Academic literature on the topic 'Taxation Law and legislation Australia'
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Journal articles on the topic "Taxation Law and legislation Australia"
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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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Thomas, Colin G., and Catherine A. Hayne. "THE IMPACT OF TAXATION LEGISLATION DEVELOPMENTS ON NON- RESIDENTS INVESTING IN AUSTRALIAN PETROLEUM PROJECTS." APPEA Journal 29, no. 1 (1989): 63. http://dx.doi.org/10.1071/aj88010.
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Australian legislation has recently undergone further developments which affect non- residents investing in Australian petroleum projects. The comments in this paper reflect our understanding of the law at November 1988.These legislative developments have occurred in foreign investment rules and primary tax areas such as the thin capitalisation and debt creation rules for nonresident investors, Australian capital gains tax including the new involuntary roll- over provisions, the Australian dividend imputation system, and secondary taxes such as state royalties and excises and petroleum resource rent tax.The purpose of this paper is to analyse some of the recent legislative developments from the viewpoint of a non- resident investing in Australian petroleum projects. Changes in most cases are incorporated in complex legislation, and full and proper consideration of the changes is warranted for taxpayers both to comply with the law and maximise shareholders' financial returns.
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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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Sadiq, Kerrie. "Country notes: Tax and Whistle-Blower Protection: Part of a Commitment to Tackling Tax Misconduct in Australia." Intertax 46, Issue 5 (May 1, 2018): 429–33. http://dx.doi.org/10.54648/taxi2018044.
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Many jurisdictions face the question of whether to legislate to introduce a whistle-blower protection regime for disclosures of information regarding breaches of tax laws or misconduct relating to an entity’s tax affairs. To this extent, Australia is no exception and is in the process of passing legislation through Parliament to insert a comprehensive regime into the Taxation Administration Act 1953 for the protection of individuals who report breaches of the tax laws or misconduct. Like all regulatory reform, the introduction of the legislation has been a lengthy and controversial process which began with an announcement by the Government as part of their Federal Budget in May 2016. This article discusses Australia’s historical and recent approach to whistle-blower protection, provides an analysis of the processes which resulted in legislation being proposed and analyses some of the fundamental elements of the proposed whistle-blower protection regime for tax matters.
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du Plessis, Izelle. "‘Place of Effective Management’: Finding Guidelines in Case Law." Intertax 48, Issue 2 (February 1, 2020): 195–217. http://dx.doi.org/10.54648/taxi2020017.
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The concept ‘place of effective management’ (POEM) is used in many States around the world. Yet the meaning of this concept remains somewhat ambiguous. It is important to establish where an entity is effectively managed, since many States still use The POEM as one of the criteria to determine residence in terms of their domestic legislation. Furthermore, The POEM is still relevant in several double taxation treaties (DTTs), even after the changes to the OECD Model Tax Convention and the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. This article critically analyses significant judgments from the United Kingdom, South Africa, Canada and Australia. From these judgments, a set of guidelines to determine an entity’s POEM is compiled. These guidelines may assist both taxpayers and tax administrators in the application of the concept of the POEM to a new set of facts. Place of effective management, Central management and control, Residence, Taxation. Company, Board of directors, Trust, Trustees
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Barrett, Jonathan. "Dissonance between Fact and Law: The Example of Visual Artistic Practice and Income Tax Concessions for Peak Copyright." Victoria University of Wellington Law Review 52, no. 4 (January 26, 2022): 689–708. http://dx.doi.org/10.26686/vuwlr.v52i4.7400.
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The principal income tax statutes of both New Zealand and Australia provide special concessions for taxpayers who earn exceptional copyright income in a year of assessment. As authors (creators) of copyright-protected artistic works, visual artists are potential beneficiaries of these preferences but, because they typically produce singular artworks that are not licensed for reproduction, they cannot directly benefit from copyright or, as a consequence, tax concessions granted to copyright assignors or licensors. In New Zealand, a taxpayer who receives peak copyright payments can opt to average those receipts over more than one assessment year. An Australian taxpayer can spread their more broadly defined assessable professional income and, if they operate a professional arts business, may enjoy an exception to the non-commercial loss rules, and so may claim net losses in the year they are incurred. The substantive provisions of neither the Income Tax Act 2007 nor the Income Tax Assessment Act 1997 (Cth) expressly incorporates provisions of copyright legislation but both taxing statutes explicitly import copyright terminology and, implicitly, concepts and doctrine. Examination of differences between fact and law is a significant field of legal research. In taxation studies, John Prebble's identification of "ectopia" presents the best-known analysis. Prebble characterises income tax law as "ectopic" (out of place), inasmuch as it is dislocated from the facts to which it relates. Copyright law is likewise dislocated from typical artistic practice. When copyright principles are incorporated into income tax legislation, the relevant provisions may be doubly estranged from the facts to which they relate. This article, which has an Australasian jurisdictional focus but also draws on Quebecois tax legislation, investigates that possibility and considers, in particular, the consequences for equity in income taxation.
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Bal, Aleksandra. "Developing a Regulatory Framework for the Taxation of Virtual Currencies." Intertax 47, Issue 2 (February 1, 2019): 219–33. http://dx.doi.org/10.54648/taxi2019019.
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This article reviews virtual currency regulations in five selected countries (Australia, Germany, the Netherlands, the United States and the Unites Kingdom), develops a methodology for creating an effective regulatory framework for the taxation of virtual currencies, and makes recommendations for the improvement of certain characteristics of the existing income tax systems that currently struggle with the enforcement of tax compliance obligations regarding transactions in virtual currencies. The author advocates the use of legislation to clarify the fundamental aspects of virtual currency transactions together with more detailed non-binding interpretative guidance that can be quickly adapted to changing circumstances. Enforcement and monitoring measures by tax authorities should not target an infinitely large number of unidentified individuals but a much smaller number of operators providing exchange services and wallet providers. A third-party reporting regime for virtual currency intermediaries should be aligned with the existing reporting obligations for anti-money laundering purposes.
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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.
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Williamson, Max. "TIMOR GAP ZONE OF CO-OPERATION TREATY: TAXATION ISSUES ARISING FROM THE CONDUCT OF PETROLEUM OPERATIONS IN AREA A." APPEA Journal 30, no. 1 (1990): 390. http://dx.doi.org/10.1071/aj89027.
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It is commendable that our governments have reached agreement on the delicate and difficult issues which are the subject of the Treaty and have provided a leading example of international co-operation. Nonetheless, whilst oil industry participants may be pleased at this major development and encouragement to future exploration for oil reserves, many practical issues still need resolution during the legislative stage of 'bedding down' the Treaty initiatives.Other authors have reviewed the legal and operating regimes of the Timor Gap Zone of Co-operation Treaty.This paper is therefore only concerned with a review of the taxation implications which are likely to arise for those petroleum explorers and potential producers who will hold contracts to explore for and produce petroleum in Area A, and an identification of questions on tax issues which require resolution at an industry and government level. Needless to say not all issues are recognizable at this stage and thus some time will elapse before it is possible to be totally comfortable with the taxation arrangements in a technical sense.This review is accomplished by generally overviewing the Zone of Co-operation Treaty. The reader is then introduced to concepts of the Australian and Indonesian petroleum tax regimes, with explanation as to how those concepts will apply once overlaid by the Taxation Code for Avoidance of Double Taxation. This review raises various tax issues and questions which require resolution during the legislative phase. Perhaps industry will take up some of the questions raised so that when legislation is enacted to incorporate the Taxation Code into Australian tax law, the majority of issues will have been settled.
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Krever, Richard. "A Tax Policy Legacy: Tim Edgar's Contributions to Tax Scholarship and Tax Legislation." Canadian Tax Journal/Revue fiscale canadienne 68, no. 2 (July 2020): 517–37. http://dx.doi.org/10.32721/ctj.2020.68.2.sym.krever.
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Tim Edgar's passing in December 2016 dealt a severe blow to tax scholarship in Canada and globally, not to mention being a sad loss for this journal, to which he was a contributor for over three decades. Tim's books, journal articles, and book chapters spanned a wide spectrum of tax policy issues and have played a central role in helping policy makers, academics, and students understand some of the most conceptually and technically difficult areas of tax law. Tim's book on the taxation of financial arrangements, published by the Canadian Tax Foundation, is viewed by policy makers worldwide as the definitive authority on the subject, setting out a principled path to carving out the debt component of financial instruments and subjecting it to neutral accrual taxation. In a closely related area, his detailed analysis of the difficulties confronting policy makers who seek a neutral application of the goods and services tax (GST) to financial supplies is considered to be foundational work in the field, and his proposal to remove the tax from business-to-business supplies has been adopted directly in New Zealand and via an indirect mechanism in Singapore. Tim's work on the general anti-avoidance rule is cited time and again as a key treatment of the topic, while his proposal to extend thin capitalization rules to outbound investment has been adopted in Australia. Tim's comprehensive analysis of the Canadian pseudo-imputation system opens the door to a much-needed reconsideration of the system. The more challenging the subject matter, the deeper Tim investigated and methodically dissected the topic to arrive at reasoned recommendations for reform. Tim's work will continue to be read, cited, and applied in practice for many years.
Dissertations / Theses on the topic "Taxation Law and legislation Australia"
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Rumble, Tony Law Faculty of Law UNSW. "Synthetic equity and franked debt: capital markets savings cures." Awarded by:University of New South Wales. School of Law, 1998. http://handle.unsw.edu.au/1959.4/17591.
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Micro-economic reform is a primary objective of modern Australian socio-economic policy. The key outcome targetted by this reform is increased efficiency, measured by a range of factors, including cost reduction, increased savings, and a more facilitative environment for business activity. These benefits are sought by the proponents of reform as part of a push to increase national prosperity, but concerns that social equity is undermined by it are expressed by opponents of that reform. The debate between efficiency and equity is raging in current Australian tax policy, a key site for micro-economic reform. As Government Budget restructuring occurs in Australia, demographic change (eg, the ageing population) undermines the ability of public funded welfare to provide retirement benefits. Responsibility for self-funded retirement is an important contributor to increasing private savings. Investment in growth assets such as corporate stock is increasing in Australia, however concerns about volatility of asset values and yield stimulate the importance of investment risk management techniques. Financial contract innovation utilising financial derivatives is a dominant mechanism for that risk management. Synthetic equity products which are characterised by capital protection and enhanced yield are popular and efficient equity risk management vehicles, and are observed globally, particularly in the North American market. Financial contract innovation, risk management using financial derivatives, and synthetic equity products suffer from an adverse tax regulatory response in Australia, which deprives Australian investors from access to important savings vehicles. The negative Australian tax response stems from anachronistic legislation and jurisprudence, which emphasises tax outcomes based on legal form. The pinnacle of this approach is the tax law insistence on characterisation of financial contracts as either debt or equity, despite some important financial similarities between these two asset types. Since derivatives produce transactions with novel legal forms this approach is unresponsive to innovation. The negative tax result also stems from a perception that the new products are tax arbitrage vehicles, offering tax benefits properly available to investment in stocks, which is thought to be inappropriate when the new products resemble debt positions (particularly when they are capital protected and yield enhanced). The negative tax response reflects administrative concerns about taxpayer equity and revenue leakage. This approach seeks to impose tax linearity by proxy: rather than utilising systemic reform to align the tax treatment of debt and equity, the current strategy simply denies the equity tax benefits to a variety of innovative financial contracts. It deprives Australians of efficiency enhancing savings products, which because of an adverse tax result are unattractive to investors. The weakness of the current approach is illustrated by critical analysis of three key current and proposed tax laws: the ???debt dividend??? rules in sec. 46D Income Tax Assessment Act 1936 (the ???Tax Act???); the 1997 Budget measures (which seek to integrate related stock and derivative positions); and the proposals in the Taxation of Financial Arrangements Issues Paper (which include a market value tax accounting treatment for ???traded equity,??? and propose a denial of the tax benefits for risk managed equity investments). The thesis develops a model for financial analysis of synthetic equity products to verify the efficiency claims made for them. The approach is described as the ???Tax ReValue??? model. The Tax ReValue approach isolates the enhanced investment returns possible for synthetic equity, and the model is tested by application to the leading Australian synthetic equity product, the converting preference share. The conclusions reached are that the converting preference share provides the key benefits of enhanced investment return and lower capital costs to its corporate issuer. This financial efficiency analysis is relied upon to support the assertion that a facilitative tax response to such products is appropriate. The facilitative response can be delivered by a reformulation of the existing tax rules, or by systemic reform. The reformulation of the existing tax rules is articulated by a Rule of Reason, which is proposed in the thesis as the basis for the allocation and retention of the equity tax benefits. To avoid concerns about taxpayer equity and revenue leakage the Rule of Reason proposes a Two Step approach to the allocation of the equity tax benefits to synthetics. The financial analysis is used to quantify non-tax benefits of synthetic equity products, and to predict whether and to what extent the security performs financially like debt or equity. This financial analysis is overlayed by a refined technical legal appraisal of whether the security contains the essential legal ???Badges of Equity.??? The resulting form and substance approach provides a fair and equitable control mechanism for perceived tax arbitrage, whilst facilitating efficient financial contract innovation. The ultimate source of non-linearity in the taxation of investment capital is the differential tax benefits provided to equity and debt. To promote tax linearity the differentiation needs to be removed, and the thesis makes recommendations for systemic reform, particularly concerning the introduction of a system of ???Franked Debt.??? The proposed system of ???Franked Debt??? would align the tax treatment of debt and equity by replacing the corporate interest deduction tax benefit with a lender credit in respect of corporate tax paid. This credit would operate mechanically like the existing shareholder imputation credit. The interface of this domestic tax credit scheme with the taxation of International investment capital, and the problems occasioned by constructive delivery of franking credits to Australian taxpayers via synthetics, are resolved by the design and costings of the new system, which has the potential to be revenue positive.
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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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Azzi, John. "The role of CFC legislation in protecting Australia's domestic income tax base." Thesis, The University of Sydney, 1997. http://hdl.handle.net/2123/20011.
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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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Kadikov, Artem. "International taxation of cross-border digital commerce." Thesis, University of Oxford, 2015. https://ora.ox.ac.uk/objects/uuid:ea6c6f2e-c65f-4fa5-945a-22eb71e12667.
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This thesis discusses jurisdiction to tax cross-border digital commerce. The primary objective is to consider the reasons for the erosion of jurisdictional links, or nexus, between countries and taxpayers' digital activities and evaluate possible solutions for addressing such nexus erosion. Whilst it is argued that digital commerce is impossible to ring-fence due to digital technologies transcending all industries, the main focus of this research is on automated business models as case studies for the broader tax issues applicable across the entire digital economy. Using cloud computing, online advertising and e-tailing models as examples of digital commerce in the narrow sense, this thesis demonstrates that the proxies for establishing jurisdictional nexus have become increasingly fluid, thereby challenging the traditional international tax regimes for profits and consumption taxation. Numerous policy solutions have been proposed in order to rectify nexus erosion, including global and territorial tax models. Unlike the previous research in this area, this thesis focuses on the nexus elements of such proposals and assesses their viability in the light of the wider Internet governance jurisprudence. Global tax solutions, such as global e-commerce taxes and formulary apportionment, are analysed in the context of the international governance regime for the technical Internet infrastructure. Territorial virtual tax solutions, such as virtual permanent establishments, withholding taxes and destination cash flow taxes, are considered in the light of the Internet jurisprudence on the 'effects' and 'targeting' nexus standards. It is argued that, given the lack of technical and political infrastructure, none of the proposed routes would be viable from a practical perspective in the near future. It is concluded, therefore, that a practical solution would involve retaining the traditional profits and consumption tax models, whilst testing a narrow version of the digital targeting nexus standard as a backstop anti-abuse measure. It is envisaged that the limited anti-avoidance provision would subsequently pave the way for a comprehensive long-term solution, as digitisation continues to transform global commerce.
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Mkhize, Vukani. "A critical analysis of the tax implications for small and micro businesses." Thesis, Nelson Mandela Metropolitan University, 2011. http://hdl.handle.net/10948/1338.
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The South African economy has seen an increase in small businesses since 1994. This increase has been caused by an increase in unemployment rate and government interventions to promote small businesses. The government has through the National Treasury introduced various tax legislations to simplify and facilitate the tax processes that small businesses have to comply with. The discussion contained in this treatise seeks to critically analyse the tax implications for small and micro businesses. One of the small business tax legislations, Small Business Corporations, is discussed in chapter 2. The Small Business Corporation legislation provides for two key concessions to qualifying small businesses. The first concession is the progressive tax rates that are lower than normal tax rates at taxable income level below R300 000. The second concession is the special capital allowances that the qualifying small business is entitled to. The tax amnesty for small businesses was introduced in July 2006 to provide an opportunity to small businesses which were not up to date with their tax affairs, to regularise their tax affairs. Small businesses had to meet certain requirements and pay an amnesty levy ranging from 2 to 5 percent of their taxable income. The tax amnesty on small businesses was not as effective as intended, however a slight increase in the South African taxpayer base was achieved. The voluntary disclosure programme has recently been introduced in November 2010, to provide an opportunity for all businesses to voluntarily disclose their previous defaults without being subjected to criminal prosecution and penalties. The government further attempted to simplify the tax compliance process by introducing turnover tax legislation. The turnover tax provides for a single tax system that does away with the need to account for normal tax, capital gains tax, secondary tax on companies and value added tax. The turnover tax system is optional to qualifying small businesses. The turnover tax is calculated by simply applying a tax rate to taxable turnover. Small businesses need carefully consider whether turnover tax will be beneficial to them. It is not advisable for small businesses that are making losses to adopt turnover tax. Another small business tax legislation that promises to be effective is the venture capital incentive. This legislation provides for deduction of expenditure actually incurred in the acquisition of shares by qualifying businesses. It appears that, given the challenges that small businesses still face, the government still has a lot more to do to simplify the tax process for small businesses.
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Jovanovich, Juan Martʹin. "Customs valuation and transfer pricing : is it possible to harmonize customs and tax rules?" Thesis, McGill University, 2000. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=31165.
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There is an overlap between the transfer pricing concepts that apply under tax and under customs regimes. This thesis aims to demonstrate (i) that customs and tax laws often share common principles in respect of related-party transactions; (ii) that transfer pricing as agreed to under one discipline should be recognized under the other; (iii) that the OECD Transfer Pricing Guidelines constitute a body of rules that is appropriate to supplement the related party provisions of the GATT/WTO Valuation Code ("GVC"); and (iv) that such guidelines are generally in accordance with the provisions of the GVC and its general principles and objectives. This thesis also analyzes the tax and customs value of imported goods, and identifies which additions to or deductions from customs value might have to be taken into account in comparing tax and customs results. The thesis concludes with an analysis of the circumstances and conditions under which the introduction of transfer pricing compensatory adjustments to transaction value would be consistent with Article 1 of the GVC.
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Nakayama, Kiyoshi. "Transfer pricing taxation : Canadian perspective and Japanese perspective." Thesis, University of British Columbia, 1987. http://hdl.handle.net/2429/26143.
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For the last decades, transfer pricing has been one of the most important issues for both tax authorities and multinational corporations.
On the one hand, tax authorities, despite their counter-measures, have not been able to cope with international tax avoidance or evasion using transfer pricing by multinational corporations owing to the deficiency of tax systems and the inability of tax administrations and this has resulted in a huge revenue loss to the coffers of their countries.
On the other hand, while multinational corporations have been using transfer pricing as vehicles to maximize their overall after-tax profits as a group, they have been suffering intolerable
administrative burdens and double taxation caused by enforcement of counter-measures by tax authorities.
The basic principle for transfer pricing taxation legislation
is the "arm's length principle", that transactions between parties that are not dealing at arm's length should be carried out for tax purposes under terms and at a price that one could reasonably have expected in similar circumstance had the parties been dealing at arm's length. This principle has been endorsed by the OECD, Canada, the U.S. and other developed countries, however, common specific guidelines under this principle have not been established among tax authorities and even multinational corporations themselves cannot always find an arm's length price acceptable to tax authorities.
Since the OECD Committee on Fiscal Affairs issued the report "Transfer Pricing and Multinational Enterprises" in 1979, tax authorities, multinational corporations and tax practitioners have been making strenuous efforts to find a reasonable and practical transfer pricing taxation system and to coordinate its enforcement, all of which enables tax authorities to recover or keep their fair share of revenue and protect multinational corporations from double taxation.
At present, the situation already shows some improvements due to efforts for the harmonization of guidelines among tax authorities, and due to multinational corporations' application of transfer pricing policy in a more self-restricted manner, and more appropriate advice from tax practitioners. However, there is still room for possible improvements.
In Canada, there have been no guidelines other than the Income Tax Act which provides general principles of transfer pricing taxation, and actual enforcement has been based on the internal assessing guideline of Revenue Canada. But, on February 27, 1987 Revenue Canada issued Information Circular 87-2. Although an information circular does not carry any legal weight, it is expected that the circular will eliminate taxpayers' uncertainty and augment tax compliance.
On the other hand, in Japan, despite its export-oriented economy, the Japanese tax authorities have not been keeping pace with the internationalization of economic activities. Having introduced anti-tax haven legislation in 1978, Japan in 1986 introduced transfer pricing taxation legislation. Although fairly concrete pricing methods have been written into legislation
in order to permit the reasonable enforcement of the new system, there is much to be learned from the experience of the "advanced" countries.
Above all, Canada's experience could be useful, as the provisions of the new Japanese transfer pricing taxation legislation are similar to those of the Canadian Income Tax Act and both countries have several similarities in terms of their relationship with the U.S.
In this thesis, after reviewing the background to these problems, I will discuss the Canadian transfer pricing taxation system and its enforcement by looking at each type of intra-group transaction and the corresponding adjustment and mutual agreement procedure system. Then I will compare the Canadian approach and Japanese approach. Possible improvements will be dealt with in the conclusion.
Since there has been little jurisprudence in this area, the discussions are primarily based on the tax authorities' perspectives
and the OECD reports.Law, Peter A. Allard School of
Graduate
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Kruger, Leander. "Comparison of taxation reforms regarding retirement funding between South Africa and the United Kingdom." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/18200.
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The purpose of this study was to review the provision of public and private retirement funding in both South Africa and the United Kingdom and the role of taxation in encouraging greater private provision for retirement. The study described the basis of taxation and determination of ‘taxable income’ in each jurisdiction, before addressing the relationship between taxation and retirement funding in each jurisdiction respectively. Both jurisdictions have introduced significant reforms of their systems of retirement funding and these reforms were accordingly addressed in the present research. The study compared the two jurisdictions based on the above mentioned areas to determine similarities or differences. The study concluded with recommendations, these being that South Africa should assess the feasibility of providing greater State provided retirement funding by possibly including a mandatory contribution, such as that used by the UK for its single-tier flat rate New State Pension. A further recommendation was that South Africa should encourage greater provision of private retirement funding by considering even greater tax deductions for contributions.
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Rahman, Kazi Muinur. "A proposal for the taxation of electronic commerce /." Thesis, McGill University, 2005. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=82668.
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The current international tax regime was conceived at the beginning of the 20th Century and the rules have remained relatively unchanged since then. The operational rules of the international tax regime were designed for an economic era in which major international commercial enterprises were confined within a physical paradigm, and they had succeeded in achieving an acceptable and practical allocation of tax revenue that was being generated from international commerce. As commerce sunders itself from its physical boundaries, the traditional international tax rules that are confined within a physical paradigm fail to provide an adequate solution to the tax issues raised by EC business activities.The challenges raised by EC business activities have been recognized by many governments and the OECD, and the OECD has tried to resolve these issues by modifying the traditional rules. The aim of this thesis is to analyse whether the professed modifications of the traditional rules could provide an adequate solution to the challenges raise by EC business activities, as well as to determine whether it is possible to develop and implement a new set of operation rules, premised on the implicit justifications of the existing operational rules, for the taxation of multinational corporations conducting EC business activities. The thesis does not intend to provide an ultimate solution, but it tries to consider an alternative approach that could be applicable for the taxation of EC business activities, and to contribute to the debate, assuming that national governments intend to tax corporations.
Books on the topic "Taxation Law and legislation Australia"
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Lehmann, Geoffrey. Taxation law in Australia. 4th ed. Sydney: LBC Information Services, 1996.
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Lehmann, Geoffrey. Taxation law in Australia. 3rd ed. Sydney: Butterworths, 1994.
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Lehmann, Geoffrey. Taxation law in Australia. Sydney: Butterworths, 1989.
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Lehmann, Geoffrey. Taxation law in Australia. 5th ed. North Ryde, NSW: Australian Tax Practice, 1998.
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Woellner, R. H. Australian taxation law. 5th ed. North Ryde, N.S.W: CCH Australia, 1994.
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Woellner, R. H. Australian taxation law. 2nd ed. North Ryde, N.S.W: CCH Australia, 1990.
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Taxation Institute of Australia. National Convention. Taxation Institute of Australia: Consolidation or change. North Ryde, NSW: Published on behalf of the Taxation Institute of Australia by Butterworths, 1988.
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The law of superannuation in Australia. Sydney: Nad Nominees, 1985.
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Marks, Bernard. Corporate taxation in Australia: Distributions and imputation. North Ryde, N.S.W: CCH Australia, 1990.
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Taxation of primary producers in Australia. 2nd ed. North Ryde, N.S.W: CCH Australia, 1985.
Find full textBook chapters on the topic "Taxation Law and legislation Australia"
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Shome, Parthasarathi. "Tax Legislation." In Taxation History, Theory, Law and Administration, 129–43. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-68214-9_13.
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Schön, Wolfgang. "Tax Legislation and the Notion of Fiscal Aid: A Review of 5 Years of European Jurisprudence." In State Aid Law and Business Taxation, 3–26. Berlin, Heidelberg: Springer Berlin Heidelberg, 2016. http://dx.doi.org/10.1007/978-3-662-53055-9_1.
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Ramsay, Ian, and Mihika Upadhyaya. "The Failed Attempt to Enact Benefit Company Legislation in Australia and the Rise of B Corps." In The International Handbook of Social Enterprise Law, 395–424. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-14216-1_19.
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AbstractAustralia is an unusual case study in terms of the history of benefit company legislation. Unlike the history in some other countries, the attempt by B Lab Australia and New Zealand (‘B Lab ANZ’) to introduce benefit company legislation was unsuccessful. It failed to gain the support of the government and attracted a mixed response from Australian businesses and academics. The authors discuss why the attempt was unsuccessful. However, although benefit company legislation was not enacted in Australia, B Lab ANZ’s B Corp certification program has had significant success with 371 Australian B Corps as of January 2022. The authors argue that while B Lab ANZ’s B Corp certification requirements achieve, in some important respects, some of what was contained in the proposed benefit company legislation, had it been enacted the proposed legislation would have ensured greater transparency and accountability for those companies electing to become benefit companies than is currently the case for B Corps in Australia.
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Urbas, Gregor. "Substantive and Procedural Legislation in Australia to Combat Webcam-Related Child Sexual Abuse." In Information Technology and Law Series, 135–82. The Hague: T.M.C. Asser Press, 2019. http://dx.doi.org/10.1007/978-94-6265-288-0_4.
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Bruce, Alex, and Thomas Faunce. "Food Production and Animal Welfare Legislation in Australia: Failing Both Animals and the Environment." In International Farm Animal, Wildlife and Food Safety Law, 359–94. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-18002-1_11.
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Keeffe, Mary, and Rittika Ghosh. "Legislation, Case Law and Current Issues in Inclusion for the United States, Australia and India." In Inclusion, Disability and Culture, 313–34. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-55224-8_20.
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Hemels, Sigrid. "Social Enterprises and Tax: Living Apart Together?" In The International Handbook of Social Enterprise Law, 77–100. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-14216-1_5.
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AbstractThis chapter examines the complex relationship between social enterprises and taxation. The focus is not on a specific country, although various examples are mentioned. As specific tax measures for social enterprises are a form of tax incentives, the chapter discusses this public finance concept. In addition, an important legal constraint on introducing such incentives for social enterprises in the European Union (EU) is discussed: the prohibition of state aid. From an analysis of the taxation of profits of social enterprises, it turns out that only a few countries have implemented tax incentives to further social enterprise models. Some social enterprises may meet the charity definition and thus benefit from tax incentives for charities. The drawback might be that it may require social enterprises to use next best legal forms. The chapter also discusses the relevant tax aspects for funders of social enterprises. Tax rules can especially be detrimental to the funding of high-risk social enterprises. Social enterprises also encounter value-added tax (VAT) issues. The VAT that applies in the EU has been copied (with variations) by many non-EU Member States. For that reason, this chapter focusses on the EU VAT legislation as included in the VAT. Problems emerging from the impossibility to deduct input VAT can best be solved outside the VAT framework.
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Field, Andrew. "Legislation, Electronic Commerce and the Common Law: the Growing Legislative Framework, How it Compares Internationally and its Failings in Australia." In The Economics of E-Commerce and Networking Decisions, 134–50. London: Palgrave Macmillan UK, 2003. http://dx.doi.org/10.1057/9781403938374_7.
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Hill, Lisa, Max Douglass, and Ravi Baltutis. "Implementation of s 113: Lessons to Adopt, Pitfalls to Avoid and Refinements to Pursue." In How and Why to Regulate False Political Advertising in Australia, 123–39. Singapore: Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-2123-0_9.
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AbstractBecause s 113 has been in place for some time it has much to teach us about how to design a viable regime for truth in election advertising. However, in sketching out our preferred or ideal model we offer a number of enhancing modifications to SA’s framework, some of which are inspired by practice (and shortcomings) in other common law jurisdictions. We focus here on the implementation of s 113, in particular on issues associated with: whether the publication of misleading election information should be a civil or criminal matter; timeliness and resources including ergonomic aspects of the investigation process; the notion of ‘material extent’ and its complications in determining a breach of s 113; the issue of possible unintended consequences of TIPA-type legislation; problems associated with determining the difference between purported statements of fact and opinion; legal defences; and appropriate penalties and adjudicators.
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"Table of Legislation." In Foundations of Taxation Law 2022, 1065–100. 14th ed. Cambridge University Press, 2022. http://dx.doi.org/10.1017/9781009154444.047.
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