Taxation in Australia
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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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The luxury car tax: Past its use-by date Add to cart
01 Jun 2013
There are increasing calls to abolish the luxury car tax (LCT) as it has passed its “use-by” date. The tax has been singled out as an unfair, a discriminatory and an inequitable tax that discourages innovation in the manufacture of environmentally friendly vehicles. Following the recommendations from the Henry Tax Review and the discussions at the 2011 Tax Forum on environmental and social taxes, the reform of the LCT could form part of a wider review of motor vehicle taxes and fuel excise in Australia. A tax on the purchase of motor vehicles could be structured to bring about a behavioural change in the choice of motor vehicles in order to reduce fuel consumption in motor vehicles, provide a competitive edge to the Australian motor vehicle industry, and generate the revenues required to build better public transport infrastructure.
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Tax cases: Offshore bank objects to disclosing customer list Add to cart
01 Jun 2013
Can a party rely on the secrecy provisions of the Samoan International Banking Act to decline to disclose documents as required by the Federal Court Rules?
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The meaning of “income of the trust estate”in Div 6 Add to cart
01 Jun 2013
In March 2012, the Commissioner of Taxation released a draft taxation ruling, TR 2012/D1, which is about the meaning of the expression “income of the trust estate” in Div 6 of Pt III of the Income Tax Assessment Act 1936 and related provisions. This article examines the issues that arise from the draft ruling. The article first discusses the background in statute and case law, then moves to the content of the draft ruling for a detailed examination of the principles supporting or otherwise the conclusions reached by the ATO. Based on that analysis, the author concludes that the draft ruling should be withdrawn in its entirety, and redrafted and reissued (if at all) to accord with judicial authority, take into account the ongoing broader review of trust taxation, and should apply prospectively from the operative date of any changes to statute law and/or practice resulting from that broader review.
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President's report: Tax matters! Free to Download
01 Jun 2013
Are our political leaders starting to understand the need for tax reform to set Australia up for both the domestic and global challenges of the decades ahead?
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Taxing issues: May - What happened in tax? Add to cart
01 Jun 2013
The following points highlight important federal tax developments that have occurred during May 2013.
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CEO's report: The 15 by 15 project: Raising our members’ profile Free to Download
01 Jun 2013
As the 2012-13 financial year draws to a close, The Tax Institute is entering one of its busiest periods.
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Senior tax counsel's report: Reforms to self-education expense deductions Free to Download
01 Jun 2013
Providing a financial penalty to those seeking to self-fund their education is deeply concerning and is a blunt instrument to achieve the government’s stated object of preventing extravagant claims.
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Tax education: Professional associations - The 4th sector in education Add to cart
01 Jun 2013
With an election focus on education and the effect education has on our economy, it is timely to put forward a case for the role professional associations have to play in educating our experts.
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Proposed new GST refund rules: The price of overpaying GST Add to cart
01 Jun 2013
Exposure draft legislation introduced in February 2013 proposes to introduce a new Div 142 into the A New Tax System (Goods and Services Tax) Act 1999 which will replace s 105-65 of Sch1 to the Taxation Administration Act 1953. The draft legislation is intended to regulate the circumstances in which the Commissioner of Taxation will refund an overpayment of GST. This article considers the operation of the proposed Div 142, whether it meets the stated policy intent and aims, and the practical implications for taxpayers.
The author concludes that, if introduced in its draft form, the new Div 142 is likely to prove more restrictive than the present s 105-65 when suppliers who consider themselves to have borne the cost of overpaid GST attempt to obtain refunds. The risk is that any overpayment of GST will not be refunded.
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Member profile: Dominic Moon Add to cart
01 Jun 2013
This member profile covers Dominic Moon.
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Mid market focus: Don’t forget tax deduction for assets under $6,500 Add to cart
01 Jun 2013
This month’s Mid Market Focus provides an overview of the requirements and benefits of the immediate deduction available for certain assets purchased by small businesses.
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Superannuation: Pension changes - The saga continues Add to cart
01 Jun 2013
A proposed new pension tax was recently announced. This article discusses its potential impact on members and some of the anticipated trends and planning measures.
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Tax tips: Unlawful use and occupation: Principal residence exemption? Add to cart
01 Jun 2013
The New South Wales Court of Appeal has recently considered whether entitlement to a land tax principal residence exemption could be lost if the use and occupation of the principal residence is not lawful.
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Library links: Your research assistant is ready … Add to cart
01 Jun 2013
Did you know that we can do your tax research for you?
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Dividend access shares: Are they still okay? If so, when? Add to cart
01 Jun 2013
Discretionary dividend shares or dividend access shares are shares on which dividends can be paid, at the discretion of the directors, to the exclusion of existing shares in a company. They are commonly used for three purposes, namely, asset protection, estate planning and flexibility. Their use raises several taxation issues, including direct value shifting, the debt/equity rules, dividend streaming, Div 7A, dividend stripping and general anti-avoidance issues. Further, their liberal use has now been curtailed by the issue of a recent taxpayer alert, TA 2012/4. This article discusses in detail each of the principal taxation issues raised by the use of such shares.
The author concludes that the use of these shares must be supported by credible evidence, and careful drafting of the documents relating to the creation and issue of the shares, as well as declarations of dividend and subsequent payment, are critical, as is TA 2012/4.
