Rigoli v. Commissioner of Taxation – Full Court agreed that the taxpayer failed to discharge his onus by only relying on the report the Commissioner used to raise the default assessment

Tax Month - March 2016

On 15 March 2016, judgment was handed down by the Full Federal Court (Kenny, Davies and Moshinsky JJ) in the matter of Rigoli v. Commissioner of Taxation [2016] FCAFC 38  (VID 475 of 2015).  Mr Rigoli’s appeal was dismissed with costs. This appeal concerns what Mr Rigoli is required to prove to discharge the burden of…

Forestry & Agricultural MIS – Senate Economics Committee’s report after the collapse of Timbercorp, Great Southern and others – 24 recommendations

Tax Month - March 2016

The Senate Economics References Committee on 11 March 2016 finally released its report into the structure and development of forestry (or agribusiness) managed investment schemes (MIS). It was originally due for release by 27 October 2014. Their terms of reference were issued after the spectacular crash of Timbercorp, Great Southern and others, creating legal turmoil, agricultural fall out and harrowing financial…

Forestry & Agricultural MIS – Senate Economics Committee’s report after the collapse of Timbercorp, Great Southern and others – 24 recommendations including tax issues

Tax Articles

On 11 March 2016, the Senate Economics References Committee finally released its report into the structure and development of forestry (or agribusiness) managed investment schemes (MIS). It was originally due for release by 27 October 2014. The Preamble the Committee notes: “In 2009, two of Australia’s largest agribusiness managed investment schemes (MIS) failed—Timbercorp and Great Southern. In quick succession, a…

Financial Synergy Holdings Pty Ltd v. Commissioner of Taxation: cost base of asset deemed to be acquired before 20 September 1985 to be calculated as at the actual date of acquisition (taxpayer wins)

Tax Month - March 2016

 On 10 March 2016, Full Federal Court handed done its decision which was to overturn the decision at first instance decision in favour of the Commissioner: [2015] FCA 53. The facts in this case involved a family trust that had owned units in a unit trust prior to the introduction of capital gains tax on 20 September 1985 (therefore…