The Tax Specialist
Designed for the specialist tax professional, The Tax Specialist journal is essential reading for corporate tax advisers, accountants, lawyers and academics. Featuring in-depth analysis, opinion and argument on legislative, administrative and judicial issues it is published five times per year and is available by subscription. Also known as the Red Journal.
The Tax Specialist covers the latest issues affecting your role and your business, including:
- mergers and acquisitions
- international tax
- GST securitisation
- venture capital
- legal professional privilege
- Part IVA
- TOFA, and more.
Articles from the current issue:
The use of extrinsic materials by the courts in the interpretation of taxation legislation Add to cart
01 Oct 2015
While the law relating to the use of extrinsic materials, such as second reading speeches and explanatory memoranda, in statutory interpretation appears to be reasonably settled, nonetheless, both the taxpayer and the Commissioner of Taxation have sought to rely on extrinsic material to support a particular interpretation of legislation. The ability to use extrinsic material an have significant implications for the taxpayer or the Commissioner. It is therefore important to understand when it is appropriate to use this material. Significant costs can be incurred by a taxpayer in basing an argument on extrinsic material, only to discover that the courts will not consider such material.
This article reviews recent cases to determine to what extent these rules continue to apply and how and when tax practitioners can rely on extrinsic material to support a stance taken against the Commissioner or allow a practitioner to dispute the Commissioner’s use of such material.
01 Oct 2015
The provision of transport, accommodation and meal benefits to employees by employers gives rise to a fringe benefits tax liability unless a concession or exemption applies. Fortunately, there are a number of exemptions and concessions which can apply to reduce the FBT burden. However, these provisions contain some of the most complex aspects of FBT law with some easily overlooked traps for employers.
This article explores the FBT exemptions and concessions available in three common but distinct circumstances. The article begins with an overview of, or framework for, a practical approach to FBT issues. The article then considers the FBT concessions available for a fly-in fly-out workforce. Next, the article examines remote area concessions. The article concludes with a discussion of domestic transfers, a comparative analysis of the concessions available for someone who is temporarily required to relocate versus someone who is required to relocate indefinitely for work purposes.
01 Oct 2015
The time periods within which the Commissioner of Taxation may amend an assessment provide certainty for all parties concerned about the crystallisation of tax-related liabilities. On the other hand, the Commissioner’s ability to amend an assessment in perpetuum, where he is of the opinion that there has been fraud or evasion, has the opposite effect. For a number of reasons, scrutiny of the in perpetuum amendment provision and its application in a given case is important.
This article analyses in detail the Commissioner’s power to amend an assessment for fraud and evasion. First, the article examines the current state of the law, including a review of the cases on fraud and evasion. Next, the article looks at how the Australian Taxation Office has applied the fraud or evasion provisions in recent years. Finally, it addresses how to deal with clients, and the ATO, when allegations of fraud or evasion arise.
01 Oct 2015
This article argues that while a necessary structural requisite, the current self-executing anti-avoidance regime of Div 7A of Pt III of the Income Tax Assessment Act 1936 (Cth) fails small business (company and/or company/trust taxpayers) in terms of efficiency and simplicity concerns and narrowly passes on equity grounds.
The article proceeds by considering some of the specific anti-avoidance integrity rules contained in Div 7A from the prospective of a “good tax system” determined by the ideals of equity, efficiency and simplicity. The criteria of a good tax system will be explained and interaction with particular provisions relating to payments, loans and debt forgiveness outlined and analysed. The article considers changes made through or by the Tax Laws Amendment Act, the problematic application of rules relating to unpaid present entitlements to related corporate beneficiaries and the extension of Div 7A rules to trusts under Subdiv EA. The article concludes with a brief analysis of reform models put forward in the Board of Taxation’s post-implementation review of Div 7A.