We are pleased to supply you with the December 2016/January 2017 edition of Client Alert, which provides information on a number of important taxation developments up to and including 21 November 2016:

  • Contrived trust arrangements in ATO sights – The ATO has cautioned taxpayers against arrangements that seek to minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts.
  • GST and countertrade transactions – The ATO has issued a Practical Compliance Guideline which sets out its compliance approach, in the context of GST, to entities that enter into countertrade transactions as part of carrying on their enterprise.
  • Companies held to be resident and liable to tax in Australia – In a long running saga, the High Court has unanimously dismissed the appeals of four corporate taxpayers.
  • Payment was assessable as “deferred compensation” –  The High Court has held that payments made to a taxpayer pursuant to an incentive “profit participation plan” after termination of his employment income according to ordinary concepts.
  • ATO data-matching programs continue – The ATO has advised that it will continue with data-matching programs relating to share transactions, debit and credit card transactions and online selling.
  • Tax debt release applications refused – The Administrative Appeals Tribunal has recently refused the applications of two individuals who sought to be released from their tax debts.

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