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Category Archives: Tax risks
Trans-Tasman asymmetry and tax avoidance
“What is good for the goose is good for the gander” – not always true, especially when it comes to tax treatment of financial instruments with varying shades of equity and debt. The use of tax asymmetry has always been a stock in trade in tax planning. However, the New Zealand Court of Appeal in Alesco New Zealand Limited v, Commissioner of Inland Revenue [2013] NZCA40 appears to have put paid to this. In order to fund some of its … Continue reading
The case of Nine – morphing creditors to shareholders
In the recent case of voluntary insolvency administration involving the Nine Entertainment Group Limited, the Federal Court has ordered that secured creditors in the company take up shares in it, provided the majority of the creditors holding 75% or more of the debt agreed. The debts owed by the company include those secured by hedge counterparties. Rejecting the argument against granting the order the Court held that it has the power under the Corporations Act to require the cheap cialis … Continue reading
OECD gives the nod to group information requests – fishy, but not faulty
A recent amendment to the OECD Model Tax Convention gives a boost to the information gathering powers of the tax authorities, especially when it comes to the meaning of “foreseeable relevance” and “fishing expeditions”. The amendment to the commentary to Article 26 of the Convention eases the rules affecting group requests for information under tax treaties. The Article now permits exchange of information only when it is “foreseeably relevant” for the administration of the taxes of the requesting party. This … Continue reading
Posted in Offshore, Tax havens, Tax risks, Tax shelters
Tagged Forseeable relevance, OECD, Tax treaties
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“Defriending” at Facebook, co-founder says good bye
So much is going on with Facebook that politicians have joined the call to tax the techies while they are with us ( Make Google pay more tax: Turnbull.) Firstly the IPO was held (valuation $104 billion), then the news broke that its co-founder Eduardo Saverin had quit his U.S citizenship in September last year to reside in Singapore and finally the news that Mark Zuckerberg has tied the knot (prenup or not). Here’s the deal with Saverin. He renounced his US citizenship, … Continue reading
Exemption under FATCA – Year to watch
Moving against the current of territorial taxation, the US Congress imposed reporting and tax requirements on financial institutions around the world when it enacted FATCA. Strange as it was FATCA provides exemption relief for certain financial institutions classified as “deemed compliant FFIs”. Regulations released this year have further expanded the meaning of deemed compliant FFI. Exemptions will be granted only on application to the IRS and the organizations will be obliged to provide certification every three years that they meet … Continue reading
Dollars in dobbing – Whistleblowers at the gates
Nothing is more gratifying to a beaten up taxpayer than to squeal on someone who is ducking his fair share of taxes. In the U.S s7623 of the Internal Revenue Code allows the payment of an award to anyone who reports to the IRS of any wrongdoing in tax payments. The maximum amount payable to the informant is 30 percent of the additional tax, penalty and other amounts it collects. Any award payable can only be out of the amount … Continue reading
GAAR- Change is in the air
Nothing gets taxpayers and their advisers more hot and bothered than the mention of Part IVA, the general anti-avoidance rule (GAAR). It gets even heavier when the government announces that it intends to tinker with it to make it more effective in combating tax avoidance. A consultation paper was released this month to examine the GAAR against the backdrop of existing and emerging risks. The rules have existed for nearly 3 decades with no substantial examination to see whether they … Continue reading
Tax uncertainty – positions that reveal
The Tax Office has notified that large taxpayers may be required to provide details of uncertain tax positions in their tax returns (ATO flags more disclosure of tax risks). At first glance this should not be cause for concern: everyone needs to declare their income and pay their fair share of taxes. The move to get taxpayers to reveal their uncertain tax positions started with the project to improve the accounting standard AASB 112 (Income Tax), which is based on … Continue reading
Posted in Accounting standards, Tax risks
Tagged Accounting standards, Tax risks, tax uncertainty
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