The latest issue of the Australian Tax Review (Volume 40 Part 2) contains the following material:
- Plenty of consultation – Not much progress
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.
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.
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.
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.