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Monthly Archives: September 2011
ATO laments its record in court , longs for changes to law
Recent times have seen a pattern of losses for the ATO in the courts – deduction cases of BHP and Foster’s Group, transfer pricing case of SNF, AXA and the case involving a James Hardie subsidiary, to name a few. It cannot be denied anymore, the Commissioner has warned about the dwindling tax base. Is it time for a change in law relating to anti-avoidance introduced quite some time ago ? Is a possible introduction of an “economic substance” criterion … Continue reading
Posted in Accounting standards
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R & D – some relief, more angst
Recently enacted Tax Laws Amendment (Research and Development) Act 2011 (Act No 93 of 2011) appears to have caused deepening anxiety in business circles and may even dampen research and development in Australia in the long run. Just like under the earlier law, R&D activities are divided into two categories: core and supporting R&D activities. Unless the activity in question is based on principles of established science and proceeds from hypothesis to experiment, observation and evaluation and lead to logical … Continue reading
Tax advice privilege and uncomfortable tax positions
It all started with the collapse of Enron and WorldCom in the United States. Strict laws were enacted: first the Sarbanes –Oxley Act 2002 and then FIN 48 in 2006. FIN 48 has now been codified in FASB ASC 740-10. More recently in September 2010, the Internal Revenue Service adopted the “Uncertain Tax Positions” schedule to form part of tax returns (see Uncertain Tax Positions – Schedule UTP). In Australia, the closest in IFRS is IAS 12. Work on adopting … Continue reading
Posted in Accounting standards, Tax administration
Tagged IFRS, uncertain tax positions
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Taxman takes cash without a song or a dance
In a blow to the highly important civil liberties of the denizens of the US lone star state, the Texas Supreme Court has upheld the imposition of a $5 entrance tax on patrons of adult entertainment venues. Counsel for the Texas Entertainment Association argued that the tax was a burden on free expression (the dancers may disagree on free). The Court dismissed the argument, noting that the tax charged was too small to be an impediment on expression. The Texas … Continue reading
Tax avoidance from across the Tasman- personal income, finders keepers
It is indeed rare in the normal course of events that a court decision evokes political interest, except perhaps when it has a potential effect on the outcome of the next election. However a recent decision by the Supreme Court of New Zealand had government officials in a ripple – See Penny and Hooper Supreme Court decision released and Dunne delighted with Penny and Hooper decision. The case involved two surgeons who set up a company and then sold their … Continue reading
