Tax Insights

26 May 2006

Welcome to the May edition of Clayton Utz Tax Insights, in which we'll examine the new laws governing business capital expenditure deductions and see how the new regime will work in practice.

We'll also see how new laws to curb promoters of tax avoidance schemes could affect many law-abiding financial and investment advisers. Finally, we'll see how reforms to prevent bankruptcy from being used as a means of avoiding tax obligations go beyond recovery of tax debts.

Investment advisers caught in tax scheme promoter net

Law-abiding financial and investment advisers could be caught up in the net of new laws to curb promoters of tax avoidance schemes, making them potentially liable to action by the Commissioner.

Bigger and better for business? The new business capital expenditure deductions

Businesses can now benefit from a broad-based regime for capital expenditure incurred in connection with business activity, following the passage of 2006 Tax Law Amending Act No 1. Here we explain the main features of the available deductions and what’s not included in the new regime.

Business records and accounts are important

Reforms to prevent bankruptcy from being used as a means of avoiding tax obligations go beyond recovery of tax debts - and they make record-keeping much more important.
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