Nick Zanikos
Articles by this Author
Important TOFA Deadlines approaching fast for Pre-existing Financial Arrangements
- By Nick Zanikos
- Published 11/01/2011
- Moore Tax News
- Unrated
Many companies that have been subject to the new rules for the taxation of financial arrangements (TOFA) since 1 July 2010 will need to lodge an election by January 17 if they wish to apply the TOFA rules to pre-existing financial arrangements that were held on 1 July 2010.
Treasury Releases Discussion Paper - New Managed Investment Trust (“MIT”) Tax System
- By Nick Zanikos
- Published 20/10/2010
- Moore Property News
- Unrated
On 18 October 2010 the Assistant Treasurer, the Hon Bill Shorten MP, released a discussion paper on the design and implementation details of the Government’s proposed new tax system for MITs. The discussion paper follows the Government’s previous announcement on 7 May 2010, in which it provided an initial response to the Board of Taxation’s report into the tax arrangements applying to MITs. The proposed new MIT tax system builds upon the existing MIT withholding tax rules and capital account election concession for MITs.
Reform of the Australian Controlled Foreign Company ("CFC") Rules-Consultation Paper
- By Nick Zanikos
- Published 26/07/2010
- Moore Tax News
- Unrated
The scope of the CFC rules and the manner of calculating the attributable income of a CFC is proposed to be extensively revised. These proposed changes are expected to favour taxpayers. For example, multinational corporate groups will no longer need to apply the CFC rules to related party sales and services income. Some large scale property investors will also benefit because the new CFC rules will not extend to rental income derived in the course of actively conducting a business.