The Tax Specialist
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| Within Australia | |
| $330 Member |
$385 Non-Member |
| Outside Australia | |
| $340 Member |
$400 Non-Member |
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.
(approx 2.6MB PDF)
Articles from the current issue:
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New Zealand tax on inbound foreign direct investment: The good, the bad and the ugly Add to cart
01 Apr 2013
The New Zealand government recognises that the removal of tax-related impediments to inbound investment should be to the nation’s advantage. But, at the same time, the government is anxious to protect its tax base against tax planning on the part of multinational enterprises. This article discusses three recent developments in New Zealand tax law and administration which impact on foreign investment into that country. These developments are a reduction in the corporate tax rate and (through recent double tax agreements) in withholding tax rates, a broadening of the scope of the thin capitalisation regime, and a greater use of administrative action, particularly the general anti-avoidance rule, targeted at cross-border financing arrangements.
The article discusses, in particular, the much publicised decision of the Court of Appeal in Alesco New Zealand Ltd v CIR which is a recent illustration of the increasing use of the general anti-avoidance rule.
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Capital management of financial institutions and the related tax issues Add to cart
01 Apr 2013
Against the background of the first anniversary of the global financial crisis, the leaders of the Group of 20 countries and the European Union met in September 2009 and agreed on basic principles for a set of reforms to strengthen the international financial regulatory system. These principles are now known as Basel III. The Basel III reforms cover the capital, liquidity and funding positions of banks. This article is focused on capital requirements. The article focuses on bank capital and bank capital management as the principles are similar for insurers, although relevant issues for insurers are also mentioned.
The article opens with an introduction to bank and insurance capital and the Basel III capital reforms. The article then discusses Tier 1 and Tier 2 securities, and the interaction of bank capital with ratings capital. The remainder of the article then examines tax issues for bank issuers, insurance issuers and investors.
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Digging up the dirt on the minerals resource rent tax constitutional challenge Add to cart
01 Apr 2013
This article will explore the recent constitutional challenge in the High Court to the Minerals Resource Rent Tax Act 2012 (Cth) reserved for judgment later in the year. The key points made by the parties will be identified, as well as a consideration of the relevant case law, to provide guidance for the likelihood and consequences of a successful challenge. On the basis of the submissions and relevant case law, it appears that the challenge will not be successful.
The High Court will, however, be likely to provide further clarification to the relevant taxation provisions under the Constitution. In providing context to the High Court challenge, a summary of the Australian Future Tax System’s Recommendations for a resource rent tax will be undertaken, as well as an outline of the current Minerals Resource Rent Tax Act 2012 and why it has failed to achieve its expected revenue targets.
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Garnishee notices: FCT v Park Add to cart
01 Apr 2013
Where certain types of tax debts and related amounts are owed by a taxpayer, the Commissioner is empowered, under Div 260 of Sch 1 to the Taxation Administration Act 1953, to send a written notice to a third party who owes money to the taxpayer requiring that third party to pay the Commissioner the lesser of the tax debt and the available money. The recent decision of the Full Court of the Federal Court in FCT v Park highlights just how powerful this “garnishee” notice procedure is, with the potential to disrupt commercial transactions. The case highlights the need for even secured creditors to be wary when the Commissioner employs the garnishee notice procedure.
This article examines the reasoning in the case and the implications for mortgagees and taxpayers when the Commissioner issues a garnishee notice to the purchaser of a property.
