The Tax Specialist

The Tax Specialist Journal

Within Australia
Outside Australia

Designed for the specialist tax professional, The Tax Specialist journal is essential reading for corporate tax advisers, accountants, lawyers and academics. Featuring in-depth analysis, opinion and argument on legislative, administrative and judicial issues it is published five times per year and is available by subscription. Also known as the Red Journal.

The Tax Specialist covers topics such as:

  • consolidations
  • mergers and acquisitions
  • international tax
  • GST securitisation
  • venture capital
  • legal professional privilege
    • Part IVA
  • TOFA, and more.


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Articles from the current issue:

  • Fighting IP migration with tax incentives – An Australian patent box regime Add to cart

    01 Aug 2014

    As a result of difficulties associated with arm’s length valuation of intangible assets, MNEs tend to distort intellectual property location in favour of low-tax jurisdictions. A number of nations have implemented so-called “patent box” incentives to combat this behaviour and to attract and retain IP within their taxing jurisdictions. While such measures may be effective in attracting IP, there are significant questions as to whether they can achieve a net benefit for the taxing nation over the long term. In addition, some entities have labelled these measures a “harmful tax practice”. Given this response, the Australian Government may be inclined to delay consideration of such a proposal. However, such inaction could be to the detriment of the Australian economy and corporate tax base.

  • Tax avoidance - a New Zealand perspective Add to cart

    01 Aug 2014

    There are two aspects of dealing with the New Zealand Inland Revenue which, when combined with the increased cooperation and information-sharing that has coincided with OECD activity in recent times, make New Zealand a more significant risk than before globally. These are the wide information-gathering powers of the New Zealand Inland Revenue, and the liberal application by the Commissioner of Inland Revenue of the general antiavoidance rule in New Zealand tax law, both supported by the New Zealand courts. The flow-on effect for inbound companies and individuals is an increased risk in New Zealand, and there is an increasing tax risk in other countries such as Australia.

    This article examines in brief the general environment in New Zealand and then explores some current live tax issues which are particularly relevant in a trans-Tasman context, followed by some key observations for managing the resultant tax risks from an Australian perspective.

  • The new Pt IVA – Interpretation and litigation issues Add to cart

    01 Aug 2014

    When Pt IVA of the Income Tax Assessment Act 1936, the general anti-avoidance provision, was amended in 2013, the procedural structure of Pt IVA was left largely intact, but significant amendments were made to the test in relation to the existence of a “tax benefit”. The changes make it necessary to first identify a “tax effect” within the meaning of s 177CB. This article examines a range of interpretative and litigation issues raised by the amended provision. The cases which precipitated the amendments are first examined. This is followed by a detailed examination of the central provision, s 177CB, including its introduction, and the tax benefit control mechanism.

    The article then discusses a number of issues with the section, including the concept of a tax benefit that “would have” occurred. The discussion turns to s 177D and concludes with some final comments about possible tax outcomes.

  • Should negative gearing be abolished in preference of the UK system? Add to cart

    01 Aug 2014

    Negative gearing occurs when finance is utilised to purchase an asset and the income generated by the asset is insufficient to cover the interest expense, creating a net loss position. For taxation purposes, negative gearing deductions include other investment expenses in addition to interest. This article commences with a brief review of what negative gearing is and how it works. The distinctions between the Australian and UK negative gearing rules are then considered, followed by the identification and consideration of other policies increasing the incidence of negative gearing in Australia. The policy of negative gearing is then considered in the context of the principles of equity, efficiency and simplicity.

    The article concludes with a review of the outcomes of previous attempts to limit negative gearing and an analysis of other reform options other than its abolition.

  • The retirement savings conundrum: fortune favours the brave! Add to cart

    01 Aug 2014

    Tax advantages in relation to retirement funding for asset-owning taxpayers are exceedingly generous when compared to tax concessions available to employee taxpayers. This article examines equity concerns in relation to the concessions available to small business owners including the requirements to be satisfied for the basic CGT “gateway” conditions, the 15-year exemption, small business 50% reduction and the small business retirement exemption. It then briefly considers the additional flexibility provided by the small business roll-over.

    Finally, the article moves to analysis of the circumscribed retirement funding concessions available for employees arguing that, although the two positions are not necessarily separate and distinct, business owners are preferred by the tax system for accumulation of wealth directed to retirement funding.

  • Earnouts & CGT: Fine-tuning the "look-through" approach Add to cart

    01 Aug 2014

    This article evaluates the long-awaited changes proposed for the CGT treatment of the problematic area of earnouts. Given that reform to the area is wanting, it is reassuring to learn that the proposed look-through treatment, being theoretically sound, is much welcomed by critics and commentators alike. Rather than viewing the proposal as unworkable or inappropriate per se, this article discusses ways to “fine-tune” the proposed measure and highlights areas requiring further consideration. This will ensure that the proposed measure, when it is eventually enacted, will interact well with existing CGT and general tax laws to guarantee an equitable, simple and consistent CGT treatment for standard earnout arrangements.