Tax
Tax » Major Projects
Proposed initiatives announced by the Federal Government in the May 2011 Budget to preserve access to and the value of early stage tax losses on large scale infrastructure projects have been heralded as a positive step towards removing tax impediments to equity investment into mature infrastructure projects (eg. by superannuation funds).
While this proposal will be the subject of industry consultation over the course of the next year, there are significant limitations. For example, the measures include a global capital expenditure cap for all designated infrastructure projects of $25 billion over the period of the commencement of the measures to
30 June 2017 and will not address the stamp duty impediments to changes in ownership.
Having advised both the public and private sector on the implementation of large scale infrastructure projects such as the Victorian Desalination PPP and the Gold Coast Rapid Transit Project,
Corrs is across current developments in project structuring and brings a unique perspective to advising on and developing both the structure of the arrangements and the associated documentation.
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Gold Coast Rapid Transit
The Gold Coast Rapid Transit Project, a light rail linking key centres on the Gold Coast, is a landmark infrastructure project in Queensland.
Corrs was involved from the outset of the project and advised the Queensland Government on all tax related issues associated with the project including income tax, GST, stamp duty, land tax and council rates.
The team worked closely with Corrs’ projects lawyers to help Government develop the required level of certainty needed in this critical area of the project.
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?
MoreProposed Victorian landholder rules set to expand duty base
On 10 April 2012, the Victorian Government released an exposure draft of the Duties Amendment (Landholder) Bill 2012, which introduces a landholder duty model into the Duties Act 2000 (Vic) to operate from 1 July 2012.
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.
More
The Minerals Resource Rent Tax – All systems go?
Subject to the possibility of a successful High Court challenge, and perhaps the outside chance of a Federal Election being called, Australia will have a new tax on iron ore and coal mining with effect from 1 July 2012.
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: Taxation of gains derived by foreign residents on non-portfolio interests in mining companies
The ATO's recent decisions regarding Australia's capital gains tax regime highlight the importance of getting the sale/purchase price allocation right.
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?
MoreDoing Business In Australia
Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.
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The Minerals Resource Rent Tax – One step closer?
The Minerals Resource Rent Tax is one step closer to becoming a reality with the introduction of the Minerals Resource Rent Tax Bill 2011 into Parliament. Now is the time for MRRT taxpayers to prepare for its introduction.
MoreCorrs In Brief: When is everything a fixture?
Six out of eight States and Territories already have expanded their duty base to a “landholder” model for dealings in shares in companies and units in unit trusts. From 1 July 2012, this will extend to seven out of the eight duty jurisdictions.
More
Infrastructure needs more than tax incentives
In the 2011 Federal Budget, the Government promised new incentives to encourage investment in infrastructure. While further clarity on the incentives is welcome, this alone will not fix the nation’s infrastructure investment woes.
More
The Tax Forum – Worth the wait?
Will this week’s Tax Forum put the wheels back on the tax reform cart? Jonathon Leek considers the Government’s record on tax reform and the likelihood of real and effective reform.
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Watch out, FIN48 is coming
Tax law is not a science, but it’s going to have to move in that direction
MoreOur Experience
Gold Coast Rapid Transit
The Gold Coast Rapid Transit Project, a light rail linking key centres on the Gold Coast, is a landmark infrastructure project in Queensland.
Corrs was involved from the outset of the project and advised the Queensland Government on all tax related issues associated with the project including income tax, GST, stamp duty, land tax and council rates.
The team worked closely with Corrs’ projects lawyers to help Government develop the required level of certainty needed in this critical area of the project.
Our Thinking
Watch out, FIN48 is coming
Tax law is not a science, but it’s going to have to move in that direction
Doing Business In Australia
Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.
The Tax Forum – Worth the wait?
Will this week’s Tax Forum put the wheels back on the tax reform cart? Jonathon Leek considers the Government’s record on tax reform and the likelihood of real and effective reform.
Infrastructure needs more than tax incentives
In the 2011 Federal Budget, the Government promised new incentives to encourage investment in infrastructure. While further clarity on the incentives is welcome, this alone will not fix the nation’s infrastructure investment woes.
The Minerals Resource Rent Tax – One step closer?
The Minerals Resource Rent Tax is one step closer to becoming a reality with the introduction of the Minerals Resource Rent Tax Bill 2011 into Parliament. Now is the time for MRRT taxpayers to prepare for its introduction.
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?
Corrs In Brief: When is everything a fixture?
Six out of eight States and Territories already have expanded their duty base to a “landholder” model for dealings in shares in companies and units in unit trusts. From 1 July 2012, this will extend to seven out of the eight duty jurisdictions.
The Minerals Resource Rent Tax – All systems go?
Subject to the possibility of a successful High Court challenge, and perhaps the outside chance of a Federal Election being called, Australia will have a new tax on iron ore and coal mining with effect from 1 July 2012.
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: Taxation of gains derived by foreign residents on non-portfolio interests in mining companies
The ATO's recent decisions regarding Australia's capital gains tax regime highlight the importance of getting the sale/purchase price allocation right.
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.
Proposed Victorian landholder rules set to expand duty base
On 10 April 2012, the Victorian Government released an exposure draft of the Duties Amendment (Landholder) Bill 2012, which introduces a landholder duty model into the Duties Act 2000 (Vic) to operate from 1 July 2012.
Our Experts