9th May 2012
Australian Federal Budget 2012-2013
By Hanh Chau, Peter Feros, Dragan Misic
In this special Gilbert + Tobin tax publication, we outline the key tax measures which have been announced by the Government in the 2012-13 Budget.
Tax
2nd March 2012
Significant toughening of general tax anti-avoidance rules announced
In one of his last acts as Assistant Treasurer, Senator Mark Arbib announced, on 1 March 2012, the strengthening of Part IVA of the Income Tax Assessment Act 1936. The announced measures will apply to schemes entered into or carried out after 1 March 2012. Accordingly, taxpayers are facing significant uncertainty for potentially 6 months or more as the legislation is not expected to be introduced until the spring 2012 sittings.
25th August 2011
Draft Investment Manager Regime legislation released
On 16 August 2011, the Australian Government released draft law relating to the previously announced Investment Manager Regime (IMR). The IMR is intended to make the Australian funds management industry more competitive by removing uncertainties in the Australian tax law which may cause foreign funds to be taxed in Australia where they appoint an Australian manager.
11th May 2011
Australian Federal Budget 2011-2012
By Hanh Chau, Peter Feros, Dragan Misic
In this special Gilbert + Tobin tax publication, we outline the key tax measures which have been announced by the Government in the 2011-12 Budget.
15th April 2011
More changes to the taxation of trusts announced
Further to our previous Gilbert + Tobin Tax Updates from 11 March and 8 April 2011, the Assistant Treasurer Bill Shorten MP has made another announcement affecting the taxation of trusts and has made available exposure draft legislation (ED).
8th April 2011
Government defers proposed changes to the taxation of trusts
Further to our previous Gilbert + Tobin Tax Update from March 2011, the Assistant Treasurer Bill Shorten MP announced during a speech to the Institute of Chartered Accountants on 6 April 2011 that the Government has deferred the proposal to align the trust law concept of “income of the trust estate” with the tax law concept of “net income of the trust estate”.
11th March 2011
Significant changes to the taxation of trusts proposed
On 4 March 20011, following an announcement by the Assistant Treasurer, Treasury released a discussion paper on measures to alleviate uncertainty in the taxation of trust income in light of the High Court decision last year in Commissioner of Taxation v Bamford.
3rd December 2010
Taxation of private equity gains – release of final and draft tax determinations
On 1 December 2010, the Australian Taxation Office released the long awaited final tax determinations.
24th August 2010
Deadline for Managed Investment Trust (MIT) capital account election looming
Under Division 275 of the Income Tax Assessment Act 1997 (dealing with the capital account election for MITs), a trust which became a MIT prior to the 2009-2010 income year has until 2 September 2010 to make the capital account election.
29th June 2010
Amendments to the Managed Investment Trust rules
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There has been quite some uncertainty during recent months about the likely impact of what has become known as the “new MIT regime” on the private equity and managed funds industry. On 24 June 2010, Parliament passed the Tax Laws Amendment (2010 Measures No. 3) Bill 2010 containing the eagerly anticipated measures and ended the wait for what might constitute a “Managed Investment Trust” (MIT).
12th May 2010
Australian Federal Budget 2010-2011
By Hanh Chau, Peter Feros, Dragan Misic
In this special Gilbert + Tobin tax publication, we outline the key tax measures which have been announced by the Government in the 2010-11 Budget.
18th December 2009
Release of Draft Tax Determinations dealing with treatment of private equity gains and treaty shopping
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
As foreshadowed in our November 2009 funds bulletin, the Australian Taxation Office (ATO) has released two eagerly anticipated draft tax determinations (draft TDs).
11th December 2009
Release of Draft Legislation on Tax Treatment of Managed Investment Trusts Disposal
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
Since announcing in the 2009-2010 Federal Budget that qualifying Australian Managed Investment Trusts (MITs) would be able to make an irrevocable election to apply the CGT regime as the primary method for taxing certain disposals of assets, there has been a great deal of discussion and much anticipation about the final scope of these rules.
25th November 2009
ATO v TPG – preliminary thoughts for private equity in Australia
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There has been considerable press in the last few days associated with the Australian Taxation Office’s (ATO) attempt to impose Australian income tax on TPG. The ATO asserts that the profits made on the listing of Myer Holdings Limited (Myer) fall within the Australian taxation net.
23rd September 2009
Capital Account Treatment Revisited
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There has been much discussion surrounding the recently announced changes to the tax law which will allow certain funds to elect to apply the capital gains tax regime for taxing certain disposals of assets.
7th July 2009
G+T Tax Update
By Peter Feros
In the July edition of the G+T Tax Update, we consider some further developments associated with measures announced in the 2009-2010 Federal Budget including the Treasury Discussion Paper on the election available to Managed Investment Trusts (MITs) to adopt a capital account treatment for any gains derived on disposal of certain assets. In light of this paper, we also discuss the broader relevance of the income / capital distinction, in addition to the Government`s final position (announced on 1 July 2009) with respect to the proposed changes to the taxation of Employee Share Schemes.
19th June 2009
NSW Stamp Duty Alert: Proposed Amendments
By Hanh Chau
On 17 June 2009, the NSW government proposed substantive amendments to the Duties Act 1997 with the release of the State Revenue Legislation Further Amendment Bill 2009 (Bill). In addition to other miscellaneous amendments, the Bill proposes to introduce general anti-avoidance provisions, and to make significant changes to the land rich duty (to be renamed `landholder duty`) and mortgage duty rules. These proposals are summarised below.
19th June 2009
There are a few factors that have combined to make venture capital an interesting prospect during otherwise tough times for private equity
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There are a few factors that have combined to make venture capital an interesting prospect during otherwise tough times for private equity. Deal flow is improving, with debt financing less of an issue, values coming down and confidence in exit possibilities in the next 3-5 years going up.
19th June 2009
A few factors to make venture capital an interesting prospect during tough times
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There are a few factors that have combined to make venture capital an interesting prospect during otherwise tough times for private equity.
13th May 2009
Australian Federal Budget 2009-10, Key Tax Issues
By Hanh Chau, Peter Feros
The 2009 – 2010 Federal Budget (the Budget) is one of the most eagerly anticipated budgets in decades. An underlying cash deficit of $57.6 billion is anticipated for the financial year ahead, with a combination of falling Government revenues and increased spending requirements to counteract recessionary forces causing a significant turnaround compared to the surpluses enjoyed in recent years. In this special Gilbert + Tobin tax publication, we outline the key tax measures which have been announced by the Government and consider some of the issues which businesses and taxpayers in general may wish to consider as they reflect on these measures.
8th May 2009
G+T Tax Update
By Hanh Chau, Peter Feros
In the May edition of the G+T Tax Update, we examine the recent amendments contained in the exposure draft (ED), titled Tax Laws Amendment (2009 Measures No. 4) Bill 2009: Consolidation. We also consider some of the opportunities and issues which arise from this ED.
5th June 2008
GST – forfeited deposits
By Christine Burke, Hanh Chau, Amanda Hempel, Diane Skapinker
On 22 May 2008, the High Court in Commissioner of Taxation v Reliance Carpet Co Pty Limited confirmed that GST is payable on a deposit forfeited when a contract for the sale of land is terminated by a vendor. This case has a number of legal and commercial implications for parties entering into land and non-land related transactions that involve deposits.
19th May 2008
GST and Real Property
By Christine Burke, Hanh Chau, Amanda Hempel, Diane Skapinker
As part of the Federal Budget on 13 May 2008, one unexpected proposal announced by the Government concerns amendments to the `margin scheme` provisions in the GST Act.
21st April 2008
The Brady King Case – the Court throws a curve ball to property developers
By Christine Burke, Hanh Chau, Amanda Hempel, Diane Skapinker
The decision in Brady King Pty Ltd v Commissioner of Taxation [2008] FCA 1981 (Brady King) has forced a re-thinking of the availability of the `margin scheme` on the sale of `stratum` units (or `strata` units as they are known in NSW) created upon the registration of a strata plan of an office building or the sale of other interests in land created by other forms of land subdivisions.
1st February 2008
Structuring real property transactions in NSW and stamp duty implications
By Christine Burke, Hanh Chau, Amanda Hempel, Diane Skapinker
(All `chapter`, `part` and `section` references below are to the Duties Act 1997 (NSW) (Act), unless otherwise stated, and references to property or land is to property or land in NSW.)
1st May 2007
Taxing Issues Newsletter – May 2007
Taxing Issues is a topical publication prepared by Gilbert + Tobin Tax Group. Together with weekly TAX.BIZ, Taxing Issues is designed to keep you on top of latest tax developments.
4th April 2007
Private Equity Update – VCLP reforms and new ESVCLP regime
This article looks at the VCLP reforms and the new ESVCLP regime, introduced by the Government on 29 March 2007.
9th November 2006
TAX.BIZ – 20 November 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
1st November 2006
TAX.BIZ – 29 November 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
11th October 2006
TAX.BIZ – 11 October 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
6th October 2006
TAX.BIZ – 6 October 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
28th September 2006
TAX.BIZ – 28 September 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
19th September 2006
TAX.BIZ – 19 September 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
11th September 2006
TAX.BIZ – 11 September 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
7th September 2006
TAX.BIZ – 7 September 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
31st August 2006
TAX.BIZ – 31 August
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
25th August 2006
TAX.BIZ – 25 August
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
16th August 2006
TAX.BIZ – 16 August
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
28th July 2006
TAX.BIZ – 28 July
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
19th July 2006
TAX.BIZ – 19 July
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team
14th July 2006
TAX.BIZ – 14 July 2006
TAX.BIZ is the weekly summary of tax developments produced by the G+T Tax Team