Taxation in Australia
Written by practitioners for practitioners Taxation in Australia® is continually ranked as Australia's leading tax journal. With a readership exceeding 35,000, it is published 11 times per year and available exclusively to Institute Members in hard copy and online format, and now as an App on the Apple iPad. This comprehensive publication features articles with a strong, practical approach to the latest tax issues and professional development. It is affectionately known as the Blue Journal.
To find out more about downloading the journal to your iPad visit our dedicated web page: taxinstitute.com.au/ipad
Articles from the current issue:
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Tax tips: “Beneficiary” - What does it mean? Add to cart
01 Feb 2012
The word “beneficiary” is used in the Income Tax Assessment Acts in a number of contexts but is not defined. What meaning the word has in the case of a discretionary trust can have significant implications.
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Trust streaming post-Bamford Add to cart
01 Feb 2012
The High Court decision in the Bamford case in 2010 raised uncertainty about the operation of the provisions in tax legislation which confer "flow-through" status on capital gains and franked dividend amounts appointed to specific beneficiaries of trusts. The government's response was to enact amending legislation designed to ensure that, for the 2010-11 and later income years, where a trustee has the power to appoint or stream capital gains and/or franked distributions (including any attached franking credits) to specific beneficiaries, this will be effective for tax purposes.
This article examines in detail how the new provisions work and provides examples. It is pointed out that the calculations necessary to work out who is assessable on what part of a capital gain or a franked distribution that has been streamed to a particular beneficiary are highly complex, and the timing
rules will put significant pressure on trustees and their advisers.
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Tax education: Foundation tax dux award Add to cart
01 Feb 2012
The Tax Institute wishes to congratulate Sarah Kubsch on her success in achieving the foundation tax dux award for the second study period, 2011.
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President's report: A new year - A new president Free to Download
01 Feb 2012
This month, Ken Schurgott looks to the work ahead for The Tax Institute and its members.
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CEO's report: Happy new year! Free to Download
01 Feb 2012
Tax Institute CEO, Noel Rowland, welcomes members back for 2012 and talks about upcoming highlights and Institute initiatives for the year.
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Superannuation: FY 2012 SMSF checklist Add to cart
01 Feb 2012
This month's superannuation column focuses on a number of important planning issues leading up to 30 June 2012.
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Wealth succession: The new world of international wills Add to cart
01 Feb 2012
An "international will" is poised to become an important part of estate planning armoury for clients who have assets in multiple jurisdictions.
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Costs orders against the Commissioner of Taxation Add to cart
01 Feb 2012
The decision of the Full Court of the Federal Court in Clark's case in November 2011 concerned the ability of taxpayers to obtain a costs order, including an indemnity costs order, against the Commissioner of Taxation.
This article examines the decision in the context of relevant court rules and existing case law. The court confirmed that the Commissioner is subject to the same rights and obligations that any other participant in commercial litigation. As a result, offers of compromise need to be properly considered by the Commissioner. It is not enough for the Commissioner to claim that a costs order should not be awarded against him on the basis that he was complying with his own policies or procedures, or that indemnity costs should not be ordered against the Commissioner on the basis that he has duties of administration of the taxation regime, and an obligation to pursue questions that have a wider legal significance.
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Tax cases: Too clever by half - DOCA set aside by Commissioner Add to cart
01 Feb 2012
When will a court, at the request of the Commissioner, set aside a deed of company arrangement and so place a company in liquidation?
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Member profile: Frank Hinoporos Add to cart
01 Feb 2012
This member profile covers Frank Hinoporos.
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Taxing issues: December - What happened in tax? Add to cart
01 Feb 2012
The following points highlight important federal tax developments that have occurred during December 2011. A selection of the developments is considered in more detail of this taxing issues column.
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The High Court’s approach to taxation special leave applications Add to cart
01 Feb 2012
While there is no one factor that ensures success in a High Court special leave application, a tax issue with "wide-spread application" significantly increases the chances of the application being granted. Counsel who are able to frame the matter in these terms are then much more likely to be successful.
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Mid market focus: Employee or contractor? Know your payer’s obligations Add to cart
01 Feb 2012
An overview of the indicators used to determine whether a worker is an employee or a contractor, and the payer's differing obligations in respect of each.
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Reportable tax positions: A recent innovation by the ATO Add to cart
01 Feb 2012
The Australian Taxation Office (ATO) has recently added a powerful weapon to its arsenal of information-gathering procedures by requiring large corporations to make early disclosure of significant tax positions taken which may not be sustained when analysed at a later time.
This article considers the meaning of the core concepts relating to a reportable tax position (RTP), and problems relating to the application of those concepts from the perspective of the taxpayer and the revenue authority. The ATO initiative is based on, but materially different from, a regime introduced in the United States in 2010 by the Internal Revenue Service. The RTP regime has been introduced by the ATO as a pilot group program for the 2011 financial year, although important features remain unresolved.
