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 topics such as:
- mergers and acquisitions
- international tax
- GST securitisation
- venture capital
- legal professional privilege
- Part IVA
- TOFA, and more.
Articles from the current issue:
01 Feb 2014
Part IVA of the Income Tax Assessment Act 1936 (Cth), the pivotal general anti-avoidance provision in Australian income tax law, was amended in 2013, in particular to clarify the scope and meaning of the concept of tax benefit. This article examines the thirty-plus year history of Pt IVA in order to reach some conclusions about the position we have reached. The article first considers Pt IVA in a cultural and attitudinal setting, including the drive for an “open” anti-avoidance provision and shifting attitudes to tax planning.
The article surveys antiavoidance law and practice before the coming of Pt IVA, and then discusses phases in the history of Pt IVA to date. The rise of the “new” Pt IVA is discussed, including the new emphasis on dominant purpose. The article concludes with some key issues to consider when providing structuring advice.
01 Feb 2014
The Commissioner of Taxation has extensive powers to obtain information from a vast array of international sources. In the context of the ever-increasing domestic and international focus on base erosion and profit shifting, global cooperation on attacking international tax avoidance, and Australia’s role as Chair of the G20 in 2014, this article considers the source, nature and scope of the Commissioner’s powers to obtain information from international sources, and the reciprocal obligation to disclose information to overseas revenue authorities. The article examines exchange of information articles in Australia’s double tax agreements, Australia’s tax information exchange agreements, and the Convention on Mutual Administrative Assistance in Tax Matters.
The author suggests that there is a need for greater transparency in relation to the processes and procedures adopted by the Australian Taxation Office in exchanging information internationally and in the public reporting of the numbers and type of such exchanges.
01 Feb 2014
Australian taxation law raises many tax issues for non-residents of Australia who invest in Australian assets. This article considers in detail Australian taxation issues on investment into Australia by way of acquiring Australian real property. The article focuses on these issues, especially as they apply to Chinese individuals or entities that are non-residents for Australian income tax purposes.
The article examines the Chinese double tax agreement, residence rules including the treatment of residents of Hong Kong and Macau, rules governing the source of income, profits or gains including income from real property, the Australian tax treatment of income or gains arising from the disposal of Australian real property, capital assets and the application of capital gains tax, and the tax implications of adopting particular ownership structures and methods of funding investments. The article concludes with a discussion of the rules about collection of tax owing by non-residents.
01 Feb 2014
The managed investment trust (MIT) withholding tax regime requires that amounts be withheld from certain “fund payments” and amounts attributable to fund payments. The regime was intended to provide a concessional rate of taxation in order to attract foreign capital. However, amendments to the regime in 2008 have had the unintended effect of exposing non-resident beneficiaries to tax in circumstances where they have made no overall gain at all. This article examines the operation of the regime in the light of the 2008 amendments.
The article also explores the treatment of deductible amounts incurred in deriving foreign income, and argues that, in contrast to the treatment of capital losses in respect of non-taxable Australian property assets, net foreign losses are not required to be quarantined for MIT withholding tax purposes. The author suggests that the law should be amended to reverse the effect of the 2008 amendments and to clarify the treatment of foreign losses.
01 Feb 2014
This download contains the entire February edition in eBook format. Included are files suitable for viewing on common mobile devices. Use the:
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