When you need the<br>latest tax knowledge

When you need the
latest tax knowledge

Taxation in Australia

The Taxation in Australia Journal

Written by practitioners for practitioners Taxation in Australia® is continually ranked as Australia's leading tax journal.

Access the latest issue of Taxation in Australia in print, on your iPad or Android tablet, or online with our new digital edition.

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With a readership exceeding 35,000, Taxation in Australia is published 11 times per year and available exclusively to members in hard copy and online format, and now as an app on the Apple iPad and on Android tablets. 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.

Find out more about downloading the journal to your iPad or Android device here taxinstitute.com.au/ipad

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Articles from the current issue:

  • The ATO response to the IGT … make haste slowly Add to cart

    01 Aug 2014

    In June 2014, a report by the Inspector-General of Taxation (IGT) on the Australian Taxation Office’s (ATO’s) management of transfer pricing matters was released. The report made 18 recommendations. The ATO “agreed” with 17 in whole or in part or in principle. This article examines the IGT report and the ATO’s response to it, and finds that that response is unfortunate in some respects, in that six of the IGT recommendations have been agreed to only in part and there are no agreed timelines to address others. There is concern at the failure of the ATO on a number of fronts, including its failure to agree to allocate decision-making power on all transfer pricing compliance activities to transfer pricing specialists, and its failure to commit to a timetable within which it will evidence a “sense of proportion” to transfer pricing matters in the case of smaller and low-risk taxpayers.

  • Bust-proofing trusts Add to cart

    01 Aug 2014

    Longstanding views about the form and level of asset protection afforded by trusts have been challenged and made less certain by a number of recent court decisions and legislative changes. This article explores the key issues to consider when seeking to “bust-proof” a trust, that is, to render a trust structure less vulnerable to challenge on taxation grounds. The article examines the consequences of recent family court decisions involving trusts, some practical recommendations when dealing with trusts in the context of structuring a client’s affairs, the impact of the decision in the Richstar case in 2006, some bankruptcy issues, and critical issues to consider whenever establishing or amending a trust deed. In the author’s view, for the time being, the benefits of discretionary trusts are generally still sufficient to make them the preferred structure for asset protection purposes, but great care should be taken when restructuring and establishing discretionary trusts.

  • Tax tips: Penalties and tax agents Add to cart

    01 Aug 2014

    The Tax Agent Services Act 2009 and related legislation introduced changes to the tax penalties regime which absolve clients in limited circumstances and provide for civil penalties to be imposed on tax agents in a range of situations.

  • Eligible (infrastructure) investment business Add to cart

    01 Aug 2014

    This is one of a series of articles that will consider the tax issues associated with infrastructure ownership. We will suggest reforms that governments should consider to realise maximum value for these assets, without compromising future revenue through creating tax loopholes or providing overly generous tax concessions. This article discusses the application of Div 6C of Pt III of the Income Tax Assessment Act 1936 to infrastructure projects. Division 6C is concerned with income of certain trading trusts, and is an anti-avoidance measure, the purpose of which is to limit the forms of income that can benefit from “flow-through” taxation.

    The article argues that the application of Div 6C to infrastructure assets introduces complexity, uncertainty and undue administration. These risks and costs necessarily translate into lower prices for infrastructure assets. The article contends that, if Australian taxpayers wish to maximise the value that they receive for privatised infrastructure assets, Div 6C needs to be reformed.

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