has been prepared following consultation on the discussion paper, Improving access to company losses, which closed on 6 August 2012.

GST margin scheme and avoidance appeals partly allowed Print E-mail

In a majority two-to-one decision, the Full Federal Court has partially allowed both the taxpayer's appeal and Commissioner's cross-appeal from a 2010 decision of the AAT in which it was found that the taxpayer was entitled to use the margin scheme for some acquisitions of property, but did not have approved valuations for others, and that the GST anti-avoidance provisions did not apply: Unit Trend Services Pty Ltd v FCT [2012] FCAFC 112 (Full Federal Court, Dowsett, Bennett and Greenwood JJ, 17 August 2012).

Refunding excess GST draft legislation Print E-mail

The Assistant Treasurer has released draft legislation on the proposal to amend the GST Act and the TAA to ensure that: (i) overpaid GST is only refundable if certain conditions are met; (ii) the restrictions on GST refunds apply to overpayments of GST, irrespective of whether the overpayment arises as a result of a mischaracterisation or miscalculation of GST payable; and (iii) the Commissioner's discretion to pay a refund is removed and instead taxpayers will be allowed to self-assess their entitlement to a refund of amounts of excess GST.

Transfer pricing Bill awaits Assent Print E-mail

The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has passed all stages without amendment and awaits Royal Assent. The Bill makes retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia's tax treaties and incorporated into domestic law provide assessment authority in treaty cases. Strong criticisms of the amendments were made at the hearings into the Bill held by the Senate Economics Legislation Committee, but the Committee nonetheless recommended the Bill be passed.

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