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Taxation in Australia

Written by practitioners for practitioners

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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, Taxation in Australia is published 11 times per year and available exclusively to members in hard copy and digital format. 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:

  • Tax consolidation: A review of the recommended changes

    shopping_cart Add to cart 01 Nov 2018

    The consolidation regime, which treats wholly owned groups as a single entity for income tax purposes, has been in place in Australia for more than 16 years. This 16-year period has been marked by screeds of legislation, masses of ATO interpretation and several reports by the Board of Taxation and Treasury, to which there have been federal government responses of varying speeds. Nonetheless, the list of outstanding issues seems to have expanded rather than shrunk during this time. This article looks at recent amendments enacted by Treasury Laws Amendment (Income Tax Consolidation Integrity) Act 2018, potential recommended changes, and canvasses the fate of recommendations from several Board of Taxation reports.

  • Is the deemed in-house asset rule unconstitutional?

    shopping_cart Add to cart 01 Nov 2018

    The deemed in-house asset rule in s 71(4) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA) is one of the most fundamental provisions in the Act, particularly in respect of the regulation of SMSFs. Section 71(4) gives to the relevant “regulator” under the SISA for a particular superannuation fund (either APRA or ASIC for larger superannuation funds, or the Commissioner of Taxation for small (five or fewer members) SMSFs) a discretion to deem an asset of a superannuation fund which is not an in-house asset to be in the in-house asset of the fund. This article analyses the deemed in-house asset rule against the recent case of Aussiegolfa v FCT, where the constitutional validity of s 71(4) was questioned by a member of the Full Federal Court. The consequences of breaching the in-house asset rule and the constitutional prohibition against the imposition of an arbitrary tax are also examined in this article.

  • The hybrid mismatch rules: Impact on foreign investors

    shopping_cart Add to cart 01 Nov 2018

    The hybrid mismatch legislation contained in the Treasury Laws Amendment (Tax Integrity and Other Measures No. 2) Bill 2018 received royal assent on 24 August 2018 and applies to income years starting on or after 1 January 2019. On 21 June 2018, the ATO released a draft practical compliance guideline (PCG 2018/D4) which considers the application of the general anti-avoidance rules contained in Pt IVA of the Income Tax Assessment Act 1936 (Cth) in relation to restructures that occur in order to comply with the hybrid mismatch rules. This article focuses on certain aspects of the application of the hybrid mismatch rules on inbound investments. The authors are of the view that foreign investors should consider the potential impact of the hybrid mismatch rules sooner rather than later. It is expected that the identification of potential hybrid mismatches may not be straightforward, particularly as there are some uncertainties regarding key concepts in the legislation and explanatory memorandum, and the knowledge required on the upstream structure and the relevant overseas tax laws.

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