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Written by practitioners for practitioners Taxation in Australia is continually ranked as Australia's leading tax journal.

Published 11 times per year, the 'blue journal', as it is affectionately known, is available exclusively to members.

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This comprehensive publication features articles with a strong, practical approach to the latest tax issues and professional development.

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Articles from the current issue:

  • SG amnesty unpacked

    shopping_cart Add to cart 01 Sep 2020

    The superannuation guarantee (SG) amnesty provides a one-off opportunity for employers to self-correct historical SG non-compliance. Following the expiration of the amnesty on 7 September 2020, the standard rules revert and employers face stronger penalties for non-compliance in the future. This article considers the fundamentals of the SG regime, dispels some misapprehensions and reminds practitioners that there are no limits on the review period for SG shortfalls. The benefits of the SG amnesty are unpacked and the circumstances in which employers should consider coming forward are identified.Nuances may arise such as the effect of amnesty payments on the concessional contributions cap, Div 293 tax and how to deal with shortfalls relating to non-residents and deceased employees. The benefits offered by the amnesty are contrasted with the severe
    consequences of not coming forward during the amnesty period. Finally, the article sets out the case for extending the amnesty period beyond September. 

  • Acquiring an interest in a CFC during an income year

    shopping_cart Add to cart 01 Sep 2020

    The Australian controlled foreign company (CFC) rules are contained in Pt X of the Income Tax Assessment Act 1936 (Cth). Broadly, these rules seek to attribute to Australian taxpayers certain income derived by a non-resident company that is controlled by Australian residents and tax such income on an accruals basis, unless the non-resident company is subject to a tax system
    that is deemed comparable to Australia’s or the non-resident company is predominantly engaged in active business. This article focuses on the implications of the CFC rules where an Australian taxpayer acquires an interest in a CFC during an income year. The author is of the view that it could give rise to certain undesired outcomes and recommends that such taxpayers consider the
    potential impact of the transaction and possible ways to minimise such impact as part of its due diligence process.

  • Residency in a global pandemic: Advising the returning Australian

    shopping_cart Add to cart 01 Sep 2020

    Principles of tax residency can be notoriously difficult to apply in practice, sometimes even in quite simple cases. The recent decision in FCT v Addy demonstrates that. In Addy, the Full Federal Court unanimously reversed the decision of the single bench in relation to whether a taxpayer was a resident according to ordinary concepts and how the 183-day test should apply. During the COVID-19 pandemic, Australians living overseas have returned in droves, often temporarily, without necessarily considering the tax implications. Many are waiting out the pandemic in Australia. What does this mean for their income tax residence and how might practitioners advise on the complex issues that can arise? Given the inherent uncertainty in how tax residency laws apply, even in simple cases, the Commissioner should issue a practice statement clarifying how he would look to apply Australia’s tax residency laws in a global pandemic.

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