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Stephen O’Flynn

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 Articles by this Author

Tax Consolidation: Treasury says no to your “rights to future income” deductions

On 25 November 2011 the Assistant Treasurer announced changes to the rules relating to tax consolidated groups and residual tax cost setting and rights to future income (‘RFI’).  The changes follow a review of the rules undertaken by the Board of Taxation. The Board concluded that the scope of the rules were broader than intended, allowing for preferential tax treatment towards consolidated groups.

Changes to GST and appropriations are a victory for common sense

On 24 November 2011 the Government released exposure draft legislation which will provide much needed clarity to the GST treatment of government appropriations.  The proposed amendments are designed to ensure that payments by Government related entities (“GREs”) pursuant to an appropriation will generally only be subject to GST if they are made in the context of a commercial transaction.

Proposed Victorian Landholder Duty Model would make Victoria an unfavourable investment destination

The Victorian State Revenue Office has released a consultation paper on 8 September 2011 detailing the proposed changes to the Victorian land rich duty provisions.

No flight means no supply: Qantas success to impact on GST in the services sector

On 1 September 2011 Qantas Airways Ltd achieved a surprise win against the Commissioner of Taxation in the Full Federal Court of Australia [1]. The Court’s decision is likely to trigger a reassessment of the GST treatment of prepayments for goods and services which never eventuate.

Overview of the Carbon Tax Scheme

Overview of the Carbon Tax Scheme
  • The Government has proposed to introduce a Carbon Tax scheme from 1 July 2012. The new legislation will put on a price on carbon in a bid to reduce Australia’s carbon pollution.
  • The carbon tax will be targeting the nation’s top polluters by requiring them to pay a fixed price of $23 per tonne of carbon pollution released into the atmosphere.  It is estimated that around 500 businesses will be affected initially.
  • The fixed price will increase by  2.5% annually in line with real world inflation, over a three year period:

Amendments to the GAIC Scheme

Amendments to the GAIC Scheme

As part of the Baillieu Government's election commitment, the Planning and Environment Amendment (Growth Areas  Infrastructure Contribution)  Act 2011 was enacted on 29 June 2011 which sets out major changes to the Growth Areas Infrastructure Scheme (GAIC) Scheme.

Exposure Draft in Australia special conditions

Exposure Draft in Australia special conditions
The Assistant Treasurer has recently released an exposure draft updating the current ‘in Australia’ special conditions for tax concession entities.

Not for profit changes announced in the 2011/12 federal budget

The 2011/2012 federal budget heralded wide-sweeping changes to the not for profit (NFP) sector. In particular, the tax changes may be the most significant to the NFP sector since the introduction of the GST.

TR2005/22DA puts NFP subsidiary entities on the Hit List

TR2005/22DA puts NFP subsidiary entities on the Hit List

Not-for-Profit changes announced in 2011/12 Federal Budget

The 2011/12 Federal Budget heralded wide-sweeping changes to the Not for Profit (NFP) sector. In particular, the tax changes may be the most significant to the NFP sector since the introduction of GST.  



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