In a decision handed down on Wed 28.1.2015, the Full Federal Court unanimously dismissed the taxpayer’s appeal from the decision in Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust v FCT [2014] FCA 1. In that case, the Federal Court held that the taxpayer had effected the disposal of land that it…
The Full Federal Court has partly allowed appeals by commissioned officers of the Western Australian police force against superannuation contributions tax assessments. The question in the appeals was whether the Commonwealth can validly impose a superannuation surcharge tax upon commissioned officers of the Western Australian police force. The Acts imposing the tax have already been…
In an address at the Australasian Tax Teachers Association Conference in Adelaide on 20 January 2015, Justice Richard Edmonds of the Federal Court gave a paper entitled “Structural Tax reform: What should be brought to the table?“. Edmonds J said the trade-off for Australia’s high tax-free threshold and the steep increase in rates after the tax-free threshold, is that…
The Assistant Treasurer, Josh Frydenberg, on Mon 19.1.2015, released the Inspector-General of Taxation’s Review into the ATO’s administration of valuation matters. He said valuation requirements have been an area of ongoing concern for taxpayers. The Inspector-General has identified inherent difficulties associated with the nature and associated costs of valuations. Given these issues, the Inspector-General has made…
Treasury on Mon 19.1.2015, released for comment, an exposure draft of legislation, which proposes to amend the income tax law to provide look-through income tax treatment for instalment warrants and instalment receipts. Under the proposed changes, the investor in the instalment warrant or receipt will be treated as the owner of the asset of the…
On 21 December 2014, the Prime Minister announced several changes to the Ministry. Following the resignation of Senator the Hon Arthur Sinodinos AO, Josh Frydenberg has been appointed as Assistant Treasurer. The PM said he will be an important part of 2015 Budget preparations and will join the Expenditure Review Committee of Cabinet. The new Ministry was sworn…
The Minister for Small Business, Bruce Billson, and the Assistant Treasurer, Josh Frydenberg, announced on 28 December 2014 that the Government will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll. Under Single Touch Payroll, which will be available from July 2016, employers’ accounting software will automatically report payroll information to the ATO…
The Government on Wed 14.1.2015, released draft legislation and draft regs designed to improve the taxation arrangements for Employee Share Schemes. The proposed amendments would: reverse some of the changes made in 2009 to the point at which rights issued as part of an employee share scheme are taxed for employees of all corporate tax…
In the 2013-14 Budget proposal limiting the immediate deductibility of expenditure on mining rights and mining information, there was a provision that the measure did not prevent the immediate deductibility of mining rights acquired under a “farm-in, farm-out” arrangement (the partial exchange of a tenement interest in exchange for the farmee providing exploration services as…
M o r g a n’ s T a x M o n t h – January 2015 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2015 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…