{"id":13349,"date":"2020-10-19T16:02:23","date_gmt":"2020-10-19T05:02:23","guid":{"rendered":"http:\/\/sites.thomsonreuters.com.au\/journals\/?p=13349"},"modified":"2020-10-19T16:02:23","modified_gmt":"2020-10-19T05:02:23","slug":"australian-tax-review-update-vol-49-pt-3","status":"publish","type":"post","link":"https:\/\/sites.thomsonreuters.com.au\/journals\/2020\/10\/19\/australian-tax-review-update-vol-49-pt-3\/","title":{"rendered":"Australian Tax Review update: Vol 49 Pt 3"},"content":{"rendered":"<p>*Please note that the links to the content in this Part will direct you to Westlaw AU. If you are using Checkpoint, the links can be found in the <strong>Checkpoint PDF <\/strong>at the bottom of this post.<\/p>\n<p>To purchase an article, please email:\u00c2\u00a0<a href=\"mailto:LTA.Service@thomsonreuters.com\">LTA.Service@thomsonreuters.com<\/a>\u00c2\u00a0or\u00c2\u00a0contact us on 1300 304 195\u00c2\u00a0(Australian customers) or +61 2 8587 7980\u00c2\u00a0(international customers) during business hours\u00c2\u00a0(Mon-Fri, 8am-6pm AEST).<\/p>\n<p>The latest issue of the <em>Australian Tax Review\u00c2\u00a0<\/em>(Volume 49 Part 3) contains the following material:<\/p>\n<p><a href=\"https:\/\/www.westlaw.com.au\/maf\/wlau\/ext\/app\/document?docguid=I69a708be0d1911eb99dafba9e329f6c2&amp;tocDs=AUNZ_AU_JOURNALS_TOC&amp;isTocNav=true&amp;startChunk=1&amp;endChunk=1\">EDITORIAL<\/a> \u00e2\u20ac\u201c <em>General Editors: Kerrie Sadiq and Dale Pinto<\/em><\/p>\n<ul>\n<li><strong>Global Tax Responses in a COVID-19 World<\/strong><\/li>\n<\/ul>\n<h3>Articles<\/h3>\n<p><a href=\"https:\/\/www.westlaw.com.au\/maf\/wlau\/ext\/app\/document?docguid=I69a708b60d1911eb99dafba9e329f6c2&amp;tocDs=AUNZ_AU_JOURNALS_TOC&amp;isTocNav=true&amp;startChunk=1&amp;endChunk=1\"><em><strong>Justice Hill Memorial Lecture 2020: The Judicial Work of the Hon Justice Edmonds<\/strong><\/em><\/a> \u00e2\u20ac\u201c Hon Justice Steward<\/p>\n<p style=\"text-align: justify;\">This article surveys the judicial work of Justice Edmonds and, by doing so, reveals that his Honour\u00e2\u20ac\u2122s remarkable scholarship, fairness, diligence and commitment is what led his Honour to succeed Justice Graham Hill as Australia\u00e2\u20ac\u2122s leading tax judge.<\/p>\n<p><a href=\"https:\/\/www.westlaw.com.au\/maf\/wlau\/ext\/app\/document?docguid=I69a708b10d1911eb99dafba9e329f6c2&amp;tocDs=AUNZ_AU_JOURNALS_TOC&amp;isTocNav=true&amp;startChunk=1&amp;endChunk=1\"><em><strong>Double Taxation Agreements: Shield or Sword?<\/strong><\/em><\/a> \u00e2\u20ac\u201c Joseph Tranzillo<\/p>\n<p style=\"text-align: justify;\">Australian courts have had much to say on the interpretation of Double Tax Agreements (DTAs) in recent years. Over the last two decades, an interesting discussion has unfolded in Australia regarding the object and purpose of DTAs: are DTAs only ever a shield, never a sword? This issue was recently settled by the decision of the Full Court of the Federal Court of Australia in <em>Satyam Computer Services Ltd v Federal Commissioner of Taxation<\/em>. This article examines the history of the \u00e2\u20ac\u0153shield and sword\u00e2\u20ac\u009d thesis and considers the broader implications of Satyam. This is illustrated by examining the Directors\u00e2\u20ac\u2122 Fees and Business Profits provisions in Australia\u00e2\u20ac\u2122s DTAs and the application of Australia\u00e2\u20ac\u2122s capital gains tax rules to non-residents.<\/p>\n<p><a href=\"https:\/\/www.westlaw.com.au\/maf\/wlau\/ext\/app\/document?docguid=I69a708b90d1911eb99dafba9e329f6c2&amp;tocDs=AUNZ_AU_JOURNALS_TOC&amp;isTocNav=true&amp;startChunk=1&amp;endChunk=1\"><em><strong>Taxation of Live Stock in Australia: A Critical Review of Tax Law and Policy<\/strong><\/em><\/a> \u00e2\u20ac\u201c\u00c2\u00a0Christina Allen<\/p>\n<p style=\"text-align: justify;\">One of the fundamental aims of any income tax system is to measure the net income earned by taxpayers during a given financial year. This can be difficult for primary production businesses involving live animals because animals are inherently different from other kinds of assets. Whereas previously Australia\u00e2\u20ac\u2122s tax system allowed primary producers to use either a market valuation or cost-based valuation to assess the value of their animals, the <em>Income Tax Assessment Act 1997 <\/em>(Cth) introduced changes that brought live animals under the rules for ordinary trading stock. This article offers a critique of the policies embodied in the Act and its approach to taxing animals in primary production. In particular, it highlights the outdated prescribed values given to live stock acquired through natural increase (ie offspring) and biased tax concessions that apply to certain types of animals. These tax rules have not been reviewed in decades and urgently need to be reassessed.<\/p>\n<p><a href=\"https:\/\/www.westlaw.com.au\/maf\/wlau\/ext\/app\/document?docguid=I69a708b30d1911eb99dafba9e329f6c2&amp;tocDs=AUNZ_AU_JOURNALS_TOC&amp;isTocNav=true&amp;startChunk=1&amp;endChunk=1\"><em><strong>BHP in the High Court: An Analysis of the Court\u00e2\u20ac\u2122s Reasons<\/strong><\/em><\/a> \u00e2\u20ac\u201c Hon Richard Edmonds AM SC<\/p>\n<p style=\"text-align: justify;\">The authority of the recent unanimous decision of the High Court on the facts in <em>BHP Billiton Ltd v Federal Commissioner of Taxation <\/em>cannot be challenged, although the facts in another case may enable it to be distinguished. This article considers the propriety of the reasons as to why their Honours came to their conclusions on the issues in dispute. The author\u00e2\u20ac\u2122s disappointment with those reasons is twofold; first they are less than convincing and second, they leave the outcome of the same issues in another case as unformulated questions of fact.<\/p>\n<p>For the PDF version of the table of contents, click here: <a href=\"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-content\/uploads\/sites\/3\/2020\/10\/Westlaw-AU-AT-Rev-Vol-49-No-3-Contents.pdf\">Westlaw AU &#8211; AT Rev Vol 49 No 3 Contents<\/a>\u00c2\u00a0or here: <a href=\"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-content\/uploads\/sites\/3\/2020\/10\/Checkpoint-AT-Rev-Vol-49-No-3-Contents.pdf\">Checkpoint &#8211; AT Rev Vol 49 No 3 Contents<\/a>.<\/p>\n<p><a href=\"https:\/\/bit.ly\/3dlgj5X\">Click here to access this Part on Westlaw AU<\/a><\/p>\n<p><a href=\"https:\/\/bit.ly\/33UbaOV\">Click here to access this Part on Checkpoint<\/a><\/p>\n<p>For general queries, please contact:\u00c2\u00a0<a href=\"mailto:tlranz.journal.orders@thomsonreuters.com\">tlranz.journal.orders@thomsonreuters.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest Part of the Australian Tax Review includes an Editorial and the following articles: &#8220;Justice Hill Memorial Lecture 2020: The Judicial Work of the Hon Justice Edmonds&#8221; \u00e2\u20ac\u201c Hon Justice Steward; &#8220;Double Taxation Agreements: Shield or Sword?&#8221; \u00e2\u20ac\u201c Joseph Tranzillo; &#8220;Taxation of Live Stock in Australia: A Critical Review of Tax Law and Policy&#8221; \u00e2\u20ac\u201c\u00c2\u00a0Christina Allen; and &#8220;BHP in the High Court: An Analysis of the Court\u00e2\u20ac\u2122s Reasons&#8221; \u00e2\u20ac\u201c Hon Richard Edmonds AM SC.<\/p>\n","protected":false},"author":17,"featured_media":11957,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[230,38,39],"tags":[16318,8541,229,16319,16320,16321,16322,16323,7402,16324,16325,16326,2453,16327,16328,16329,16330,16331,16332,16333,4449,16334,16335,16336,16337,16338,16339,16340],"class_list":["post-13349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australian-tax-review","category-journals","category-update-summaries","tag-application-of-capital-gains-tax-rules-to-non-residents","tag-articles","tag-at-rev","tag-australias-leading-tax-judge","tag-bhp-billiton-ltd-v-federal-commissioner-of-taxation","tag-bhp-in-the-high-court-an-analysis-of-the-courts-reasons","tag-biased-tax-concessions","tag-christina-allen","tag-dale-pinto","tag-directors-fees-and-business-profits-provisions","tag-double-tax-agreements-dtas","tag-double-taxation-agreements-shield-or-sword","tag-editorial","tag-global-tax-responses-in-a-covid-19-world","tag-hon-justice-steward","tag-hon-richard-edmonds-am-sc","tag-income-tax-assessment-act-1997-cth","tag-income-tax-system","tag-joseph-tranzillo","tag-justice-hill-memorial-lecture-2020-the-judicial-work-of-the-hon-justice-edmonds","tag-kerrie-sadiq","tag-market-valuation-or-cost-based-valuation","tag-primary-production-businesses-involving-live-animals","tag-rules-for-ordinary-trading-stock","tag-satyam-computer-services-ltd-v-federal-commissioner-of-taxation","tag-shield-and-sword-thesis","tag-taxation-of-live-stock-in-australia-a-critical-review-of-tax-law-and-policy","tag-taxing-animals-in-primary-production"],"_links":{"self":[{"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/posts\/13349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/comments?post=13349"}],"version-history":[{"count":0,"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/posts\/13349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/media\/11957"}],"wp:attachment":[{"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/media?parent=13349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/categories?post=13349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sites.thomsonreuters.com.au\/journals\/wp-json\/wp\/v2\/tags?post=13349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}