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Your Association at work - 18 November 2009 update

Wednesday 18 November, 2009
National Tax Liaison Group (NTLG) - FBT Sub-committee

Taxpayers Australia represented its members by attending the recent Fringe Benefits Tax (FBT) NTLG Subcommittee meeting on Thursday 12 November 2009. This forum was represented by a number of industries and professional services firms which broadly discussed all recent FBT matters, including:

an update on section 23AG issues
electronic lodgement of FBT returns
recently issued and draft taxation rulings, determinations, interpretive decisions and practice statements
recent FBT cases
specific FBT legislative issues, and
FBT audit activity.

As always, Taxpayers Australia will keep members updated as to any developments in these areas.

National Tax Liaison Group (NTLG) Losses & CGT Subcommittee

Taxpayers Australia represented its members at the NTLG Losses & CGT Subcommittee on 11 November 2009. A number of issues were raised in the meeting, including:

Tax ruling TR 2007/D10 which deals with the CGT treatment of earn out arrangements involving business assets where the consideration includes an entitlement to future amounts which cannot be quantified at the time of the CGT event
Tax implications arising from the incorporation of legal practices, and
Tax ruling TR 2009/D5 considering the circumstances in which a dividend declared by a target company to vendor shareholders around the time of a contract of sale of shares would be considered part of the capital proceeds.