This past week in tax up to Friday, 6 March 2015 proved to be a busy one, and Thomson Reuters Weekly Tax Bulletin was there to cover it. Issue 9 of the Bulletin reported the following:
IGT recommends separate ATO Appeals Group – a step forward – by Catherine Krol, Senior Associate, and TJ Saw and Ari Rosenbaum, Solicitors, King & Wood Mallesons.
Trust-owned business succession insurance arrangements: Some clarity at long last – by Matthew Burgess and Patrick Ellwood, Directors, View Legal.
Digital Currency (incl bitcoin) inquiry report delayed; GST position should be clarified – by Matthew Cridland, Partner, DLA Piper.
New ATO compliance approach – Building confidence – launched. It replaces the previous Compliance Program and Compliance in focus annual publications.
Client correspondence list to be accessible on Tax Agent Portal.
Treasury’s 2015 Intergenerational Report flags risks to tax system.
Tax practitioners’ personal tax obligations: ATO focus.
Net medical expenses tax offset: ATO reminder on phase-out.
Australia and Switzerland agree to exchange financial information under Common Reporting Standard (CRS).
ATO leads taskforces on serious financial crime.
Federal Labor proposes major thin cap and other changes directed at MNEs.
Global survey offers insights on MNEs preparing for a post-BEPS world.
Tax Institute Senior Tax Counsel appointed to head Tax White Paper Unit.
Review of NZ-Australia DTA to be completed by end of 2015.
Building a business case for tax transformation in the tax dept: Deloitte.
ATO to share data with NZ IRD on NZ student loan debts.
Bills receive Royal Assent – R&D.
Tax Bill No 5 amended – reduction in R&D tax offset defeated; Bill awaits Assent.
Tax Bill No 7 passed without amendment, awaits Assent.
Privacy and the collection, storage etc of TFNs – rule made.
Financial Advice Bill referred to committee – general advice concerns.
Test case: Commissioner wins appeal – beneficiary assessable on profit made from sale of property – FCT v Moignard.
Property loan arrangement a sham; interest deductions denied – Re Morrison and FCT  AATA 114.
High Court: Sale proceeds from timber investment scheme not held on trust for investors – Korda & Ors v Australian Executor Trustees (SA) Limited.
DPN penalty upheld – DCT v Aitken.
Appeals update – Financial Synergy Holdings Pty Ltd – “allocable cost amount” (or cost base) of an asset that came to be owned by a consolidated group on consolidation.
Details of recent tax and related articles from a variety of journals – an excellent research and reference tool. Journal covered this week is Acuity.