The latest issue of the Australian Tax Review (Volume 40 Part 2) contains the following material:

Editorial

  • Plenty of consultation – Not much progress

Articles

Taxing trust income after Bamford’s case – AH Slater QC

This article examines the difficulties in taxing trust income in light of the recent High Court decision in FCT v Bamford. The legislative history of trust taxation in Australia is explored, together with the development of relevant case law. Finally some tentative suggestions are made for possible future reform.

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Text, context and the interpretation of a “practical business tax” – Michael Wigney SC

This article considers the role of context in the construction of statutes. In particular, it explores the concept of Australia’s goods and services tax (GST) being a “practical business tax” and discusses what role, if any, this notion might have in arriving at a proper construction of the GST Act.

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The CGT small business concessions: Issues, anomalies and opportunities – Richard Friend

This article discusses several issues relating to the amendments to the capital gains tax small business concessions; in particular, the specific threshold tests for eligibility and the associated definitions of “connected with” and “affiliate”. It also outlines a number of perceived anomalies and opportunities which emerge from the provisions, and concludes with some comments in relation to the fourth of the concessions – the small business rollover.

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BOOK REVIEW – Philip Burgess

  • Australia’s Future Tax System: The Prospects After Henry by Chris Evans, Richard Krever and Peter Mellor

For the pdf version of the table of contents, click here: AT Rev Vol 40 No 2 Contents.