Simon Tucker

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The ATO has released its Decision Impact Statement (DIS) in relation to the Full Federal Court’s decision in FCT v H [2010] FCAFC 128; 2010 ATC 20-218.
On 13 October 2010, the Board of Taxation (the “BOT”) released a discussion paper entitled “Review of the Taxation Treatment of Islamic Finance”.  The discussion paper was released subsequent to the Government’s request for a review ‘in order to ensure that Islamic financial products have parity with conventional products, having regard to their economic substance’.
Please find below the answers to some of the questions that our clients have raised about the proposed small business and general business tax breaks announced in the Treasurer’s press release dated 3 February by the Rudd Government that we had clarified with Treasury.