Showing posts from April, 2015

NSW Tax Forum speaker profile: Nick Gangemi

Nick is a barrister at Second Floor Selborne Chambers. Nick’s practice involves trial advocacy in a number of areas, with a strong expertise in taxation and revenue law.  In this regard, Nick’s work has included negotiations with State and Federal tax authorities, objections and appeals from assessments, debt recovery and winding up applications by tax authorities. Nick also can also provide tax advice and assistance in relation to income tax, mergers and acquisitions, corporate reconstructions, international tax, transfer pricing, employee shares, goods and services tax, stamp duty, payroll tax and land tax.

In other areas, Nick has worked on equity and trusts, corporations law, commercial transactions and intellectual property. Nick has provided assistance in areas of general administrative law and migration law. Most recently, Nick has appeared for a plaintiff seeking professional indemnity from a tax adviser.

He has been associated with the Tax Institute since 2002.

What does the N…

The BEPS working group

It is difficult for businesses to organise their cross-border transactions on the basis of a diplomatic press release. The Treasurer's announcement earlier this week of a joint working group between Australia and the United Kingdom on Base Erosion and Profit Shifting (BEPS) is one such example. The announcement does not propose a clear change to the domestic law which can be assessed in a meaningful way, and only adds to the uncertainty of our tax environment.

Domestically, we have the federal tax white paper process well underway. Hinting at an additional integrity measure in the form of a diverted profits tax, without holding it up to the scrutiny of the tax white paper process, suggests the government is making tax policy decisions on the run.

Internationally, the OECD countries are already working on a resolution to multinational profit shifting collaboratively. Australia and the UK working on their own, or with a handful of G20 countries on the same issue, may result in a dou…

Conversation on tax reform

Yesterday, Perth-based members of The Tax Institute met with Robert Jeremenko, Chief of Staff of the Federal Government's Tax White Paper Unit and Sasha Grebe, Senior Adviser, Tax White Paper Unit to join in the national conversation on tax reform. Members had the opportunity to raise issues and provide their thoughts on matters that have been posited in the Tax Discussion Paper directly with the Tax White Paper Unit.

There are many other ways members can get involved in this conversation and we encourage members to use all channels available to have a say. In particular, we encourage members to contact us via Tax Policy if you want to get involved in the tax reform discussion.

There are plenty of other issues floating around that the Tax Policy team are or have been working on, ranging from the re-write of the taxation of the managed investment trust rules, through to the administration of the tax secrecy and transparency provisions and the South Australian State Tax Review. We…

Our submission to the Senate Corporate Tax Avoidance inquiry

In life there are usually two numbers we keep to ourselves: our PIN and our TFN. The reasons for keeping the former private are straightforward, the reasons for keeping the latter private are more complex.

Australian law generally treats taxpayer information as sacrosanct; a well-guarded secret between you and your Commissioner. Why is that so? The question was a popular one this week as a result of the Senate inquiry into Corporate Tax Avoidance.

Senator Sam Dastyari, Chair of the Senate Economics References Committee, urged the Commissioner to release confidential taxpayer information as part of the Senate inquiry, which the Commissioner refused to do. Treasurer Joe Hockey subsequently issued a media release in support of the Commissioner's decision, citing "maintaining integrity in our tax system" and "the risk of reducing compliance with the system" as reasons for maintaining taxpayer confidentiality.

Coincidentally, this week also marks the closing date fo…

The operation of the Div 7A rules – download four free case studies

Download a copy of four free case studies [PDF 0.6 MB] taken from the Division 7A Handbook, 7th edition that illustrate several aspects of the operation of the Div 7A rules and possible implications.

The four case studies from the handbook cover:

loan and payment by companypayment to trustunpaid present entitlement, anduse of company assets.
In addition, the handbook also covers the following case studies:

distributable surplusunpaid present entitlement, andunpaid present entitlement created after end of income year.
Download the case studies [PDF 0.6 MB], and purchase your copy of the Division 7A Handbook, 7th editon from our website today.

John Gaal of TaxCounsel is the author of our Division 7A Handbook, 7th edition.

The Tax Institute is Australia’s leading educator and professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.