Alienation of property and Australia's Double Tax Agreements - The Treasurer has announced that the Government has decided to amend the International Tax Agreements Act 1953 to clarify the interpretation of the alienation of property articles in Australia's Double Tax Agreements. This action follows the decision of the Full Federal Court in FC of T v Lamesa Holdings.
Share buy-back is not a "transfer" - The Court of Appeal of the Supreme Court of Victoria has held that a share buy-back under a selective buy-back agreement was not a transfer of a marketable security for the purposes of the Stamps Act 1958 (Vic) (Coles Myer Limited v Commissioner of State Revenue). The analysis in the majority judgment of the effect of a share-buy back under the Corporations Law may have implications for capital gains tax purposes.
Year 2000 tax issues - Federal Budget rumour - It is understood that any Government announcement concerning the policy implications of the deductibility of Year 2000 expenditure may be made in the context of this year's Federal Budget (12 May 1998).
Consumer Price Index - CPI number for the March 1998 quarter is 120.3.
Franking credit streaming, trading and capital benefits - CTA submission - The Corporate Tax Association has made a detailed submission to Government on the taxation of dividends and capital distributions in the context of Taxation Laws Amendment Bill (No 7) 1997, the draft franking credit trading legislation (45 day rule), and the tax response to the Company Law Review Bill 1997.
Cultural bequests program - The Federal Minister for the Arts has launched the new Cultural Bequests Program to encourage private collectors to bequeath nationally significant cultural items to public art galleries, museums or libraries by offering tax benefits to the donor's estate.
Sales tax rulings - Streamlined Sales Tax Ruling SST 9 was issued and sets out how the sales tax law applies to goods which are sold with a Romalpa clause. An addendum to Sales Tax Determination STD 98/1 (Taxable value of new motor vehicles with a gross vehicle mass of 7.5 tonnes or less) was issued and sets out the details of the latest motor vehicle industry agreement and answers to the most commonly asked questions at ATO seminars.
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