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Taxation in Australia

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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:

  • GST and apportionment in complex transactions

    shopping_cart Add to cart 01 Aug 2017

    For the purposes of the goods and services tax, a transaction which would be regarded, in a practical business sense, as a single supply of goods or services may be comprised of several components, some of which are taxable and some not. ollowing a commercial approach, Australian courts have resolved the questions of identification and characterisation of supply by examining a transaction/supply from a business and commonsense perspective, paying due deference to the legal realities. Where the supply has “separately identifiable parts” and none are integral, ancillary or incidental, an apportionment exercise will be necessary between the taxable and non-taxable parts of the supply. As with Luxottica, an apportionment will be necessary where there is a single supply but one or more parts are taxable, while others are non-taxable. It is likely that the appropriate method of apportionment will be one that is reasonable and supportable in the particular circumstances, having regard to the commercial and legal context in which the transaction occurs.

  • Small business: Reduced company tax rate and imputation changes

    shopping_cart Add to cart 01 Aug 2017

    There has been much recent publicity about the reduction in the company tax rate for small business. The enactment, and the implications, of the reduced imputation credit/franking allocation are not so well known. The latter, in particular, has practical implications for paying dividends out of pre-30 June 2016 retained profits which have been taxed at either the 30% rate or the 28.5% rate. In this article, the author argues that the small business tax rate cut has a real cost to existing small business taxpayers and their resident shareholders for pre-existing profits. The “top-up” tax on dividends paid has, in effect, increased for dividends paid out of pre-30 June 2016 profits. When this change is combined with the small business tax offset measures (for sole traders, partners and beneficiaries of trusts), the combined effect is to provide greater incentives to move away from using a corporate vehicle for business structures as the tax rate reduces over time.

  • R&D tax update and issues for construction activities

    shopping_cart Add to cart 01 Aug 2017

    The research and development (R&D) tax incentive, now housed in Div 355 of the Income Tax Assessment Act 1997 (Cth), has undergone significant change and development since its enactment in 2012. This article updates recent developments affecting the operation of the incentive, in particular the legislated reduction in R&D tax offset rates and the corresponding interactions with legislated and proposed reductions in company tax rates, the new guidance material released by AusIndustry and its impact on eligibility and disclosure requirements for companies registering activities under the incentive, and the recommended changes currently under review by the government. The article also discusses compliance issues of particular relevance to the building and construction industry, namely, identification of the scope of eligible R&D activities within a project, including
    assessment of the purpose for which activities were conducted, exclusions within the legislation for building expenditure, and feedstock adjustments where commercial outputs are produced during R&D activity.

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