Expanding TARP to capture goodwill and mining information
Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2013
From 14 May 2013, the meaning of “taxable Australian real property” (TARP) has been expanded to capture goodwill and mining information. This article discusses the challenges facing the government and foreign residents when dealing with this new measure. It points out that the new measure will cause Australia’s domestic laws to be out of step with our key double tax agreements in relation to the taxation of capital gains realised by foreign residents, and that this may interfere with the outcome sought to be achieved by the new measure.
It discusses the meaning of goodwill and suggests that the new measure may well expand the scope of our capital gains tax provisions to capture value attributable to non-TARP assets as well as TARP assets. It discusses how the courts have dealt with the separate identification of mining information as an asset, and how one might value that asset in the hypothetical transaction required by our CGT provisions.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Martin Fry FTI
- Published On:1 Oct 2013
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page