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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 digital 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.

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Articles from the current issue:

  • Limited recourse loan plans:Timing and market value substitution issues

    shopping_cart Add to cart 01 Aug 2016

    Limited recourse loan plans remain a popular employee share scheme structuring option where the relevant company and/or a particular employee falls outside the scope of the new employee share scheme rules established by legislative amendments in 2015. Much of the commentary surrounding the implementation of loan plans centres on Div 7A of the Income Tax Assessment Act 1936 and the fringe benefits tax implications.

    An often overlooked consideration is the operation of the share buy-back rules where, for example, the shares increase in value over the vesting period but, for whatever reason, fail to vest and are bought-back at the original subscription price. This article focuses on the interaction between the general CGT rules and the specific share buy-back rules, with a particular emphasis on the buy-back specific market value substitution rule and the relevant taxing point.

  • “Reasonably arguable”

    shopping_cart Add to cart 01 Aug 2016

    The judgements in a recent decision of the Full Federal Court demonstrate that the concept of a “reasonably arguable” position for the purposes of administrative penalties can raise fundamental differences of opinion.

  • A look at how the Commissioner deals with phoenix companies

    shopping_cart Add to cart 01 Aug 2016

    Phoenix activity typically involves the liquidation of a company with accrued debts, often including tax debts and employee entitlements, and the transfer of assets to related parties, following which the directors incorporate a new company and carry on the business as before, but now, hopefully, released from the creditors of the former company. Phoenix activity has long been a problem for creditors, notably including the Commissioner of Taxation. In recent years, the struggle against such practices has intensified, with pushes to
    reformulate the law, increased monitoring of culprits and harsher penalties.

    This article examines the problems posed by phoenix activity, and discusses the various remedies available to the Commissioner for deterrence and recovery. These include winding up, freezing orders and Mareva injunctions, director penalty notices, “garnishee” notices, PAYG withholding non-compliance tax, and security deposits. The a rticle also briefly discusses ATO initiatives to mitigate against the prevalence of phoenix activities.

  • Value allocation: Upstream and downstream segments

    shopping_cart Add to cart 01 Aug 2016

    Value allocation is required in some tax and duty assessment circumstances in respect of integrated mining or gas to liquid projects. For those projects, the value allocation exercise typically involves an intermediate point dividing, in some way, the supply chain between the upstream segment and the downstream segment. What needs to be determined at such intermediate point for tax and duty purposes is usually the notional market value of a relevant mineral or feedstock gas and/or a notional arm’s length charge for access to the downstream infrastructure assets.

    To illustrate how this valuation exercise is practically assessed, this article discusses the application of what is referred to as the netback method, which highlights the key principles underpinning the determination of an arm’s length access charge and the market value of a commodity at an intermediate point of the supply chain for an integrated mining project.

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