• Proposed Amendments to the Tax Laws — The Government has introduced a Bill seeking to amend the tax laws, including optional CGT rollover relief for the transfer of assets between ‘fixed’ trusts. More.

• Improvements to GST Administration — The Government has also introduced a Bill proposing improvements to GST administration, including a four-year limitation period to claim input tax credits and recovery of overpaid GST refunds. More.

• GST and Sale of Vacant Land — The Federal Court has held that vacant land does not satisfy the definition of residential premises and, therefore, constitutes a taxable supply. More.

• Capital Losses and Continuity of Trust — The Federal Court has also affirmed a trust was entitled to offset its capital gains with carried forward capital losses even though the membership of the trust had changed. More.

• Deductibility of Disability Superannuation Benefit Premiums — The Government has announced a transitional arrangement will be introduced to allow superannuation funds to deduct total and permanent disability (TPD) insurance premiums. More.

• Trauma Insurance Policies and SMSFs — The Commissioner has released his preliminary views on the implications of SMSFs purchasing trauma insurance policies for their members. More.

• GIC and SIC Rates Released — The Tax Office has released the interest rates for the third quarter of the 2009/10 income year. More.