Tax Bites: Australian Tax Podcast Series

Tax Bites EP13: Changes to Foreign Resident Capital Gains Tax Regime

In this quickfire episode of the Herbert Smith Freehills Tax Bites podcast, Australian tax partners Toby Eggleston and Ryan Leslie, along with Senior Associate Naison Seery, discuss the recently released Treasury consultation paper proposing changes to the foreign resident capital gains tax regime. Key topics include broadening the classification of assets subject to tax, updates to the principal asset test to a 365-day rule, and new notification requirements for the sale of assets over $20 million. The hosts delve into the potential implications of these changes, discuss uncertainties, and invite feedback before the August consultation.

00:09 Introduction
00:28 Overview of Foreign Resident Capital Gains Tax Changes
01:02 Current Tax Base for Foreign Residents
02:48 Proposed Changes to the Tax Base
05:27 Detailed Breakdown of Proposed Measures
11:32 Principal Asset Test Changes
14:16 Notification Requirement for High-Value Transactions
19:29 Closing Thoughts and Consultation Details

Tax Bites EP12: Budget 2024 Highlights: Tax Implications and Changes

In this special late night edition of the Tax Bites podcast Professor Graham Cooper, Nick Heggart, Ryan Leslie and Toby Eggleston delve into the key tax-related aspects of Budget 2024. The discussion begins with general observations about the budget's minimalistic approach to new tax measures before shifting to specific changes, such as the unexpected adjustments to the capital gains tax (CGT) regime for non-residents, aiming to align with OECD standards, yet raising questions about compatibility with existing treaties. Additionally, the podcast covers minor tweaks to the CGT non-resident withholding regime, the issuance of tax incentives for critical minerals and green hydrogen production, and updates to anti-avoidance rules and intangibles taxation. Lastly, the continued extension of the small business instant asset write-off and increased funding for the ATO's Tax Avoidance Taskforce are mentioned as recurring elements in the budget. The podcast concludes with reflections on potential impacts and the broader implications for future tax policy ahead of the upcoming election.

00:09 Welcome to the Budget 2024 Special Edition
00:39 Initial Reactions to Budget 2024
00:48 Overview and Surprises in the Budget
02:02 Deep Dive into Capital Gains Tax Changes for Non-Residents
11:53 Exploring Tax Incentives for Future Growth
15:29 Shifting Gears: From Intangibles to Anti-Avoidance Measures
21:01 Wrapping Up: Budget Analysis and Final Thoughts

Our budget Tax Note can be found here.

Tax Bites EP11: Navigating Australia's Tax Landscape: A discussion on recent Part IVA Decisions

In this episode of the Herbert Smith Freehills Tax Bites podcast, Toby Eggleston partners with Consulting Professor Graham Cooper and fellow partner Ryan Leslie to dive deep into recent Federal Court decisions on the anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936. The discussion begins with insights into the Minerva Financial Group vs. Commissioner of Taxation, highlighting the saga of restructuring for an IPO and the accompanying tax implications. Also explored is the Mylan Australia Holdings case involving a debt push down strategy and the ATO’s application of Part IVA. The episode touches on pivotal aspects such as the significance of counterfactual scenarios, determination of tax benefits, and the overarching question of dominant purpose in context to Part IVA. The conversation also delves into the potential implications of the 2012 amendments compared to the pre-amendment rulings and foreshadows the impact of recent budget announcements on future tax avoidance disputes.

00:00 Welcome to the Tax Bites Podcast
00:32 Deep Dive into Part IVA Decisions: Minerva Financial Group Case
14:04 Exploring the Mylan Australia Holdings Case: A Debt Push Down Analysis
30:01 Impact of 2012 and 2023 Part IVA Amendments on Tax Law
40:33 Final Thoughts and Future Directions in Tax Law

Want to go deeper? Read our tax notes on the cases

Minerva Financial Group Pty Ltd v Commissioner of Taxation

Mylan Australia v Commissioner of Taxation: The Commissioner loses again on Part IVA

Tax Bites EP10: Big changes to Victorian stamp duty regime

In this episode associate Mark Peters and partner Toby Eggleston discuss the potentially huge changes to the stamp duty regime in Victoria for commercial property. While it initially sounds straightforward, there are a number of nuances and potential issues for future transactions. 

More details can be found in our tax insights here. 

Tax Bites EP9: Pepsico vs the ATO: embedded royalties, withholding tax and the Diverted Profits Tax

In this episode associate Geraldine Chan and partner Ryan Leslie join Toby Eggleston to discuss the main takeaways of the Commissioner’s win in the PepsiCo case.

More details can be found in our tax insights here.

Tax Bites EP8: Debt creation regime

In this episode new partner James Pettigrew and Professor Graeme Cooper joins Toby Eggleston to discuss the proposed debt creation regime, dropped into the thin capitalisation bill at the last minute.

More details can be found in our tax insights here.

Tax Bites EP7: Stamp duty special!

In this episode stamp duty specialists Jinny Chaimungkalanont and Dan Miles educate income tax partner Toby Eggleston on the latest developments in Australian state taxes. Topics include the Victorian State budget, NSW changes to landholder duty for listed entity takeovers (look out!), NT and WA updates and rounding it out with a summary of 3 important cases handed down in May.

More details can be found in our tax insights:

• 2023-24 Budget Update: Key changes to Australian state taxes (23 May 2023)
• Duties Alert: Reform to NSW Landholder Duty for Listed Landholders and Widely Held Trusts
• Decision Alert: NSW Court of Appeal overturns decision that power generation assets were not “goods” for the purposes of landholder duty
• 2023-24 Budget Update: Key changes to Australian state taxes (9 May 2023)

Tax Bites EP6: Australian budget 2023 special late night edition

In this episode partners Toby Eggleston, Ryan Leslie and Nick Heggart and consulting Professor Graeme Cooper breakdown the Australian Federal budget and the implications for large taxpayers. Topics include proposed changes to Part IVA, build to rent incentives, Pillar 2 update and a special section for the mining sector. All you need in 26 minutes!

More details can be found in our tax insight here.

Episode 5: Proposed changes to Australia’s thin capitalisation regime

In this episode in our Tax Bites series, Professor Graeme Cooper and partners Ryan Leslie and Toby Eggleston unpack the just released Exposure Draft on changes to Australia’s thin capitalisation regime aimed at limiting interest deductions for Australian taxpayers. 30 years of tax history packed into under 30 minutes!

More details can be found on blog here.

Episode 4: Update on NSW stamp duty regarding changes to lease and option transactions

In this episode Mark Peters and Toby Eggleston discuss the latest in the world of NSW stamp duty. A must listen for those in property and infrastructure.

More details can be found on blog here.

Episode 3: 2022 Federal Budget insights

In this third episode in our series Professor Graeme Cooper and partners Toby Eggleston  and Ryan Leslie share insights on the 2022 Federal Budget.

Episode 2: Treasury consultation paper on multinational tax issues

In this episode Professor Graeme Cooper and partner Toby Eggleston dissect the Treasury Consultation Paper on Multinational tax integrity and enhanced tax transparency.

More details can be found on blog here.

Episode 1: Latest stamp duty developments in Australia

In the first episode of our Tax Bites podcast series, Stamp duty partner Jinny Chaimungkalanont enlightens tax partner Toby Eggleston on all the happenings in the world of stamp duty.