Academic literature on the topic 'Tax law - Australia'
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Journal articles on the topic "Tax law - Australia"
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Tomasic, Roman, and Brendan Pentony. "Taxation law compliance and the role of professional tax advisers." Australian & New Zealand Journal of Criminology 24, no. 3 (December 1991): 241–57. http://dx.doi.org/10.1177/000486589102400305.
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Tax practitioners play a pivotal role in the Australian taxation system. Not only do they act as intermediaries between the Australian Taxation Office (ATO) and the majority of taxpayers, especially business taxpayers, but they also influence the ethical climate and level of compliance with taxation laws. This article discusses this role by reference to data derived from an empirical study of tax practitioners and tax officials from around Australia. The study sheds light on the nature of the compliance problem and the factors which affect the administration of Australian taxation law generally.
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Fry, Martin. "Australian taxation of offshore hubs: an examination of the law on the ability of Australia to tax economic activity in offshore hubs and the position of the Australian Taxation Office." APPEA Journal 57, no. 1 (2017): 49. http://dx.doi.org/10.1071/aj16014.
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The obvious commercial benefits of centralising operational functions mean that commercial ‘hubs’ within multinational enterprises will continue to proliferate. More and more so, this will create challenges for the revenue authorities of the high tax jurisdictions such as Australia and the United States, and also the ‘hub-destination’ jurisdictions such as Singapore. For the Australian revenue authority, the challenges are heightened by the fact that the Australian public debate on these issues occurs, it seems, within a framework of suspicion that multinational enterprises set about to avoid paying their ‘fair share’ of tax. As there is ultimately only one value chain spread across more than one tax jurisdiction – whether that be from the hydrocarbons under an Australian sea bed through to a customer sale in North Asia, or the purchase of crude in Singapore through to a point of retail distribution in Australia – it is essential that the tax laws arrive at an international organising principle that fairly allocates taxing rights between the tax jurisdictions affected by a global value chain. Double taxation will arise and economic efficiencies will be destroyed if multiple tax jurisdictions seek to tax the same parts of the single global value chain. That organising principle should be the ‘arm’s length principle’, the fundamental basis upon which Australia enters into double tax treaties with its trading partners. This paper analyses the manner in which the Australian tax laws attempt to deal with the advent of offshore centralised hubs. It argues that the Australian tax laws overreach and, as such, create an environment for double taxation and dispute between competing revenue authorities and between revenue authorities and multinational enterprises. The tax laws are complex, incomplete and, at the time of writing, evolving at a speed not often witnessed in the field of taxation.
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Curran, Michael, and Prem W. S. Yapa. "Examining the Taxation Profession in Australia – A Framework." Australasian Business, Accounting and Finance Journal 15, no. 3 (2021): 3–22. http://dx.doi.org/10.14453/aabfj.v15i3.2.
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This paper examines the nature of the taxation profession in Australia and its development over the past three decades and then suggests a framework to analyse important initiatives that have taken place during this period. Using secondary sources and the organizing principles of State, Market and Community (Puxty et al., 1987), we begin with the subject of tax policies and legislation introduced by the state and its impact on the tax profession in Australia. We follow this with a discussion relating to the recognition of Australian tax practice as a profession. The paper then focusses on two key areas of professional development during the last three decades, namely: tax law and tax administration. The paper finds interesting issues relating to professionalization of taxation in Australia. With the involvement of the state, market and the society over the last three decades, there is a requirement to recognise taxation practice as a profession in Australia. The paper suggests that the establishment of the Tax Practitioners Board[1], a statutory body to regulate the taxation profession in Australia, in conjunction with approved professional associations, may have enhanced the effective maintenance of the tax profession which has contributed to social, political and economic development in Australia. [1] The Minister for Revenue and Financial Services appoint the Board, so there is some degree of control by the state.
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Groenewegen, P. D. "Tax Reform in Australia and New Zealand." Environment and Planning C: Government and Policy 6, no. 1 (March 1988): 93–114. http://dx.doi.org/10.1068/c060093.
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During 1985, the Labour governments in both Australia and New Zealand proposed a tax mix switch policy in which a broad-based tax on consumption expenditure (at the retail level in Australia, of the value-added type in New Zealand), at a uniform rate, was to provide scope for substantial reduction, by the means of rate reduction, in personal income tax. This major tax reform was to be accompanied, in both countries, by an abandonment of the classical system of company taxation and its replacement by a system of full imputation and the taxation of employee fringe-benefits in the hands of the employer. The tax mix switch part of the proposed tax reforms only went ahead in New Zealand, and in this paper the author investigates the reasons for this phenomenon as an exercise in the political economy of tax reform. Apart from enabling some testing of Prest's hypothesis, that there are advantages for tax reform in a country not having a federal or a written constitution, the required background to this examination is presented, by means of an outline of the fundamentals of the Australian and New Zealand tax systems, and of the proposals put forward for eventual implementation. Likewise the processes by which tax reform was achieved in the two countries are examined, and it is argued that differences in political institutional settings explain the different outcomes. The author also comments on the alternative tax reform strategies which are implicit in the proposals currently being implemented in Australia and New Zealand.
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DE LA FERIA, RITA, and MICHAEL WALPOLE. "OPTIONS FOR TAXING FINANCIAL SUPPLIES IN VALUE ADDED TAX: EU VAT AND AUSTRALIAN GST MODELS COMPARED." International and Comparative Law Quarterly 58, no. 4 (October 2009): 897–932. http://dx.doi.org/10.1017/s0020589309001560.
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AbstractThe taxation of financial services is one of the most vexing aspects of a Value Added Tax (VAT). Conceptually, VAT should apply to any fee for service but where financial services are concerned there is a difficulty in identifying the taxable amount, ie the value added by financial institutions. As a result, most jurisdictions, including the EU, simply exempt financial services from VAT. Treating financial services as exempt, however, gives rise to significant legal and economic distortions. Consequently, a few countries have in recent years attempted an alternative VAT approach to financial services. Amongst these is Australia, which in 2000 introduced a Goods and Services Tax (GST) with a ‘reduced input tax credit’ system. This paper compares the current treatment of financial supplies, under a VAT-type system, in the EU and in Australia. The aim is to ascertain whether the Australian GST treatment of financial services is, as commonly thought, superior to the EU one, and consequently, whether introducing an Australian-type model should constitute a policy consideration for the EU.
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Tredoux, Liezel G., and Kathleen Van der Linde. "The Taxation of Company Distributions in Respect of Hybrid Instruments in South Africa: Lessons from Australia and Canada." Potchefstroom Electronic Law Journal 24 (January 12, 2021): 1–36. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a6781.
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Tax legislation traditionally distinguishes between returns on investment paid on equity and debt instruments. In the main, returns on debt instruments (interest payments) are deductible for the paying company, while distributions on equity instruments (dividends) are not. This difference in taxation can be exploited using hybrid instruments and often leads to a debt bias in investment patterns. South Africa, Australia and Canada have specific rules designed to prevent the circumvention of tax liability when company distributions are made in respect of hybrid instruments. In principle, Australia and Canada apply a more robust approach to prevent tax avoidance and also tend to include a wider range of transactions, as well as an unlimited time period in their regulation of the taxation of distributions on hybrid instruments. In addition to the anti-avoidance function, a strong incentive is created for taxpayers in Australia and Canada to invest in equity instruments as opposed to debt. This article suggests that South Africa should align certain principles in its specific rules regulating hybrid instruments with those in Australia and Canada to ensure optimal functionality of the South African tax legislation. The strengthening of domestic tax law will protect the South African tax base against base erosion and profit shifting through the use of hybrid instruments.
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Dixon, D., and C. Foster. "Social Security Constraints on Tax Reform." Environment and Planning C: Government and Policy 6, no. 1 (March 1988): 21–40. http://dx.doi.org/10.1068/c060021.
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The social security system imposes major constraints on tax reform, as was exemplified by the 1985 debate in Australia on tax reform. The constraints are not just those of a redistributive nature. There are important structural constraints as well, which means that separate reform of the two systems is not really feasible. In the paper the Australian system, the 1985 tax debate, and the nature of constraints on the reform process are all examined. The argument is, by a system of refundable tax credits, joint reform is possible without going down the path of full integration.
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Dirkis, Michael. "Moving to a More "Certain" Test for Tax Residence in Australia: Lessons for Canada?" Canadian Tax Journal/Revue fiscale canadienne 68, no. 1 (April 1, 2020): 143–68. http://dx.doi.org/10.32721/ctj.2020.68.1.sym.dirkis.
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Canada and Australia have superficially similar tests for determining the tax residence of individuals. Both have a common-law residence (or resides) test, "continuing attachment" rules (a statutory test in Australia), a 183-day type of test, and provisions focused on government officials. A key difference between the countries in this regard, despite broadly similar residence tests, is that litigation in Canada is rare whereas Australia, over the last decade, has seen at least 43 administrative tribunal, Federal Court, and High Court decisions with respect to tax residence. In response to the high levels of litigation resulting from concentrated Australian Taxation Office compliance programs, the Board of Taxation commenced a self-initiated review of the income tax residence rules for individuals in May 2016. The report subsequently submitted to government noted that the current rules were no longer appropriate and needed to be updated and simplified. Although the Australian government has not endorsed the board's recommendations, the board was directed to undertake further consultation in order to ensure that the proposed residence rules are appropriately designed and targeted, with a particular focus on integrity (that is, anti-avoidance) issues. A final report, sent to the government in April/May 2019, proposed a number of bright-line tests. These proposed tests are based in part on the approach adopted in the NZ and 2013 UK residence rules. In this paper, the author considers the similarities and shortcomings of the Canadian and Australian rules on individual tax residence according to the criteria of equity, simplicity, and efficiency (integrity), and then reviews the Board of Taxation's recommendations with an eye to whether the proposed Australian changes could provide guidance for any future Canadian reform, should the political circumstances so dictate in the future.
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Gilligan, George, and Grant Richardson. "Perceptions of tax fairness and tax compliance in Australia and Hong Kong ‐ a preliminary study." Journal of Financial Crime 12, no. 4 (October 2005): 331–43. http://dx.doi.org/10.1108/13590790510624783.
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Beebeejaun, Ambareen. "The Anti-Avoidance Provisions of the Mauritius Income Tax Act 1995." International Journal of Law and Management 60, no. 5 (September 10, 2018): 1223–32. http://dx.doi.org/10.1108/ijlma-07-2017-0174.
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Purpose A taxpayer who gets caught under Part VII of the Mauritius Income Tax Act is subjected to a corrective measure only in the form of payment of the amount of tax that would have been due in the absence of the avoidance arrangement, but the consequences set out in the same section do not result in any disincentive to the taxpayer that would ensure the prevention of the occurrence of such type of anti-avoidance practices in the future. This study aims to investigate the effectiveness of the anti-avoidance provisions in the Mauritius legislation as a weapon against impermissible tax avoidance, and the study also intends to critically analyse the remedies available against taxpayers who enter into impermissible tax avoidance transactions. Design/methodology/approach The methodology adopted for this qualitative study consists of a critical analysis and comparative legal review of the relevant legislation, case laws and literature. The anti-avoidance provisions of the Mauritius legislation will be compared with similar provisions of legislations of countries that have rigid preventive rules for anti-avoidance practices, and the selected countries are the UK and Australia because each country has been successful in diminishing the tax avoidances practices further to the imposition of penalties for impermissible tax avoidance. The black letter approach will also be used through which existing legal provisions, judicial doctrines, scholar articles and budget speeches governing anti-avoidance provisions for each country identified will be analysed. Findings Further to an analysis of the substantial differences between Mauritius anti-avoidance legal provisions and those of the UK and Australia, it is found that the backing of corrective actions by penalties act as a disincentive to prohibit impermissible anti-avoidance practices. The study concludes that, where there is abuse of law, the law needs to provide for penalties that must be suffered by the abuser, and hence, the study calls for an amendment in the Mauritius Income Tax Act to strengthen anti-avoidance provisions, by adopting similar provisions of the laws of Australia and the UK. Originality/value At present, there is no Mauritius literature on the researched topic, and this study will be one of the first academic writings on the subject of penalties for impermissible tax avoidance in Mauritius. The study is a new and unique topic in Mauritius, and for that reason, the study will largely rely on foreign sources that deal with penalties for impermissible tax avoidance, and this will include the Australian Taxation Administrative Act 1953, Australian case laws and the UK Finance Act 2016. This study is being carried out with the view to provide insightful recommendations to the stakeholders concerned in Mauritius to enhance the revenue collection avenues and methodologies for the Mauritius revenue authorities.
Dissertations / Theses on the topic "Tax law - Australia"
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McKerchar, Margaret Anne Australian Taxation Studies Program UNSW. "The impact of complexity upon unintentional noncompliance for Australian personal income taxpayers." Awarded by:University of New South Wales. Australian Taxation Studies Program, 2002. http://handle.unsw.edu.au/1959.4/19253.
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This study explores the impact of complexity upon unintentional non-compliance behaviour for personal taxpayers in Australia. This area of research did not appear to have been previously studied in an Australian context and in this respect, the study represents an original contribution. While studies have been conducted both in Australia and overseas, they have generally been directed at other types of compliance behaviour and tend to be inconclusive in their findings. According to the compliance literature, there appeared to be little consensus of opinion on the factors that determined behaviour and appropriate research methods. It emerged that more narrowly-defined studies with stronger research methods offered potential for furthering knowledge in this field. Thus the study focused on one behavioural outcome and one type of taxpayer, using a multi-paradigm research method. Unintentional non-compliance, as an outcome, was selected as it appeared to hold promise for improvements in overall compliance to be readily made, provided its causes were understood. Complexity was considered to be the most likely cause of unintentional non-compliance, and those who prepared their own income tax return, the group likely to be most affected. The study used both a quantitative and qualitative component from which a number of convergent results emerged. These included that the major cause of complexity was the ambiguity of tax laws and the volume of explanatory material required. Further, personal taxpayers were committed to compliance even though they regarded the system as less than fair. Together, complexity and commitment to compliance caused taxpayers to experience unnecessary compliance costs. Where taxpayers completed their own return, complexity resulted in a high level of errors that generally resulted in an overstatement of tax liability. In addition, some taxpayers chose to be over-compliant as a means of dealing with complexity and commitment. It was concluded that complexity compromised the integrity of the Australian income tax system by imposing an unfair burden on personal taxpayers in respect of both tax paid and compliance costs incurred. However, there appeared to be little, if any, financial incentive for the tax authority to address the causes of complexity for personal taxpayers.
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Tooma, Rachel Anne Law Faculty of Law UNSW. "A case for a uniform statutory general anti-avoidance rule in Australian taxation legislation." Awarded by:University of New South Wales. School of Law, 2007. http://handle.unsw.edu.au/1959.4/29348.
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Taxpayer certainty is the most frequently cited argument against statutory General Anti-Avoidance Rules (GAARs). However the vast literature criticising statutory GAARs fails to consider the extent of taxpayer uncertainty, and the potential for taxpayer uncertainty, in jurisdictions without a statutory GAAR. This thesis examines that gap in the literature. The thesis uses inductive reasoning to suggest that there is greater taxpayer certainty where a statutory GAAR exists and is appropriately administered. Specifically, it uses a case study to demonstrate that there is greater uncertainty for taxpayers where the administration, the judiciary and the legislature may use their vast powers to address perceived avoidance. The thesis then considers the form of a statutory GAAR that may best be expected to promote taxpayer certainty. Such analysis involves a comparison of Australia???s oldest statutory GAAR, Part IVA of the Income Tax Assessment Act 1936 (Cth) (and its predecessor section 260), with the more recent GAARs in Australia???s indirect tax legislation (GST and state stamp duty), and the GAARs of other jurisdictions, including New Zealand, Canada and South Africa. In order to promote taxpayer certainty, a uniform statutory GAAR is ultimately proposed for all Australian taxation legislation, with safeguards to ensure the appropriate administration of the uniform GAAR.
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Lignier, Philip Andre Cyberspace Law & Policy Centre Faculty of Law UNSW. "Identification and evaluation of the managerial benefits derived by small businesses as a result of complying with the Australian tax system." Publisher:University of New South Wales. Cyberspace Law & Policy Centre, 2008. http://handle.unsw.edu.au/1959.4/41018.
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This thesis explores the managerial benefits derived by small business entities as a result of complying with their tax obligations. This is the first study on managerial benefits that considers all federal taxes in the Australian context. While the managerial benefits of tax compliance were first identified by Sandford in the 1980s, there is only limited evidence to date about their perception by business taxpayers and no evidence at all about their actual occurrence. The work undertaken by Sandford together with the findings of empirical research on accounting in small businesses, provide the framework for the development of research hypotheses. With the purpose of testing these hypotheses, the research examines concurrently a sample of small businesses located in a regional area of Australia, and a sample of similar entities located in an external territory of Australia exempt from federal taxes and with minimal tax compliance obligations. The thesis adopts a mixed research method which combines a survey and a case study component from which a number of convergent results emerge. Results show that bookkeeping requirements imposed by tax compliance compel small businesses to upgrade their accounting systems, typically in the form of computerisation. The increased sophistication of the accounting system following this upgrade allows small businesses to derive managerial benefits in the form of a better knowledge of their financial affairs. The study also demonstrates that when small businesses seek the assistance of an accountant to comply with their tax compliance obligations, managerial benefits may be derived in the form of informal business advice and other services that come as a spin-off from tax compliance work. The findings of the research also indicate that a majority of small businesses value positively the accounting information generated as a result of tax imposed record keeping requirements, however further studies are required to establish the extent to which the additional information has a positive effect on decision making. Finally, the study identifies various possible approaches to quantify managerial benefits including a method based on the costs of alternative resources, and a valuation based on what owner-managers would be prepared to pay for the information.
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Evans, Christopher Charles Law Faculty of Law UNSW. "The operating costs of taxing the capital gains of individuals : a comparative study of Australia and the UK, with particular reference to the compliance costs of certain tax design features." Awarded by:University of New South Wales. Law, 2003. http://handle.unsw.edu.au/1959.4/20738.
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This study investigates the impact of aspects of tax design on the operating costs of the tax system. The thesis focuses on the Australian and UK regimes for taxing the capital gains of individuals. It contends that the compliance burden faced by personal taxpayers and the administrative costs incurred by revenue authorities are directly influenced by the design of the capital gains tax ('CGT') regimes in each country. The study bridges the divide between theoretical analysis of CGT and empirical studies on tax operating costs. It uses a hybrid research design to test a series of hypotheses that emerge from a review of the literature and the experience of the researcher. It combines a technical analysis of the relevant Australian and UK legislative provisions (including an analysis of the policy and other background data that underpins those provisions) with empirical research on the views and experience of practitioners who are responsible for the operation of the legislation in the two countries. The results obtained from this combined methodology indicate that the operating costs of taxing capital gains in Australia and the UK are directly affected by the design of the legislative provisions. Moreover, the study outcomes indicate that operating costs in both countries are high (on a number of comparative measures), have not reduced over time, and are both horizontally and vertically inequitable. The research indicates that the primary factors that cause the high operating costs include the complexity of the legislation and the frequency of legislative change, together with record-keeping and valuation requirements. The thesis identifies specific legislative changes that would address operational cost concerns. These include the phasing out of the 'grandfathering' exemption together with the introduction of an annual exempt amount, and the rationalisation of business concessions in Australia; and the abolition of taper relief and its possible replacement with a 50% exclusion in the UK. More importantly, it seeks a more principled approach to the taxation of capital gains in both countries, and emphasises that legislative change can and should only be enacted with a full and clear understanding of the operating cost implications of that change.
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Pillay, Neermala Neelavathy. "Assessed losses: the trade and income from trade requirements as set out in section 20 of the Income Tax Act of 1962." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/1670.
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Section 20 of the Income Tax Act, No 58 of 1962 allows a taxpayer that incurs an assessed loss to carry forward the balance of assessed loss incurred, to be set off against taxable income earned in or added to losses incurred in future years. The issues regarding the carry forward of assessed losses in terms of section 20 is complex and in terms of the said section, a company is only entitled to set off its assessed loss from the previous year against its taxable income in the current year, if the taxpayer has carried on a trade during the current year and has derived income from that trade. Under the provisions of section 20(2A), a taxpayer other than a company can utilise an assessed loss even if no trading has been conducted. Assessed losses of natural persons, may however be ring-fenced. The aim of this treatise was twofold. Firstly it was to gain clarity on the „trade‟ and „income from trade‟ issues and secondly to compare South African legislation with that of Australia, with a view to recommending a change in our rules regarding the treatment of assessed losses in the context of companies. The critical lessons to be learned from the cases presented, is that liquidators, creditors and others must ensure that the company continues trading in order to x keep the assessed losses valid. Realisation of assets (including stock), and the collection of outstanding debts during liquidation does not constitute the carrying on of a trade in terms of s 20(1). The continuity of trade is an important element in regard to the carry forward of assessed losses to be utilised in the current and future years. Therefore it is important that a company carries on some activity that falls within the definition of trade. In the landmark case of SA Bazaars, it was held that a company did not have to trade continuously throughout the year to qualify for the set-off of the assessed loss or carry forward of the assessed loss, that is, to trade for say part of the year. The court however left open the issue of whether it was necessary to derive income from that trade. In order to clarify the issues regarding assessed losses, SARS issued Interpretation Note 33 granting taxpayers a concession in certain cases where a company has traded, but not derived income from that trade. But in ITC 1830, the court ruled that a company must trade and must derive income from that trade in order to carry forward its assessed loss, which effectively means that SARS cannot apply Interpretation Note 33. SARS does not have the authority to make concession which is contrary to the wording of the Act. xi In Australia, operating losses can be carried forward indefinitely to be set-off against future income, provided a company meets the more than 50% continuity of ownership test. Where the continuity test fails, losses can be deducted if the same business is carried on in the income year (the same business test). From the research conducted and in order to solve the issues surrounding the carry forward of assessed losses it was suggested that one of the following be adopted :- The method used in Australia for the carry forward of assessed losses., or A decision of the Supreme Court of Appeal is needed for a departure from the literal meaning of the words pertaining to the requirements regarding the carry forward of assessed losses. Furthermore, to clarify the definition of „income‟, as used in the context of s20, is it gross income less exempt income or taxable income?. If section 20 relates to taxable income, then an assessed loss will never be increased, which it is submitted, is not what the legislature intended. Section 20 ought to be revisited to eliminate any uncertainty about the income requirement and in the context in which the word „income‟ is used in that section.
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Pappas, Caroline History Australian Defence Force Academy UNSW. "Law and politics : Australia's war crimes trials in the Pacific, 1943-1961." Awarded by:University of New South Wales - Australian Defence Force Academy. School of History, 1998. http://handle.unsw.edu.au/1959.4/38701.
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This dissertation examines the trial of Japanese war crimes conducted by Australia between 1945 and 1951; although the study commences in 1943, when the Government first focussed on the issue, and ends in 1961, when the issue was closed. Beyond providing an overview of the trials the thesis addresses the major criticism of the trials by looking at whether the trails were fair and if they fulfilled Australian aims. This is addressed within the context of the two elements of international law, the political, and the legal, and examined in each of the three sections. The Policy section establishes the political context of the trials by examining the influence of the international community and the Australian Government. Both influenced structure and progress rather than the final application of the law. When Australian attitudes were incongruous with international views, a perception that Australia was harsh and repressive developed even though justice was an important part of the Government???s agenda. A study of legal aspects of the trials commences in the Procedures section. Australia???s legislation and regulations are explained with particular emphasis on the more controversial aspects, and a comparison is made with the war crimes instruments of other Allies trying the Japanese showing many similarities between the regulations used by other nations and Australia???s. Procedures also discusses the framework for the Australian trials, the procedures used to bring a case to trial, the process used in court, the review process and the carrying out of sentences. Such a thorough study of the procedural basis is necessary to evaluate the individual trials. Practical examples of some of the procedural problems are also discussed in the following section ??? Practice. This section reviews a number of trials and the various types of crimes and the claims made in defence to show how Australia applied and interpreted the law. The study finds many similarities between Australia???s application of the law and the practice of other nations, indicating that Australian courts were applying what was considered to be customary expectations of behaviour. Throughout the trials there was little evidence of vindictiveness or revenge, either by Government or in the courts. Both were faced with significant problems, which were not always dealt with well but overall the trials were fair and those involved were concerned that justice should not only be seen to be done, but actually be done.
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Bryant, Cathrine. "Debt defeasance : an income tax loophole or a pointless pursuit." Thesis, 2012. http://hdl.handle.net/10210/5797.
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LL.M.The concept of a debt defeasance transaction has recently come under scrutiny in the South African financial market. In the financial arena lower lending rates and efficient tax planning are of paramount consideration to corporate entities seeking to raise finance and to properly structure their affairs. Debt defeasance transactions recognise the time value of money. Companies with long-term borrowings obtain financial advantages if those borrowings can be retired early as the present value of the liability is less than the face value thereof. The objective of this paper is to present a comparative study of the manner in which debt defeasance transactions have been dealt with in the Australian jurisdiction and how the South African courts would view the income tax consequences of such transactions. The choice of the Australian jurisdiction finds its motivation in the similarity of the income tax regime of that country with the system applied in South Africa. Although the Australian income tax legislation allows for a wider range of income to be recognised as assessable income (hence the frequent references to "income according to ordinary concepts" in the judicial pronouncements in that country) the concept of an accrual of income is recognised and applied in the Australian legislation in a similar manner to that of the South African income tax legislation. In addition, there have been a number of recent decisions in the Australian courts on debt defeasance transactions that were implemented during the 1980's. Given that the South African courts are mindful of developments in 2 Australia and will seek guidance from that jurisdiction, the contemporary nature of the Australian decisions referred to below is insightful and useful in a comparative study. The conclusions reached in this dissertation are that the income tax benefits sought by the parties to the transaction and which are pivotal to the success of the transaction, will not be available in the South African context, just as they are not available in Australia. In certain circumstances the debt defeasance profit, as it is termed in this paper, will be fully taxable in the hands of the taxpayer to whom it accrues, particularly in regard to instantaneous defeasances and where the taxpayer is a financial institution. It is this outcome of the application of the general principles of the South African income tax legislation that leads to the failure of the transaction as a fund raising tool in the structured finance environment. Thought has been given to whether or not the South African legislation should be amended to cater specifically for the debt defeasance transaction. There are no issues that are created by these transactions, such as mismatches in the timing of accruals and deductions as is the case in the trading of financial instruments, that are not already catered for in the current income tax legislation. The main enquiry in determining the consequences of a debt defeasance transaction is in the application of the gross income definition in section 1 of The Income Tax Act 58 of 1962. The application of the gross income definition is trite law and the judicial pronouncements thereon are 3 adequate guidance and it is submitted that no amendment to the Income Tax Act is required to cater for debt defeasance transactions. The structure of this paper will be to give an overview of the mechanics of debt defeasance transactions and the defeasance transactions and the consequences thereof. A survey of the Australian examples of debt defeasances is undertaken and the judgements given by the Australian courts in response to such transactions are canvassed. An analysis will finally be undertaken on the income tax consequences of debt defeasances as they have been imported into South Africa
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Ssennyonjo, Peter. "A comparative study of tax incentives for small businesses in South Africa, Australia, India and the United Kingdom." Diss., 2019. http://hdl.handle.net/10500/25981.
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This study discusses South Africa’s tax incentives for small businesses and identifies
shortcomings and areas of concern within the tax incentive regimes. A comparison of
small business tax incentives provided by Australia, India, and the United Kingdom is
made with South Africa’s small business tax incentives to identify similarities and
differences, and new lessons are learned from the approaches of other countries. As a
result of the comparison with the tax dispensations available to small businesses in
other countries, the study recommends additional tax incentives that could be
implemented by South Africa. Only those tax incentives that are available in other
countries but not in South Africa that were deemed worthwhile were recommended to
be introduced in the Republic. Recommendations were also made based on the gaps
identified in South Africa’s small business tax incentives.Taxation
M. Phil. (Accounting Sciences)
Books on the topic "Tax law - Australia"
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Tax avoidance in Australia. Annandale, N.S.W: Federation Press, 2010.
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Understanding fringe benefits tax in Australia. North Ryde, N.S.W: CCH Australia, 1986.
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W, O'Grady G., ed. Manual of the law of income tax in Australia. 6th ed. Sydney: Law Book Co., 1985.
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O'Grady, G. W. Ryan's manual of the law of income tax in Australia. 7th ed. North Ryde, N.S.W: Law Book Co., 1989.
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Income taxation in Australia: Principles of income, deductibility, and tax accounting. Sydney: Law Book Co., 1985.
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Taxation of primary producers in Australia. 2nd ed. North Ryde, N.S.W: CCH Australia, 1985.
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James, Simon. Tax law improvement in Australia and the UK: The need for a new strategy for simplification. Exeter: School of Business and Economics, University of Exeter, 1998.
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Taxation of income: An international comparison : a select study of U.S., U.K., Australia, Malaysia, Pakistan, India. New Delhi: Manohar Publishers & Distributors, 2004.
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Fiona, Martin. Income tax, native title and mining payments. Sydney, N.S.W: CCH Australia Limited, 2014.
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Office, Australian Taxation. Guide to new legislation, Superannuation Guarantee (Administration) Act 1992: (Act No. 111 of 1992). Canberra: Australian Govt. Pub. Service, 1993.
Find full textBook chapters on the topic "Tax law - Australia"
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Barkoczy, Stephen, and Tamara Wilkinson. "Australia’s Formal Venture Capital Tax Incentive Programs." In SpringerBriefs in Law, 29–39. Singapore: Springer Singapore, 2019. http://dx.doi.org/10.1007/978-981-13-6632-1_3.
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Kirby, Michael. "Sham and Tax Law in Australia." In Sham Transactions, 270–88. Oxford University Press, 2013. http://dx.doi.org/10.1093/acprof:oso/9780199685349.003.0016.
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Passant, John. "Tax, Inequality and Challenges for the Future." In New Directions for Law in Australia. ANU Press, 2017. http://dx.doi.org/10.22459/ndla.09.2017.03.
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"Tax law and policy for indigenous economic development in Australia." In Community Futures, Legal Architecture, 177–94. Routledge, 2012. http://dx.doi.org/10.4324/9780203123119-17.
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Taylor, C. John. "Much Ado about Non-discrimination in Negotiating and Drafting of the 1982 Australia–US Taxation Treaty." In Studies in the History of Tax Law. Hart Publishing, 2021. http://dx.doi.org/10.5040/9781509939909.ch-010.
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Goldsmith, Jack, and Tim Wu. "Consequences of Borders." In Who Controls the Internet? Oxford University Press, 2006. http://dx.doi.org/10.1093/oso/9780195152661.003.0015.
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Australia’s Joseph Gutnick is a billionaire, a diamond and gold miner, a political player, a philanthropist, and a rabbi. On October 20, 2000, Gutnick awoke in Victoria to find himself accused of tax evasion and money laundering by the American business magazine Barron’s. The article, “UnHoly Gains,” suggested that Gutnick had engaged in shady dealings with Nachum Goldberg, a Melbourne money launderer jailed in 2000 for washing AU$42 million in used notes through a bogus Israeli charity. Gutnick read the story, not in the print version of Barron’s but on the online version of its sister publication, “wsj.com,” a website on a server physically located in New Jersey. Gutnick was not the only Australian to read the story. Approximately seventeen hundred Australians subscribed to wsj.com, including many Australian business and finance leaders. An enraged Gutnick vehemently denied the illicit association with Goldberg. To protect his reputation, he sued Dow Jones & Company—the parent company of both Barron’s and the Wall Street Journal—in an Australian court, taking advantage of tough Australian libel laws unleavened by the U.S. First Amendment. The legal arguments in the Gutnick case mirrored those in the Yahoo litigation in France a few years earlier. Dow Jones argued that Australian courts were legally powerless (or “without jurisdiction”) to rule on the legality of information on a computer in the United States, even if it appeared in Australia. The Australian High Court, like the court in France, disagreed. For material published on the Internet, it stated, the place where the person downloads the material “will be the place where the tort of defamation is committed.” Within two years of this decision, Dow Jones agreed to pay Gutnick AU$180,000 in damages and AU$400,000 in legal fees to settle the case. It also issued this retraction: “Barron’s has no reason to believe Mr. Gutnick was ever a customer of Mr. Goldberg, and has no reason to believe that Mr. Gutnick was a money laundering customer of, or had any criminal or other improper relationship with, Mr. Goldberg.”
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"Advances in Fish Tagging and Marking Technology." In Advances in Fish Tagging and Marking Technology, edited by David W. Schmarr, Ian D. Whittington, Ian D. Whittington, Jennifer R. Ovenden, and Tim M. Ward. American Fisheries Society, 2012. http://dx.doi.org/10.47886/9781934874271.ch27.
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<i>Abstract</i>.—This study assesses the suitability of genetic approaches, parasitology and otolith microchemistry for determining the stock structure of spotted chub mackerel <i>Scomber australasicus </i>in Australasian waters and establishes protocols for using these techniques to determine variability within and among putative stocks. Seventy-five fish from three locations across the geographical distribution of <i>S. australasicus </i>in Australian waters (SE Queensland, South Australia and SE Western Australia) and one location in New Zealand were examined. Genetics and parasite assemblage were analyzed for all fish; otolith microchemistry of Australian fish was also examined. Techniques were successfully developed to extract and amplify a segment of the mtDNA control region, and results showed significant genetic heterogeneity among fish from Western Australia, Queensland, and New Zealand. Parasite analysis identified several taxa that are suitable for use as biological tags and enabled discrimination of fish collected from the four locations. Studies of otolith microchemistry using LA-ICP-MS had sufficient power to distinguish fish from the three Australian locations. This study suggests that there are multiple stocks of <i>S. australasicus </i>within Australian waters, proposes protocols for future studies of finer scale stock structure, and discusses the efficacy of each technique for stock discrimination.
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"Jacqueline Mowbray and Tim Sherman Australia’s International Tax Treaties: a Critical Appraisal." In International Trade & Business Law Annual Vol VII, 71–104. Routledge-Cavendish, 2002. http://dx.doi.org/10.4324/9781843144540-6.
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Dowding, Keith. "Homelessness." In It's the Government, Stupid!, 69–90. Policy Press, 2020. http://dx.doi.org/10.1332/policypress/9781529206388.003.0004.
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This chapter discusses the nature of homelessness from rough sleeping to lack of secure accommodation. It examines changing government policy over the past fifty years. Governments have got out of the business of building and renting low-cost houses, ended rent control, and pursued fiscal policies encouraging not only home ownership and second homes, but a new rentier class. Tax incentives encourage buying to let or even leaving property empty for investment purposes. This pushes up house prices, creating a generation who have little prospect of ever owning their own home. It has also created insecure and transient housing for the poor and a tranche of rough sleepers with no roof over their heads. The chapter investigates this process in the USA, UK and Australia, contrasting with a case study of how Finland has successfully dealt with its homelessness problem.
Conference papers on the topic "Tax law - Australia"
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Harris, E., C. Murray, B. Adler, A. Ho, K. Kong, A. Reid, P. Franklin, N. De Klerk, A. W. Musk, and F. J. Brims. "Malignant and Non-Malignant Findings from 5 Years of Low Dose CT Scans Screening for Lung Cancer in the Western Australian Asbestos Review Program." In American Thoracic Society 2019 International Conference, May 17-22, 2019 - Dallas, TX. American Thoracic Society, 2019. http://dx.doi.org/10.1164/ajrccm-conference.2019.199.1_meetingabstracts.a2757.
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Seidl, S. "SCREENING PROCEDURES TO PREVENT TRANSMISSION OF HEPATITIS B, NON-A,NON-B, AND AIDS BY BLOOD TRANSFUSION." In XIth International Congress on Thrombosis and Haemostasis. Schattauer GmbH, 1987. http://dx.doi.org/10.1055/s-0038-1644753.
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Although the number of infectious agents capable of being transmitted through blood and blood products is vast, only a few cause problems in recipients of a magnitude which warrants the need for screening tests. The most important agents are Hepatitis B Virus (HBV), Hepatitis non-A,non-B (HNANB) - agents causing posttransfusion hepatitis (PTH) and the human immundeficiency viruses (HIV) responsible for transfusion associated AIDS (TAA).PTH: Prospective studies in open-heart-surgery patients demonstrated a high prevalence (8-17%) *in Spain, Italy, the United States and Israel whereas low percentages (2-5%) were observed in Australia, Finland and West-Germany. Among haemophiliacs acute and chronic hepatitis is a rather frequent complication. Serologic markers of HBV infection have been observed in the majority of patients. Since HBsAg screening has been introduced most cases of PTH (>90%) are due to infection with HNANB-agents. For this type of hepatitis no specific assay exists. It has been suggested that surrogate tests (ALT, anti-HBc screening) might serve as interim screening measure. In prospective studies in the USA a correlation has been observed between donor ALT and recipient hepatitis, but not more than 30% of PTH can be prevented at a loss of 1,5 to 3,0% of the donor population. Similar data have been reported when blood donors were screened for anti-HBc. There was a significantly higher incidence of PTH in recipients receiving at least one unit of anti HBc positive blood. This was recently confirmed in a study in which patients received blood with ALT-levels below 30 IU/ml. The incidence of HNANB was 2,1% after transfusion with anti HBc negative blood whereas 10,1% developed HNANB when anti HB positive blood was transfused (P=< 0.0001). However, these two markers (ALT, anti HBc) do not identify the same NANB carrier population. - ALT screening and testing for anti-HBc have been recently instituted in the USA as “surrogate tests” for detecting HNANB carriers.TAA: Among the total number of AIDS cases there ist a small percentage caused by transfusion of blood and blood products. In the USA approximately 2% of TAA have been reported, 1 % of AIDS patients are haemophiliacs but the majority of haemophiliacs are HIV-antibody positive. According to a survey of the Council of Europe (March 1986) the percentages of HIV positive European haemophiliacs varies between 4 to 8% (Belgium, Norway) and 30 to 60% in other European countries. The number of TAA-cases is around 1%, AIDS among European haemophiliacs has been observed up to 5% of the total AIDS cases. - Screening for HIV antibodies in blood donors was introduced in most European countries and the USA in early summer 1985, but several thousands of recipients of HIV positive blood (issued before) are now virus carriers. This has been confirmed in “look back” programmes: A substantial number of recipient (50 to 90%) has been found to be HIV positive.-A major disadvantage of the HIV antibody test is the fact that antibodies appear several weeks after infection. The gap between infection and detecting HIV antibodies may be reduced by an antigen test, which recognizes the HIV infection as early as two weeks after infection. - The recent detection of HIV 2 implies the necessity of developing tests for the identification of variants of HIV.
Reports on the topic "Tax law - Australia"
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Gómez Reino, Juan Luis, Sergio Hinojosa, Patricio Mansilla, Roberto Muñoz, and Gerardo Reyes-Tagle. Experiencia internacional en el reciclaje de activos de infraestructura pública: estudios de caso, impactos y lecciones aprendidas. Inter-American Development Bank, June 2021. http://dx.doi.org/10.18235/0003374.
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A nivel internacional, pocos países han iniciado formalmente programas de reciclaje de activos de infraestructura pública, es decir, la monetización de activos de infraestructura pública existentes a través del sector privado y la reinversión en nueva infraestructura de los recursos financieros así obtenidos. Un reciente artículo de Muñoz et al. (2021) muestra teóricamente, a través de un modelo de generaciones traslapadas, que el reciclaje de activos puede generar crecimiento económico y abrir espacio fiscal. Con el objetivo de complementar la modelización teórica del reciclaje de activos públicos, este trabajo analiza algunas de las más relevantes experiencias internacionales en reciclaje. Así, se procura sistematizar lecciones aprendidas en el diseño de los procesos, la forma en la que se materializa el reciclaje, la tipología de los proyectos, las fuentes y los usos del reciclaje, la arquitectura institucional de los programas y sus impactos en la economía y la estabilidad fiscal. A tal efecto, se examinan los casos de Australia, México y Chile como posibles modelos de referencia para países que estudien esta iniciativa de política pública con potenciales beneficios fiscales y de crecimiento.
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Pessino, Carola, and Teresa Ter-Minassian. Addressing the Fiscal Costs of Population Aging in Latin America and the Caribbean, with Lessons from Advanced Countries. Inter-American Development Bank, April 2021. http://dx.doi.org/10.18235/0003242.
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This paper presents projections for 18 Latin America and Caribbean countries of pensions and health expenditures over the next 50 years, compares them to advanced countries, and calculates estimates of the fiscal gap due to aging. The exercise is crucial since life expectancy is increasing and fertility rates are declining in virtually all advanced countries and many developing countries, but more so in Latin America and the Caribbean. While the populations of many of the regions countries are still relatively young, they are aging more rapidly than those in more developed countries. The fiscal implications of these demographic trends are severe. The paper proposes policy and institutional reforms that could begin to be implemented immediately and that could help moderate these trends in light of relevant international experience to date. It suggests that LAC countries need to include an intertemporal numerical fiscal limit or rule to the continuous increase in aging spending while covering the needs of the more vulnerable. They should consider also complementing public pensions with voluntary contribution mechanisms supported by tax incentives, such as those used in Australia, New Zealand (Kiwi Saver), and the United States (401k). In addition, LAC countries face an urgent challenge in curbing the growth of health care costs, while improving the quality of care. Efforts should focus on improving both the allocative and the technical efficiency of public health spending.