Daily Archives: July 29, 2016

CR 2016/49 – demerger of Graphex Mining Limited: Share transfer not a ‘dividend’; not s45A/B/C capital benefit; CGT effect including electing ‘rollover relief’ by resident shareholders

On Wednesday 6.7.2016, the Commissioner issued the following Class Rulings: CR 2016/49: demerger of Graphex Mining Limited by Indiana Resources Limited. It applies from 1 July 2015 to 30 June 2016. [LTN 128, 6/7/16] Extract from Ruling Dividend consequences – all Indiana shareholders 28. No part of the value of a Graphex ordinary share distributed to an Indiana shareholder will…

CR 2016/48 – NAB Capital Notes 2 – franking credits on convertible notes (streaming, s177EA etc.); not traditional securities; CGT on conversion; no s45A/B capital benefits; etc

On Wednesday 6.7.2016, the Commissioner issued the following Class Rulings: CR 2016/48: National Australia Bank Limited – issue of NAB Capital Notes 2. It applies to Australian resident holders of NAB capital Notes 2. It applies from 1 July 2015 to 30 June 2025. [LTN 128, 6/7/16] Extract from Ruling Acquisition time of the NAB Capital Notes 2 64. Holders…

Caratti v FCT – Taxpayer gets interlocutory order preventing the Commissioner taking recovery action, despite breach of security arrangements because of alleged failure of Commissioner to give notice before taking action

A taxpayer has been successful in interlocutory proceedings before the Federal Court in preventing the Commissioner from taking recovery action in respect of a tax debt of some $11m. The Commissioner sought to institute the recovery action on the basis that the taxpayer had breached a term of a deed that the parties had entered…

Re Azer and FCT – Excess concessional super contributions salary sacrificed super from various jobs – no special circumstances and no reallocation

An individual taxpayer has been unsuccessful before the AAT in seeking to have excess concessional contributions for the 2014 financial year disregarded or reallocated pursuant to s291-465 of the ITAA 1997. The taxpayer was a full-time employee in the Victorian Public Service and also worked a number of part-time, casual jobs with approximately 4 employers.…