The ATO, on Wed 5.10.2016, issued the following Class Rulings: CR 2016/68: Australia and New Zealand Banking Group Limited – ANZ Capital Notes 4. It applies from 1 July 2016 to 30 June 2027. CR 2016/69: The scheme of arrangement – merger of Royal Automobile Club of Queensland Limited and QT Mutual Bank Limited. It applies from 1 July 2016 to…
The Full Federal Court has, on Wed 5.10.2016, allowed a taxpayer’s appeal after ruling that the AAT erred by taking too narrow a view of what may constitute “special circumstances” under s292-465 of the ITAA 1997. The taxpayer and his wife had panicked during the GFC and withdrawn their superannuation nest egg to the safety of term…
Australian Foreign Acquirer Duty Under Chapter 4 of the Duties Act 2001 (Qld), additional foreign acquirer duty (AFAD) is an extra 3% duty on top of the duty that applies to transactions that are liable for (1) transfer duty, (2) landholder duty or (3) corporate trustee duty. AFAD applies when all the following conditions are met:…
An applicant has been unsuccessful before the AAT in a matter concerning the Tax Practitioners Board’s decision to terminate his tax agent registration. The applicant became a registered tax agent on 7 March 2011 while working for his then employer (a firm which provided accounting and tax agent services). In July 2012, the applicant and 2 of his colleagues…
Following the death of an individual registered tax or BAS agent, it is important that a next of kin or other representative notify us. What we will do – Following notification of the death of an individual registered tax or BAS agent, we will: provide you with a written notice confirming that the agent’s registration…
T a x T e c h n i c a l – M o n t h l y N e w s – October 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in October 2016 which aims to be relevant to tax practitioners.[i] Compiled By F John…
The U.S. has not implemented Master File and Local File because the IRS says that, for now at least, it does not need Master and Local files as it already has enough information from taxpayers for its needs. That is the view of Robert Stack, Deputy Assistant Secretary (International Tax Affairs) at the U.S. Treasury,…
The application of New Zealand’s GST to digital and remote services sold by offshore sellers to New Zealanders (the so-called “Netflix” tax) commences on 1 October 2016. See BEPS Action 1. The rules apply to sales by offshore sellers (which could include sellers from Singapore, Australia, Hong Kong, and elsewhere) to New Zealand private consumers. Requirement…
On Fri 30.9.2016, the Minister for Social Services registered a legislative instrument: A New Tax System (Goods and Services Tax) (Adult and Community Education Courses) Determination 2016 to satisfy the definition of “adult and community education course” in s195-1 of the GST Act. The significance of this instrument is that it determines what ‘adult and community education…
A taxpayer has been unsuccessful before the AAT in arguing that he was not a tax resident of Australia for the 2008-09 income tax year. Between 4 January 2008 and September 2009, the taxpayer was employed and worked at a worksite at Mukhaizna in Oman [see extract of AAT’s reasons below]. The Commissioner considered the taxpayer to be a…