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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:

  • The sharing economy

    shopping_cart Add to cart 01 Jun 2017

    The rise of the sharing economy has forced traditional industries to adapt to survive, and has also challenged traditional tax laws to be reviewed. There are three broad challenges that the sharing economy poses in a tax context. The first concerns the tax issues that arise for the providers of goods and services in the sharing economy. The second addresses the facilitators of sharing economy online platforms and the cross-border issues they face. The third addresses the other administrative challenges that the sharing economy presents for the ATO, particularly in relation to information-gathering and enforcement.

    This article explores these challenges and also analyses crowdfunding and other types of sharing economy transactions in the Australian market, the Federal Court’s Uber GST decision, the employee versus contractor divide, and compliance and registration issues for the sharing economy.

  • The discretionary beneficiary – Thoughts on defining the beneficiary class

    shopping_cart Add to cart 01 Jun 2017

    Trust deeds were traditionally drafted with a wide “telephone book” style list of beneficiaries. A wide beneficiary class facilitates income splitting and obviates the need to amend the trust deed to include more beneficiaries in the future. Another key reason why trust deeds contained a wide beneficiary class is the concern that adding a beneficiary may otherwise cause a resettlement of the trust. However, since the Full Federal Court decision of FCT v Clark, the risk of a trust deed variation triggering a resettlement has greatly reduced. Given that trust deed variations are less likely to trigger a resettlement, the author suggests that the traditional wide way of defining the beneficiary class should be modified to capture people and entities who are likely to receive income or capital distributions from the trust, but not the whole telephone book.

  • Transfer pricing in practice for smaller enterprises

    shopping_cart Add to cart 01 Jun 2017

    Unlike larger enterprises which have the budget and the people in-house to devote to complex transfer pricing issues, small-to-medium enterprises (SMEs) may not. Small-to-medium enterprises are faced with the dual challenge of understanding new technical issues and paying, in terms of time and dollars, to implement new compliance processes.

    This article provides a summary of Australia’s transfer pricing and related documentation rules as they apply to SMEs. The author analyses in detail how the international dealings schedule and local transfer pricing documentation supporting the tax return lodged need to tell the same story; how penalty reduction is now linked to recommended transfer pricing documentation that presents a “reasonably arguable position”; how new ATO administrative practices under simplified record-keeping concessions reduce the size and cost of transfer pricing documentation; how self-assessment puts the onus on the taxpayer to lodge a correct tax return and the new country-by-country regime and separate lodgment processes that may  cause smaller enterprises to be encompassed into yet more compliance burden.

  • The significance of the land/chattels distinction in an infrastructure context

    shopping_cart Add to cart 01 Jun 2017

    The distinction between land and chattels can be significant to investors in infrastructure, both for the purpose of determining whether Div 6C of the Income Tax Assessment Act 1936 applies and whether assets are taxable Australian property. This article examines the significance of the distinction between land and chattels in three different statutory contexts: Div 6C, Div 855 of the Income Tax Assessment Act 1997, and stamp duty. The author outlines the inconsistencies between the definitions used in Div 6C and Div 855, and highlights the potential conflict between avoiding the application of Div 6C while also remaining outside the taxable Australian property regime.

  • Total superannuation balance – Dangerous territory for the unwary

    shopping_cart Add to cart 01 Jun 2017

    Determining a member’s “total superannuation balance” will likely become the most perilous calculation undertaken by SMSF trustees and the advising profession alike. The concept of total superannuation balance introduces significant complexity and affects many aspects of advice regarding retirement funding strategy for those individuals approaching retirement age. This article examines how total superannuation balance operates to limit contributions to the superannuation system, restrict access to government entitlements and affects SMSF tax incidence.

    The article observes that specialist understanding of the new measures is required of both ATO staff and the advising profession and concludes with the view that the days of providing “casual” superannuation advice are over.

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