Some important tax action this week has seen a major speech by an ATO Second Commissioner on significant changes happening at the Tax Office, plus a very frank assessment by a Federal Court judge on what needs to be done on tax reform. Internationally, the European Commission is investigating Amazon’s tax deal with Luxembourg.
Here’s the detail of This Week In Tax (23 Jan).
In its comprehensive coverage of tax and related developments, Issue 3 of Thomson Reuters’ 2015 Weekly Tax Bulletin (published on 23 January 2015) contains the following reports:
- Practitioner Article on:
- Not all start-ups will benefit under the proposed new taxation of employee share schemes rules – by Peter Feros (Partner), Andrew Sharp (Lawyer) and Mack Wan (Consultant), Gilbert + Tobin.
- Tax reform and “sacred cows”: many should be brought to the table – Edmonds J. A frank and candid speech by an eminent Federal Court judge on the need for structural tax reform.
- Separate ATO area to manage disputes: ATO agrees.
- ATO has commenced 20 audits on multinationals; progress on ECAP.
- Board of Taxation report on tax and small business released.
- Statutory remedial power for Commissioner: proposal to be considered by government.
- ATO seeks to foster “willing participation” in the tax system.
- Tax law design: an ATO view.
- Review of ATO’s administration of valuation matters: Tax Inspector-General report released.
- Employee Share Schemes and start-ups – Regulation Impact Statement released.
- New style and format for ATO Practice Statements.
- Australian CEOs want an internationally competitive tax system: PwC report.
- Transfer pricing and MNEs: European Commission investigates Amazon’s APA ruling with Luxembourg.
- OECD releases comments received on BEPS Action 10 (Low value-adding services) and Action 14 (dispute resolution).
- Look-through treatment for instalment warrants and LRBAs: draft legislation.
- Details of recent tax and related articles from a variety of journals – an excellent research and reference tool. Journal covered this week is ASEAN Tax Bulletin.
Find out more about the Weekly Tax Bulletin here.