A taxpayer who jointly owned a townhouse with his son was liable for CGT on his share of the property when it sold.

Discusses the Tax Laws Amendment (2011 Measures No. 5) Bill 2011 which received Royal Assent on 29 June 2011.

The ATO noticed common errors when taxpayers apply the small business CGT concessions, so has offered some tips to help.

Treasury propose to introduce a LAFHA (Living Away From Home Allowance) Exposure Draft in the May sitting of Parliament.

SMSF trustees are entering into LRBAs, but there is still some uncertainty with respect to associated taxation issues.

The government intends to ensure the FBT "exemption" for cars is targeted to actual business use.

The Government will consult with business on the proposed changes to the timing of PAYG instalments for large companies.

On 20 April 2011, the Government announced that it will delay proposed tax breaks for environmentally friendly improvements to green buildings. The proposed scheme will now commence on 1 July 2012, 12 months later than originally proposed. The Government has indicated that it requires further time to consult with the industry.

The AAT upheld a 50% penalty to a taxpayer for ‘recklessness’ in claiming deductions that could not be substantiated.

The national accounts released on December 5 showed that the Australian economy grew by 0.5% in the September quarter.

As a matter of fundamental constitutional principle, no parties, not even the State acting by its Executive Government arm, can purport to bind the Parliament in respect of its legislative action.

On 13 October 2010, the Board of Taxation (the "BOT") released a discussion paper entitled "Review of the Taxation Treatment of Islamic Finance". The discussion paper was released subsequent to the Government’s request for a review ‘in order to ensure that Islamic financial products have parity with conventional products, having regard to their economic substance’.

The March quarter was dominated by a relatively lacklustre reporting season.

Investors in global equities have benefitted from rising corporate profitability and the falling Australian dollar.

The price of gold has had its biggest fall in 30 years, which raises some questions about its status as a safe haven.

The article discusses how technology is changing accountancy and opportunities for mid-tier firms in emerging markets.

Shorten MP jas announced that the FAF rules will not apply for the 2010-11 income year.

Employers should remember that the FBT minor benefits exemption threshold (for small rewards and gifts) remains at $300.

New image rights legislation is set to be introduced in Guernsey by mid 2012 and this will be of benefit for high profile, wealthy individuals to protect their reputation. There may also be tax advantages.

Last month, the ATO signalled a low tolerance for highly engineered cross-border structures when it dramatically sought to impose tax on TPG’s $1.5 billion profit on the Myer float. In the course of the ATO’s frantic efforts to secure a slice of the Myer millions, it issued two draft determinations last Friday setting out the circumstances in which it will challenge similar private equity arrangements.