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Designed for the specialist tax professional, The Tax Specialist journal is essential reading for corporate tax advisers, accountants, lawyers and academics. Featuring in-depth analysis, opinion and argument on legislative, administrative and judicial issues it is published five times per year and is available by subscription. Also known as the Red Journal.

The Tax Specialist covers the latest issues affecting your role and your business, including:

  • consolidations
  • mergers and acquisitions
  • international tax
  • GST securitisation
  • venture capital
  • legal professional privilege
  • Part IVA
  • TOFA, and more.

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Articles from the current issue:

  • A comparable landscape: Ascertaining the policy in Australia’s bank levy

    shopping_cart Add to cart 01 Oct 2017

    When the government released its 2017-18 Budget, one of the more surprising announcements was the proposal of a bank levy targeting the five major Australian banks. The full policy objectives of the balance sheetbased bank levy were not clearly articulated and raised further questions. These questions appeared to be answered when the Major Bank Levy Bill 2017 and accompanying explanatory memorandum were introduced into parliament. However, the purposes of the bank levy appeared manifold and represented a confusing policy cocktail that paid homage to international experience but did not draw as strong a connection between the design of the levy and its policy. This article explores the policy reasons for the implementation of the bank levy, and includes a discussion of whether the design of the levy is appropriate in light of the objectives stated by the government. The article also considers the experiences of certain European countries which have implemented a bank levy in recent years, and the policy rationale employed in those instances.

  • Division 7A: Dealing with the “here and now”

    shopping_cart Add to cart 01 Oct 2017

    While purported changes to Div 7A of the Income Tax Assessment Act 1936 (Cth) come and go, practitioners (and the ATO) have to deal with the existing law as it is. This article uses case study examples to focus on several practical issues confronting practitioners in dealing with the complexities of the current regime, and some of the common mistakes, including: (1) who or what is, or is not, an associate of a shareholder (this will include issues with lending to unit trusts and partnerships); (2) the traps in the various interposed entity anti-avoidance rules, including companies acquiring units in unit trusts and the application of these rules to the private use of asset provisions; (3) loans from trusts with unpaid present entitlements (UPEs): which ones count and which do not; (4) dealing with sub-trusts and Div 7A loans created from UPEs since 2010; and (5) PCG 2017/3.

  • New approach to capital raising: Tax perspective

    shopping_cart Add to cart 01 Oct 2017

    Funding for small-to-medium enterprises (SMEs), whether at the start-up phase or the expansion phase, is often critical to the success of the SME. In recent years, SMEs have changed the way they seek funding. Further, the government introduced the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Cth), which introduced amendments to existing tax rules, as well as specific tax concessions to assist SMEs. The new rules also implemented significant changes impacting venture capital investment in both mature and early stage companies. This article will examine tax incentives for early stage investors, early stage venture capital limited partnerships, crowdfunding and the tax issues to the promoter, and a recap of traditional funding models such as the convertible note.

  • Tax dispute resolution in the modern era

    shopping_cart Add to cart 01 Oct 2017

    Tax law is complex and open to interpretation. As such, tax disputes become an inevitable and unavoidable part of the tax system. The resolution of tax disputes has evolved over the years, with taxpayers and advisers moving into a new era of dispute resolution — one that is less adversarial and more centred on alternative dispute resolution (ADR). This article covers the life cycle of a tax dispute with practical insights from the author who is a lawyer experienced in all the various phases. The author also canvasses issues in relation to tax risk management, risk reviews and audits, objections, reviews by the Administrative appeals Tribunal andappeals to the Federal Court, ADR, the burden of proof and evidence, and debt management pending resolution of a dispute.

  • Superannuation tax reform: The new fairness measures

    shopping_cart Add to cart 01 Oct 2017

    The failure to properly transition from a superannuation system that had permitted unlimited accumulations on introduction of the 2007 changes has necessitated two major reforms. First, to limit the amount of exempt pension income in a superannuation fund, through introduction of the transfer balance caps and, second, to limit the amount of wealth that can be held in the tax referred environment of a superannuation fund, through taxation as Australia moved from an exempt/exempt/taxed basis of taxation to its current position to show the problems being resolved by these two changes. While the methods chosen to resolve these problems have been seen before in superannuation taxation, there are concerns about their complexity, equality of treatment of taxpayers, creating additional tax distortions and the differential treatment of pensions.

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