Legal

New Tax Bill

On 26 February 2015, the Government introduced the Taxation (Annual Rates for 2015 – 16, Research and Development, and Remedial Matters) Bill (the Bill). It is the first sizeable bill to introduce amendments to the tax rules since November 2013. The Bill contains changes intended to address tax impediments to research and development (R&D) and

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A Lesson for Us All

The “general permission” under the Income Tax Act broadly allows expenditure to be deductible if it is: incurred in deriving assessable income, or incurred in the course of carrying on a business for the purpose of deriving assessable income. A recent Taxation Review Authority (TRA) case provides a strong reminder to us of the importance

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