Vic: State Taxation Acts Further Amendment Bill 2016 receives Royal Assent – Payroll Tax motor vehicle allowances; Land Tax – taxable value; surcharge rate for absentee trusts

Tax Month - November 2016

The State Taxation Acts Further Amendment Bill 2016 (Vic) has passed all stages without amendment and received Royal Assent on 15/11/16 as Act No. 66 of 2016. It amends the Payroll Tax Act 2007 (Vic) to update the way the exempt rate used in the calculation of the exempt component of motor vehicle allowances is…

Re Abichandani and ASIC – AAT overturned ASIC decision to disqualify a highly qualified SMSF auditor, finding that the auditor had not been untruthful in withdrawing a complaint and that he was a ‘fit and proper person’

Tax Month - November 2016

ASIC had disqualified the Applicant from being an approved SMSF auditor on the basis that he was not a ‘fit and proper person’ but the AAT set aside ASIC’s decision. The facts are set out in the beginning of the AAT’s decision as follows. Mr Abichandani holds various bachelor degrees in commerce and accounting. He…

Kishore v Tax Practitioners Board – Tax agent fighting deregistration argued resignation couldn’t determine ‘honesty’ under ‘Code’ – AAT determined that it could and appeal to Fed Crt was ‘incompetent’ as AAT had not finished

Tax Month - November 2016

An applicant has been unsuccessful before the Federal Court in a matter concerning the decision of the Tax Practitioners Board to terminate his tax agent registration following his separation from his former employer. By letter dated 10 October 2014, the Board notified the applicant that it had decided to terminate his registration as a tax agent with…

2016-17 Superannuation Reforms – Treasury updates its summary and fact sheets

Tax Month - November 2016

Legislation to implement the Government’s superannuation reforms passed the Parliament on 23 November 2016. The superannuation reform package was announced in the 2016-17 Budget and amended following consultation. On 9 November 2016, the Government introduced the Superannuation (Objective) Bill 2016, which will enshrine the objective of superannuation in legislation. The Objective Bill is being considered by the Economics Legislative Committee,…

A discussion of the law of ‘sham’ as applied in Millar v FCT – ‘back to back’ loans assessed as premature benefit from superannuation fund

Tax Articles

SHAM TRANSACTIONS AND THE MILLAR CASE [2016] FCAFC 94 CPD OF THE TAX BAR ASSOCIATION HELD AT THE FEDERAL COURT OF AUSTRALIA 10 October 2016 Presented by Jennifer Batrouney QC, Annette Charak, Hadi Mazloum ************************* Jennifer Batrouney QC: Sham has been described as a “popular and pejorative word” and, as Tony Slater QC has said,…

Millar v FCT – taxpayer fails to get leave to appeal the Full Federal Court decision that the ‘back to back’ loan agreements were a ‘sham’ despite there being no actual intention to deceive (just sign here)

Tax Month - November 2016

The High Court has refused husband and wife taxpayers special leave to appeal against the decision of the Full Federal Court in Millar v FCT [2016] FCAFC 94. The Full Federal Court had confirmed the Commissioner’s assessments, based on certain ‘back-to-back’ loans being shams, such that their superannuation fund had actually paid a benefit directly…