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CGT - main residence exemption
  • Piper Alderman
  • Australia
  • November 30 2009

A recent tribunal decision shows that care must be taken where a residential property is acquired as a main residence but is not occupied but instead rented out because the owner has to move elsewhere for work purposes


Failure of forestry schemes applicability of deductions for Division 394 forestry schemes
  • Piper Alderman
  • Australia
  • November 30 2009

Under Division 394, a deduction is allowed for amounts paid to acquire a forestry interest provided certain conditions are met, one of which is that the trees must be planted within 18 months after the end of the year of income in which amounts were first paid under the scheme


Supply of serviced apartments
  • Piper Alderman
  • Australia
  • November 30 2009

In our February 2009 Fiscal Watch we referred to a decision of the Federal Court in relation to whether certain supplies in relation to serviced apartments were input taxed, GST free supplies or taxable supplies


Deductibility of self education expenses
  • Piper Alderman
  • Australia
  • November 30 2009

The Full Bench of the Federal Court has recently upheld a decision at first instance that a full time student was entitled to deduct self education expenses againsther assessable income being earnings from part time work and the youth allowance


Failure of forestry schemes applicability of deductions for pre-Division 394 forestry schemes
  • Piper Alderman
  • Australia
  • November 30 2009

The Commissioner has issued a draft tax determination to deal with the problem of trees not being planted in accordance with the scheme agreements notwithstanding the fact that deductions for expenditure on seasonally dependent agronomic activities have already been claimed under the relevant provisions of the Tax Acts


GST-sale and lease back of second hand vehicles
  • Piper Alderman
  • Australia
  • November 30 2009

Normally in order to claim an input tax credit on creditable acquisitions, you need to have acquired the thing supplied by way of a taxable supply


Resource exploration rebate (RER)
  • Piper Alderman
  • Australia
  • May 31 2010

The Government has announced that it proposes to amend the tax laws so that companies undertaking mineral petroleum exploration will be entitled to receive a refundable tax offset at the company tax rate for their exploration expenditure


Exempt entities
  • Piper Alderman
  • Australia
  • May 31 2010

The ordinary income and statutory income of certain entities is exempt from income tax


Resource super profits tax (RSPT)
  • Piper Alderman
  • Australia
  • May 31 2010

The Government has announced that it proposes to introduce a RSPT on 1 July 2012 at a rate of 40 on profits made from the exploitation of Australia's non renewable resources


Medical patient records and copyright
  • Piper Alderman
  • Australia
  • May 31 2010

Under the income tax legislation a deduction may be available for depreciating or writing off an interest in copyright that was acquired and used or available for use, in the course of carrying on a business and producing assessable income