Taxation (11)

Commissioner of Taxation and Qantas Airways Limited [2012] HCA 41

On 8 May 2012 the Treasurer handed down the 2012-13 Federal Budget.  The Budget is a surplus of $1.5 billion for 2012-2013 mainly as a result of cuts in Government spending on defence, foreign aid and abandoning planned tax cuts for businesses, foreign investors into Australia and individuals.

On 18 April 2012, the Assistant Treasurer released exposure draft (ED) legislation outlining amendments proposed to tax laws so to better protect workers' entitlements to superannuation and to strengthen director obligations.

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.

Trust investments - Characterising the nature of gains and losses.

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.

On Tuesday 16 August 2011, the Federal Government released the Investment Manager Regime (IMR) exposure draft legislation (Exposure Draft) for public consultation.

On Thursday 2 June 2011 the long awaited trust streaming measures were introduced into Parliament as part of Tax Laws Amendment (2011 Measures No. 5) Bill 2011.