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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:

  • Transitional CGT choices to be made by SMSFs

    shopping_cart Add to cart 01 Feb 2017

    The new $1.6m transfer balance cap superannuation measures became law late last year. This article highlights the CGT issues that need to be considered by trustees of SMSFs and their advisers affected by the new transfer balance cap measures, which require complying superannuation funds to reduce the assets supporting income streams payable to members in the retirement phase to no more than $1.6m at 30 June 2017.

    A number of concessional CGT choices are in place to provide relief, allowing members with a pension balance in excess of $1.6m to transfer to the new tax regime. Significantly, relief does not apply automatically but requires a written choice in the approved form and consideration will need to be given to the specific choices to be made, the assets to be subject to any cost base reset or CGT deferral, and the ongoing management of the fund to achieve the desired outcomes.

  • The proposed debt and equity amendments: Improvements or more uncertainty?

    shopping_cart Add to cart 01 Feb 2017

    The long-awaited proposed debt and equity amendments were released on 10 October 2016. The proposed amendments provide for the welcome repeal of the controversial s 974-80 of the Income Tax Assessment Act 1997. The amendments also replace the existing “related schemes” rules with a new two-pronged “aggregation scheme test”. Under this regime, two or more schemes will be treated as a single aggregated debt or equity scheme only when the “interdependence test” and the “design test” are satisfied.

    This article analyses the new rules as recommended by the Board of Taxation against historic developments and questions if they provide taxpayers with the desired certainty. To provide guidance on the application of the new rules, the government released an accompanying exposure draft legislative instrument containing eight examples. However, the authors conclude that the new rules and the examples increase doubt on the operation of the provisions as they are difficult to reconcile and apply in practice.

  • New tax incentives for investors in start-up companies

    shopping_cart Add to cart 01 Feb 2017

    Recent changes to the law provide tax incentives to encourage investment in innovative start-up companies. These changes have been implemented as part of the government’s National Innovation and Science Agenda policy to align the tax system with a culture of entrepreneurship and innovation, and to encourage new investment in small Australian innovation companies with high-growth potential. The tax incentives permit investors to claim a 20% non-refundable carry-forward tax offset on their investment in an “early stage innovation company” (ESIC) which is generally capped at $200,000 annually. Investors may also disregard a capital gain on the disposal of their interests in an ESIC, provided the interests have been held for at least 12 months and not more than 10 years. This article considers the conditions for accessing the tax incentives, as well as some of the risk and compliance issues that may arise.

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