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21 Oct 2019 | Riposte | Transfer Pricing | Energy & Resources | Corporate and Mergers & Acquisitions | Private Wealth

Transfer pricing & offshore drilling – PCG 2019/D5

The ATO has been concerned with the Australian tax implications of non-residents operating or undertaking drilling operations in Australian waters. The ATO flagged a number of its concerns in Tax Alert TA 2016/4.

30 Aug 2019 | Riposte | Private Wealth | Corporate and Mergers & Acquisitions | Energy & Resources | Financial Services

New corporate residence rules?

The High Court’s decision in Bywater and the ATO’s approach to the impact of the decision has significantly increased the focus on corporate tax residency. The Treasurer has now asked the Board of Taxation to review Australia’s corporate tax residency rules and report by the end of the year.

15 May 2019 | Riposte | Energy & Resources | Projects & Infrastructure

Update: Sufficient clarity on ‘sufficient influence’?

Greater clarity on the law around ‘sufficient influence’ and ‘associates’ should be a step closer as today the High Court of Australia has granted BHP’s application for special leave to appeal the decision from the Full Federal Court.

10 Apr 2019 | Tax Brief | Energy & Resources | Corporate and Mergers & Acquisitions | International | Private Equity

Resource Capital Fund case again: Two steps forward, one step back in Full Federal Court

The Resource Capital group of funds is doing its best to clarify Australian domestic tax law and tax treaty treatment of private equity purchases and sales of Australian mining companies through limited partnerships. Its latest foray into the Full Federal Court represents an advance in resolving the difficult technical and practical issues that arise, but there are also unresolved issues that require prompt action to bring the ongoing uncertainty in this area to an end.

(308 kb)

01 Feb 2019 | Riposte | Energy & Resources | Projects & Infrastructure

Sufficient clarity on ‘sufficient influence’?

On 29 January 2019, the Full Federal Court decided (by 2:1 majority) that the Australian and UK head entities in the BHP Billiton dual listed companies (DLC) structure “sufficiently influence” each other and are therefore s.318 “associates”.

07 Nov 2018 | Riposte | Real Estate | Financial Services | Energy & Resources | Transfer Pricing

Unreal transfer pricing does not solve very real debt-equity issues

The ATO has released draft determination TD 2018/D6 on the relationship of the debt-equity and transfer pricing rules in relation to related party loans. The draft makes unreal assumptions about transfer pricing and avoids serious analysis of the debt-equity rules, with results that unfortunately are becoming common in ATO guidance – assertion without justification.

15 Oct 2018 | Riposte | Real Estate | Financial Services | Energy & Resources

Source rule in treaty means what it says

The Full Federal Court has confirmed in a short but emphatic judgment that the sourcing rule in Australia’s tax treaties means what it says. It rejected the argument that tax treaties are exclusively relieving and cannot lead (indirectly) to higher tax burdens.

12 Sep 2017 | Riposte | Energy & Resources

Consolidation revised draft legislation

The Government has released revised draft legislation and an explanatory memorandum for the proposed consolidation integrity measures, announced in various Federal Budgets since 2013. Are we finally seeing light at the end of the tunnel?

07 Sep 2017 | Riposte | Energy & Resources

Government announces Junior Mineral Exploration Tax Credit

The Government has announced a new four-year $100 million Junior Mineral Exploration Tax Credit (JMETC) to replace the existing Exploration Development Incentive (EDI).

02 May 2017 | Riposte | Energy & Resources

PRRT avoids Budget day blitz

The petroleum industry has dodged retrospective changes to the Petroleum Resource Rent Tax. They were ruled out by the Callaghan Report into the PRRT in light of sovereign immunity concerns.

29 Jan 2017 | Riposte | Energy & Resources

'Natural resource payments' to foreign residents

The interaction between domestic law and tax treaties on the taxation of “natural resource payments” paid to non-residents has come to a head in a recent draft Tax Ruling.

17 Nov 2016 | Riposte | Energy & Resources

High risk exploration deductions

A long-awaited Guideline as to how the ATO will allocate its compliance resources to income tax deductions for exploration expenditure has been released in draft and the news is not good for all taxpayers.

27 Oct 2016 | External Publications | Energy & Resources | Corporate and Mergers & Acquisitions

The legal meaning of "market value"

Tim Kyle authored and presented "The legal meaning 'market value'" at The Tax Institute's National Resources Tax Conference in October 2016.

(1066 kb)

27 Oct 2016 | External Publications | Energy & Resources | Corporate and Mergers & Acquisitions

Consolidations – where is it all up to and what does it mean?

Ken Spence and Ryan Leslie co-authored and presented "Consolidations – where is it all up to and what does it mean?" at The Tax Institute's National Resources Tax Conference in October 2016.

(786 kb)

29 Sep 2016 | Riposte | Energy & Resources

No clarity on valuing mining information

The long running saga of how mining, quarrying or prospecting information should be valued in determining whether a company is “land rich” for CGT purposes continues with the Federal Court decision in AP Energy Investments and the ATO's Decision Impact Statement.

16 Aug 2016 | Riposte | Energy & Resources

ATO colour codes hubs

The ATO has released a discussion paper on its draft practical compliance guideline for offshore hubs. The purpose of the guideline is for taxpayers to understand the ATO’s view of the transfer pricing risk applicable to their offshore hub and the likelihood of ATO compliance activity.

23 Dec 2015 | External Publications | Energy & Resources

Surgery with Anaesthetics: M&A Taxation

Surgery with Anaesthetics: M&A Taxation is a one-stop guide to tax problems and abnormalities that arise in the course of M&A activity.

(245 kb)

01 Oct 2015 | External Publications | Energy & Resources

Innovation in funding - don't forget the tax!

Nick Heggart originally published "Innovation in funding - don't forget the tax" on the Herbert Smith Freehills website.

15 Jun 2015 | Riposte | Energy & Resources | Employment & Superannuation

Non-remote fly-in fly-out win

The Full Federal Court overturned the lower court decision in John Holland Group holding that FBT was not owed on certain non-remote fly-in fly-out flights provided by the employer. However, the same outcome will not arise for all “non-remote” fly-in fly-out arrangements.

15 Jan 2015 | Riposte | Energy & Resources

Interest realignment & farm outs: ED

Treasury has released exposure draft legislation that that affects 'interest realignment arrangements’ and ‘farm-in farm-out arrangements'. How do they address the s.40-80 amendments?

18 Dec 2014 | Riposte | Energy & Resources

Finality on exploration for PRRT purposes

The ATO released the latest episode on the exploration saga with its Taxation Ruling TR 2014/9 - concerning the meaning of "involved in or in connection with exploration for petroleum" for PRRT purposes. What does it include? What does it exclude?

04 Dec 2014 | Riposte | Energy & Resources

Stamp duty concession for farm-ins

The Queensland Government is proposing a stamp duty concession for qualifying farm-in agreements. How will it apply? What are the key issues?

15 Oct 2014 | External Publications | Energy & Resources

Current Issues in M&A

This paper, authored by Nick Heggart, Tristan Boyd and Daniel Taborsky, was presented by Nick Heggart at The Tax Institute's 2014 National Resources Tax Conference in Perth.

(634 kb)

15 Jul 2011 | Tax Briefs | Energy & Resources

Climate change – New carbon pricing mechanism announced

On Sunday, the Government released its much anticipated, and already keenly debated, climate change plan. At the Centrepiece of the plan is a Carbon Pricing Mechanism. This Tax Brief explains the tax impacts arising from the CPM, and other tax related measures in the climate change plan.

Climate change – New carbon pricing mechanism announced (92 kb)

14 Oct 2011 | Tax Briefs | Energy & Resources

Minerals Resource Rent Tax - 2nd Exposure Draft

This Tax Brief summarises the main changes in the second draft of an Exposure Draft Bill and Explanatory Memorandum for the proposed MRRT incorporating additional provisions and feedback from the first draft (released on 10 June 2011).

Minerals Resource Rent Tax - 2nd Exposure Draft (101 kb)

28 Mar 2012 | Tax Briefs | Energy & Resources

Energy Tax Reform Packages

Despite the precarious state of the Parliament, the Government has managed to enact both its carbon tax package and the minerals resource rent tax Bills. This Tax Brief is a snapshot of what has happened and what happens next.

Energy Tax Reform Packages (54 kb)

05 Sep 2011 | Tax Briefs | Energy & Resources

Tax certainty for farm-outs?

This Tax Brief reviews recent draft rulings on the income tax and GST consequences of farm-out arrangements and concludes that the rulings go some way to addressing the uncertainty but leave many uncertainties remaining.

Tax certainty for farm-outs? (145 kb)

12 Mar 2012 | Tax Briefs | Energy & Resources

Minerals Resource Rent Tax

Australia’s Mineral Resource Rent Tax (MRRT) on iron ore and coal projects commences on 1 July 2012. The MRRT was passed by the Australian Parliament on 19 March 2012. This Tax Brief summarises the main provisions of the enacted legislation.

Minerals Resource Rent Tax (89 kb)

11 Aug 2011 | Tax Briefs | Energy & Resources

Minerals Resource Rent Tax

On 10 June, the government released for public comment preliminary and still incomplete Exposure Draft legislation for the proposed minerals resource rent tax (‘MRRT’). This Tax Brief summarises the main provisions of the draft legislation in its current form.

Minerals Resource Rent Tax (115 kb)

26 Mar 2009 | Tax Briefs | Energy & Resources | GST

Tax Issues Arising from the CPRS

The Government released exposure draft legislation for its proposed Carbon Pollution Reduction Scheme (CPRS). This Tax Brief sets out the main tax issues that businesses will need to grasp arising from a CPRS.

Tax Issues Arising from the CPRS (46 kb)