Tax
Tax » Disputes
Increasingly, the Australian Tax Office is moving to real time information gathering and tax audits including requiring taxpayers to report uncertain tax positions which they have adopted.
The ATO is also applying the general anti-avoidance rule more often, albeit with mixed success. The courts are streamlining cases for quicker resolution at lower costs with court scheduling conferences and tax list directions designed to narrow the scope of disputes and get to the crux of issues sooner.
These developments increase the likelihood of tax issues being identified and disagreement between the ATO and taxpayers over appropriate tax outcomes arising at an earlier stage, making it advisable for taxpayers to have the right tax advice sooner than might once have been the case.
The Corrs’ tax litigation team continues to demonstrate its effective, strategic skills in providing advice on all tax dispute related matters, with particular emphasis on pinpointing evidence so that the strongest arguments put forward are well-supported by the right, hard facts.
Our Experts
Our Experience
Foster’s “Ashwick” Litigation
In 1984 few could have predicted that John Elliott and Ken Jarrett's ill-fated bid to turn Elders Finance Group into Australia's largest merchant bank would lead to a 13-year legal battle for Foster’s over $2.8 billion in claimed tax deductions.
The case had its genesis in the turmoil of the 1987 stock market crash and the early 1990s recession, after which it became apparent that debts, owed by the Elders Finance Group to the wider Foster's Group as a result of external funding drying up, would not be recovered and should be written off and claimed as a tax deduction.
The deductions were denied, resulting in 13 sets of related court proceedings, before the Full Federal Court ruled in favour of Foster’s this year and the Tax Office said it would not seek to appeal the decision.
The case demonstrates the ability of Corrs' tax litigation team, together with Corrs’ litigation and litigation support teams, to manage extraordinarily complex tax disputes and conduct successful large scale tax litigation to assist Foster’s in achieving a victory of great commercial benefit to the company and its shareholders.
Our Thinking
Federal Budget 2012-13: The major business tax measures
The Treasurer, the Hon Wayne Swan MP, has just delivered the most highly anticipated Budget speech for a long time. So what are the major business tax measures in the Budget that impact the Budget bottom line?
MoreNew South Wales stamp duty changes
An amending bill has been introduced into the New South Wales Parliament which will make significant changes to the corporate reconstruction exemption provisions and introduce a specific anti-avoidance measure into the landholder duty provisions.
MoreCorrs in Brief: Transfer Pricing - a changing landscape
Australia's domestic transfer pricing provision, Division 13 of the Income Tax Assessment Act 1936, was introduced in 1982. However, until 2008, there had been no substantive decision concerning its operation. Recent developments are set to change t
MoreCorrs in Brief: Announced changes to the Australian General Anti-Avoidance Rule (GAAR)
The government’s action is in direct response to concerns about recent court losses suffered by the Australian Taxation Office (ATO) in seeking to apply the GAAR to transactions or arrangements entered into by some of Australia’s largest taxpayers.
More
Navigating Stamp Duty investigations
What are the triggers for these investigations and what do you need to know if you are subject to one of those investigations?
More
Watch out, FIN48 is coming
Tax law is not a science, but it’s going to have to move in that direction
MoreOur Experience
Foster’s “Ashwick” Litigation
In 1984 few could have predicted that John Elliott and Ken Jarrett's ill-fated bid to turn Elders Finance Group into Australia's largest merchant bank would lead to a 13-year legal battle for Foster’s over $2.8 billion in claimed tax deductions.
The case had its genesis in the turmoil of the 1987 stock market crash and the early 1990s recession, after which it became apparent that debts, owed by the Elders Finance Group to the wider Foster's Group as a result of external funding drying up, would not be recovered and should be written off and claimed as a tax deduction.
The deductions were denied, resulting in 13 sets of related court proceedings, before the Full Federal Court ruled in favour of Foster’s this year and the Tax Office said it would not seek to appeal the decision.
The case demonstrates the ability of Corrs' tax litigation team, together with Corrs’ litigation and litigation support teams, to manage extraordinarily complex tax disputes and conduct successful large scale tax litigation to assist Foster’s in achieving a victory of great commercial benefit to the company and its shareholders.
Our Thinking
Watch out, FIN48 is coming
Tax law is not a science, but it’s going to have to move in that direction
Navigating Stamp Duty investigations
What are the triggers for these investigations and what do you need to know if you are subject to one of those investigations?
Federal Budget 2012-13: The major business tax measures
The Treasurer, the Hon Wayne Swan MP, has just delivered the most highly anticipated Budget speech for a long time. So what are the major business tax measures in the Budget that impact the Budget bottom line?
Corrs in Brief: Announced changes to the Australian General Anti-Avoidance Rule (GAAR)
The government’s action is in direct response to concerns about recent court losses suffered by the Australian Taxation Office (ATO) in seeking to apply the GAAR to transactions or arrangements entered into by some of Australia’s largest taxpayers.
Corrs in Brief: Transfer Pricing - a changing landscape
Australia's domestic transfer pricing provision, Division 13 of the Income Tax Assessment Act 1936, was introduced in 1982. However, until 2008, there had been no substantive decision concerning its operation. Recent developments are set to change t
New South Wales stamp duty changes
An amending bill has been introduced into the New South Wales Parliament which will make significant changes to the corporate reconstruction exemption provisions and introduce a specific anti-avoidance measure into the landholder duty provisions.
Our Experts