Today [Wed 10.2.2016], the ATO issued Class Ruling CR 2016/9 (Qantas Airways Limited – employee share schemes – return of capital). The Class Ruling applies to employees of Qantas Airways Limited and its subsidiaries who have participated in various Qantas employee shares schemes. It outlines the tax consequences to participants of Qantas’ $505m capital reduction and share…
The taxpayers in the following cases all applied for special leave to appeal to the High Court. Bywater Investments Ltd & Ors v FCT [2015] FCAFC 176. The Full Federal Court had dismissed the taxpayers’ appeals from 2 Federal Court decisions that had held the taxpayers were residents of Australia for tax purposes and were liable…
The ATO has set out its “Service Commitment” to taxpayers in resolving disputes in response to a recommendation made by the Inspector-General of Taxation. In this context, a dispute refers to an objection, a review by the AAT or an appeal to a Court. The ATO said it recognises that when disputes are not managed well, the…