Build to rent exposure draft legislation released

On 9 April 2024 Treasury released exposure draft legislation that aims to encourage investment in new build-to-rent (BTR) housing developments that were announced on 28 April 2023. The exposure draft is open for consultation for 14 days. In summary: The draft legislation proposes two main tax concessions for eligible BTR developments: Increasing the capital works … Read more

SingTel case: ATO wins again on transfer pricing on cross border loans

by Hugh Paynter, Graeme Cooper Overview The Federal Court of Australia recently handed down its decision in Singapore Telecom Australia Investments Pty Ltd v Commissioner of Taxation [2024] FCAFC 29. The case concerned a dispute between Singapore Telecom Australia Investments Pty Ltd (STAI) and the Commissioner of Taxation regarding amended tax assessments issued to STAI … Read more

New tax transparency measures legislated

By Toby Eggleston, Priscilla Bryans, Carolyn Pugsley, Ryan Leslie The new disclosure requirements for Australian public companies introduced by Schedule 1 of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 finally passed both Houses of Parliament on the last sitting night before Easter. While the Bill needs … Read more

Australian Government finally releases draft Pillar 2 legislation

by Graeme Cooper, Toby Eggleston, James Pettigrew Background Treasury has released exposure drafts of the primary and secondary legislation, as well as explanatory materials, for the package of laws to implement part of the OECD’s “Two-Pillar Solution” in Australian law. The exposure drafts are accompanied by a Consultation Paper on some other issues involving the … Read more

Commercial and Industrial Property Tax: Victorian Duty Reforms

By Jinny Chaimungkalanont and Mark Peters On 21 March 2024, the Victorian Government released the Commercial and Industrial Property Tax Bill (the Bill), which introduces the new regime for the Commercial and Industrial Property Tax (CIPT) which is to replace stamp duty for commercial and industrial property from 1 July 2024. The Bill now provides … Read more

Mylan Australia v Commissioner of Taxation: The Commissioner loses again on Part IVA

by Toby Eggleston, Ryan Leslie, Graeme Cooper Key Points The Federal Court found in favour of the taxpayer Mylan Australia Holding Pty Ltd (MAHPL), ruling that the Commissioner of Taxation’s amended assessments disallowing interest deductions under Part IVA of the Income Tax Assessment Act 1936 (ITAA36) were excessive. The Court rejected the Commissioner’s primary argument … Read more

Minerva Financial Group Pty Ltd v Commissioner of Taxation

by Toby Eggleston, Ryan Leslie, James Pettigrew The Full Federal Court decision in Minerva Financial Group Pty Ltd v Commissioner of Taxation [2024] FCAFC 28, represents a significant win for taxpayers and important guidance on the operation of Australia’s general anti-avoidance rules in Part IVA of the Income Tax Assessment Act 1936. In particular, the … Read more

State taxes year in review: 2023

By Jinny Chaimungkalanont, Mark Peters, and Catherine Nguyen 2023 was a year of extensive changes and proposed reforms to State and Territory taxes, with significant impact on a broad range of transactions. The key changes are highlighted below. Foreign investors: duty and land tax surcharges All Australian States impose duty and land tax surcharges on … Read more