M o r g a n’ s   T a x   M o n t h

– August 2014 Developments –

This is a collection of developments in Australian tax law and practice that occurred in August 2014 and which aims at being of relevance to tax lawyers.*

F John Morgan
A member of the Victorian Bar (www.FJMtax.com)

Table of Contents

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ACTS, BILLS AND ANNOUNCEMENTS
Acts & Bills

Repeal of tax provisions; definition of Australia; etc: draft leg released [1]

 

Announcements

Small Business and Family Enterprise Ombudsman: Govt update [2]

 

 

CASES AND APPEALS
High Court

High Court special leave results [3]

 

Full Federal Court
Federal Court

Oswal v FCT – No grounds to appeal from ex-parte decision that found CGT event E1 applies [4]

 

Federal Circuit Court
Administrative Appeals Tribunal (AAT)

Re LNNB & Ors and FCT – Family taxpayers fail to prove that ‘asset betterment’ assessments were excessive [5]

Re Pope and FCT – Trust distributions: bad debt deduction refused [6]

Re CDPJ and FCT – Lump sum payment not a transitional termination payment [7]

Re The Taxpayers and FCT – Income tax and GST assessments, and Div 7A issues: AAT rehearing [8]

Re ZBVK and FCT – Deduction claims made after returns lodged mostly refused [9]

Re Roesch and FCT – Asset betterment method: excessive assessment not demonstrated [10]

 

Other Courts & Tribunals

DCT v Haritos & Ors – Commissioner obtains declaration that transfer of shares void re debt recovery matter [11]

 

Appeals

 

COMMISSIONER’S PUBLICATIONS & NEWS
Decision Impact statements

Re Dempsey and FCT – robust AAT decision on not being ‘resident’ accepted [12]

Moodie’s case – ATO liable for liquidator’s costs [13]

FCT v Hunger Project Australia – Commissioner accepts that a ‘public benevolent institution’ does not need to directly provide relief [14]

Howard v FCT – correct entity to be taxed on damages and distributions from non-resident trust [15]

 

Rulings

TR 2014/D5 – Special conditions for not-for-profit entities with exempt income [16]

 

Determinations

*Bitcoin – income tax, GST and FBT treatment: ATO Draft Determinations, GST Ruling and Guidance Paper [17]

 

Class Rulings & Product Rulings

Class Rulings [18]

 

 

ATO Interpretive Decisions (ATOIDs)
Tax Alerts
Other ATO news or statements

Improving ATO services for small businesses: Commissioner [19]

Dividend washing ATO compliance program enters next phase – deadline per next letter or 22 September 2014 [20]

ATO focus on rental property deductions [21]

Big businesses need to lodge and pay electronically: ATO reminder [22]

Banking capital adequacy: APRA position on tax event call provisions [23]

Offshore bank accounts; Govt grants, music royalties: ATO data-matching programs [24]

 

 

GST DEVELOPMENTS


Legislation & Announcements (GST)


Cases (GST)

Rulings, Determinations & Other things (GST)

Re Davsa Forty-Ninth Pty Ltd as Trustee for the Krongold Ford Business Unit Trust and FCT – ‘enterprise’ but input tax credits denied for other reasons [25]

GSTD 2014/D3 – GST: transport by sea and “destination outside Australia” [26]

 

SUPERANNUATION DEVELOPMENTS

Legislation, Announcements etc. (Super)

Verification of SMSF details; time frames for rollovers; etc – SIS regs amended [27]

Cases (Super)

Rulings & Other things (Super)

More than $14bn in lost super waiting to be claimed: ATO [28]

ATO ID 2014/26 – Superannuation and deduction for loss re traditional securities [29]

APRA super funds generally compliant, but tax compliance focus remains: ATO [30]

 

 

CARBON TAX & EMISSIONS REDUCTION FUND

 

MINERALS & PETROLEUM RENT RESOURCE RENT TAX

 

AUSTRALIAN CHARITIES & NOT-FOR-PROFITS (ACNC) SECTOR

ACNC revokes status of 246 missing charities [31]

 

BOARD OF TAXATION

 

EXTERNAL SUPERVISORS – IGoT; OMBUDSMAN, JCPAA & ANAO

 

TAX PRACTITIONERS BOARD & LEGISLATION

Confidentiality of client information: TPB final information sheet released [32]

Tax and BAS agent associations accredited by the TPB [33]

Tax (financial) advisers – Australian tax law and commercial law requirements: TPB [34]

 

STATE TAXES
Legislation & Announcements (State)

ACT: payroll tax and land tax changes: Amendment Bills awaits notification [35]

Tasmanian Budget 2014-15 handed down [36]

NSW: State Revenue Legislation Further Amendment Bill update [37]

SA: Budget Bill update [38]

WA: Taxation Legislation Amendment Bill update [39]

Cases (State)

Rulings & Other (State)

 

OTHER DEVELOPMENTS

SA Govt announces business loan program and tax reform commitment [40]

Deferred tax assets re unrealised losses: AASB Exposure Draft released [41]

Migrant settlement records linked to personal income tax data: ABS study [43]

FoFA refinements Bill passes Reps with Govt amendments [44]

FoFA amendments: disallowance motion on Regulation to be considered by Senate [45]

 

THE END
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NB
: I have gathered these articles from various sources for the purposes of study and teaching and I have acknowledged the sources. None of this publication should reproduced in breach of copyright belonging to the acknowledged source. The headings to the articles are often mine (and shouldn’t necessarily be attributed to the publisher).

Source Abbreviations: ‘EDTN’ = Electronic Daily Tax News, published by CCH; ‘LTN’ = Latest Tax News published by Thomsons; and ‘Taxvine’ is the weekly publication by the Tax Institute of Australia; Greenfields = Greenfields Financial Services; TaxBar = Melbourne Tax Bar Association Newsletter at www.vicbar.com.au / Members / Bar Associations / Tax

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