Update on the worldwide economic outlook.

There is little good news for the property industry and non-resident investors in the 2012/13 Australian Budget.

A Federal Court decision handed down by Perram J in Wentworth District Capital Ltd v Commissioner of Taxation [2010] FCA 862 ruled that a company supporting a community bank was established for ’community service purposes’ and was therefore exempt from income tax.

This article lists some tax deductions which are often believed to be claimable, but are generally rejected by the ATO.

The proposed FAF rules were introduced as part of a wider package of reforms to Australia's foreign-source income attribution rules that were announced in May 2009 Federal Budget.

On 16 March 2011, the Commissioner released a draft tax determination TD 2011/D3 – Market value of nil for shares in a ‘no goodwill’ incorporated professional practice ("IPP") [sic].

The proposed changes may send a negative message to potential Australian investors under the Significant Investor Visa.

(FBT) exemption has now been extended to employees working at overseas locations under a fly in fly out arrangement.

The Draft GST Ruling: Grants of Financial Assistance is a substantial rewrite of an earlier ruling on the same topic.

Mr Mayhew had a permanent place of abode outside of Australia so he was not a resident of Australia for tax purposes.

If councils have paid GST on eligible property sales under the margin scheme, they may be entitled to large refunds.

Business Advisory is a division that assists management with strategic direction to achieve operational best practice.

Taxpayers contemplating acquisitions of freehold interests with long term leases should consider the duty implications.

The Federal Treasury has released draft legislation to enact tax reforms for the Australian Shipping Industry.

Jersey Limited Partnership Law provides a modern and comprehensive framework for the establishment and administration of a Family Limited Partnership (FLP) which can be formed to hold a family’s business or investments.

The Bribery Act 2010 (‘the Act’) came into force on 1 July 2011.

Following consultation with representatives of the Jersey funds industry, the Jersey Financial Services Commission ("JFSC") has introduced an additional option to the range of possible fund regimes under which prospective fund promoters can launch a collective investment scheme.

These new measures aim to remove impediments to Australia expanding its exports and imports of financial services.

The Government has released a consultation paper aimed at clarifying the GST treatment of supplies of new residential premises. The paper is partly a response to the Commissioner’s failed appeal in Commissioner of Taxation v Gloxinia Investments [2010] FCAFC 46.

The Federal Government has announced crossbench support for the new R&D Tax Credit Program.