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Daren Yeoh

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Consultation paper released to provide certainty on the taxation of trusts

On 21 November the Government released its Consultation Paper (the “Paper”), Modernising the taxation of trust income – options for reform. This is another step towards the proposed re-write of Division 6 of the Income Tax Assessment Act 1936. Currently, the law governing the taxation of trusts is plagued with uncertainty. The rules are designed to provide greater certainty as to how trust income is taxed to beneficiaries. This is a positive outcome for the many taxpayers who utilise trust structures.

New requirement to report uncertain and other tax positions to the Australian Taxation Office

The ATO has recently released the most current draft of the Reportable Tax Position (RTP) schedule.  The content and / or design of the schedule is subject to change until 2012 tax time when tax publications are made available. The RTP is to be lodged with the company income tax return. A copy of the draft schedule can be accessed from the ATO website at:

http://www.ato.gov.au/content/downloads/bus00279408rtp2011.pdf

Commissioner of Taxation v SNF (Australia) Pty Ltd (2011): Practical implications for the application of the Comparable Uncontrolled Price (“CUP”) transfer pricing methodology.

The Full Federal Court (the “Court”) on 1 June 2011 dismissed the Commissioner of Taxation’s (The “Commissioner”) appeal from the single judge’s decision of the Federal Court in 2010.  Click here  to read our transfer pricing insights article on the 2010 Federal Court decision.

Disclosure required of Uncertain Tax Positions

The Australian Taxation Office (ATO) has announced its intention to develop a new reportable tax position (RTP) schedule to the 2012 company tax return. 

Tax consolidated groups: rights to future income deductions under threat?

On 30 March 2011 the Assistant Treasurer, Bill Shorten, announced he had asked the Board of Taxation to review the recently introduced  consolidation rights to future income (“RFI”) rules. This review follows the Board’s concerns that taxpayers are claiming deductions for types of assets which were not originally contemplated when the rules were introduced.

A practical view of the proposed change to the Controlled Foreign Company (“CFC”) provisions.

The Government recently released Exposure draft legislation to introduce new CFC provisions, which should simplify calculations with respect to ownership of CFCs and significantly reduce the compliance burden of affected taxpayers.

Provision of Software held to be royalties by the Indian Income Tax Appellate Tribunal and Indonesia issue Transfer pricing guidelines.

Provision of Software held to be royalties.

Software companies doing business in India have been put on notice by the Indian Income Tax Department following an unexpected outcome in the Income Tax Appellate Tribunal (Microsoft Corporation v. Assistant Director of Income-tax, International Tax Division). 

TR 2010-7 - interaction between thin cap and transfer pricing

New ATO Taxation Ruling impacting on the pricing of offshore related party loans

On 27 October 2010, the Commissioner of Taxation (the “Commissioner”) finalised its draft ruling on the interaction between the transfer pricing provisions and the thin capitalisation provisions.  Draft ruling TR 2009/D6 (the “Draft Ruling”) was finalised as Taxation Ruling TR 2010/7 (the “Ruling”).

GlaxoSmithKline Inc v The Queen

Practical implications for preparation of transfer pricing documentation, application of transfer pricing methods and selection of comparables.

On 26 July 2010, the Canadian Court of Appeal (the “Appeals Court”) handed down its decision in the case of GlaxoSmithKline Inc v The Queen.  The Appeals Court reversed the decision handed down by the Tax Court of Canada (the “Tax Court”) in 2008.

SNF (Australia) Pty Ltd v Commissioner of Taxation: Implications for the practical application of transfer pricing methods in Australia.

The Federal Court decision in SNF (Australia) Pty Ltd (“SNF”) v Commissioner of Taxation was handed down on 25 June 2010.  The case provides insights in relation to the selection and application of transfer pricing methods in Australia.


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