interpretation NOW! goes public in January 2016 – in response to growing external interest. Find it under ‘miscellaneous papers’ in the ATO Legal Database. iNOW! is a Tax Counsel Network initiative to improve awareness about what courts are saying in this increasingly important field. iNOW! is not legal advice or a public ruling, nor is it a substitute for legal…
In a decision handed down on Mon 8.2.2016, the Appeal Panel of the NSW Civil and Administrative Tribunal refused a taxpayer leave to appeal an earlier decision which had refused the primary production land tax exemption for bee-keeping. The Tribunal had affirmed land tax assessments after finding that the taxpayer’s use of the relevant land for…
The Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015 was passed, on Mon 8.2.2016, by the House of Representatives, without amendment. The Bill proposes to amend Sch 1 to the Taxation Administration Act 1953 to insert a new Subdiv 396-C (as part of Div 396 – Third Party Reporting, along with the FATCA provisions). It will require certain financial…
The Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2016 was introduced in the House of Reps on Thursday 3.12.2105 and was passed without amendment on Thursday 4.2.16. The Bill is here and the EM is here. Capital gains tax treatment of earnout rights Schedule 1 to this Bill amends the Income Tax Assessment Act…
The Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015 was passed by the House of Reps on Thursday 4.2.2016 without amendment and now moves to the Senate. The Bill proposes the following amendments: Will amend the ITAA 1997 to change the CGT treatment of the sale and purchase of businesses involving certain earn-out rights –…
The Bill and Explanatory Memorandum for the Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 (in the House of Reps on Thur 4.2.2016) are attached. Bill (4.2.16) EM (4.2.16) The Bill effectively seeks to allow small businesses to change the legal structure of their business and have the CGT liability disregarded and deferred until eventual disposal. It will allow…
The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 was introduced in the House of Reps on Thur 4.2.2016. It was passed in the House of Representatives on 22 February 2016 and finally passed both houses on 29 February 2016. The Bill will amend the ITAA 1997 to provide greater flexibility for small businesses to change their legal…
On Wed 3.2.2016, the ATO released the following Class Rulings: CR 2016/7: treatment of compensation payments received under Div 5 of Pt 8 of the Fisheries Act 1995 (Vic) relating to phasing out commercial net fishing in Port Phillip Bay. The Ruling explains the tax treatment of various compensation payments to commercial fishing licensees whose licences…
The AAT has affirmed the Commissioner’s decision to refuse to release 2 taxpayers from their tax liabilities, after finding they owned considerable assets and would not suffer serious hardship. The AAT heard that the taxpayers, Ms L and Mr P, had outstanding tax debts of $2.26m and $676,285, respectively, and had a history of failing…
Whilst speaking at the Press Club in Canberra, on the importance of ‘free-enterprise, the Assistant Treasurer: the Honourable Kelly O’Dwyer reprised the Government’s actions to deal with avoidance of tax by ‘multi-national enterprises’ and also elaborated about progress in some of those areas. Saying that it was a matter of ‘fairness’, she said the following.…