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December 2016 Tax Newsletter

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Our December 2016 Tax Newsletter, contains information on a number of important taxation developments:

  • Contrived trust arrangements in ATO sights – The ATO has cautioned taxpayers against arrangements that seek to minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts.
  • GST and countertrade transactions  The ATO has issued a Practical Compliance Guideline which sets out its compliance approach, in the context of GST, to entities that enter into countertrade transactions as part of carrying on their enterprise.
  • Companies held to be resident and liable to tax in Australia – In a long-running saga, the High Court has unanimously dismissed the appeals of four corporate taxpayers.
  • ATO data-matching programs continue – The ATO has advised that it will continue with data-matching programs relating to share transactions, debit and credit card transactions and online selling.
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