Two recently announced measures will have a dramatic impact on limited recourse borrowing arrangements (LRBA) going forward.
Following on from the Government's announcement in October 2014, the Government has now introduced Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 (the Bill) into Parliament.
Commissioner of Taxation and Qantas Airways Limited  HCA 41
The Australian Taxation Office ("ATO") continues its focus on identifying “sham contracting arrangements” (arrangements where individuals operate as contractors instead of employees of a business) as part of its 2011-12 Compliance Program.
Following on from Treasury’s review of fraudulent phoenix companies in 2009, measures enhancing penalties that may be applied against directors and powers available to the Commissioner of Taxation (“Commissioner”) have been introduced before Parliament. What is important to note about these enhanced director liability amendments is they will apply to all companies and their directors, not just those identified as Phoenix companies.
NSW Treasurer Mike Baird handed down the NSW State Budget on Tuesday 6 September 2011. The NSW Budget is forecast to go into deficit for the 2011-12 year, but is expected to return to a modest surplus of $292 million from the 2012-13 income year.