The defendant/director failed in his arguments that the Director’s Penalty Notices (DPN’s) issued were invalid or not relevantly served. The defendant was the sole director of a company, which failed to pay PAYG withholding amounts to the ATO and as a result, it was alleged that he was personally liable for the company’s debt of…
On Thursday 24.11.2016, the ATO released Draft Law Companion Guideline LCG 2016/D9 dealing with Superannuation reform: transfer balance cap. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 (which received Royal Assent as Act No. 81on 29 Nov 2016) imposes a transfer balance cap of $1.6m on the amount of capital individuals can transfer…
On Thursday 24.11.2016, the ATO released Draft Law Companion Guideline LCG 2016/D8 dealing with Superannuation reform: transfer balance cap and transition-to-retirement (TTR) reforms: transitional CGT relief for superannuation funds. The Draft Guideline provides guidance on the transitional CGT relief for superannuation funds where assets supporting superannuation income streams are reallocated or reapportioned to accumulation phase…
The Government’s so called ‘backpacker’ tax changes are set out in a package of 4 Bills, 3 of which have been passed by both houses and received Royal Assent. They are as follows. The Treasury Laws Amendment (Working Holiday Maker Reform) Bill 2016 – which received Royal Assent and became Act No. 89 of 2016…
On 23.11.16, the ATO issued the following Class Rulings: CR 2016/89: Demerger of Davenport Resources Limited by Arunta Resources Limited. It applies from 1 July 2015 to 30 June 2016. CR 2016/90: Centuria Capital Limited Executive Incentive Plan. It applies from 1 July 2016 to 30 June 2019. [LTN 227, 13/11/16]
The ATO on Wed 23.11.2016, released Taxation Determination TD 2016/18, which states that a redemption payment as outlined is ordinary income of the worker and is assessable under s 6-5 of the ITAA 1997 in the income year which it is received. It was previously issued as Draft Taxation Determination TD 2016/D1 and is largely the same.…
The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 was introduced on Wed 23.11.2016 in the House of Reps. It proposes to amend the Corporations Act 2001 to: set new education and training standards (education standards) in proposed new Div 8A of Pt 7.6 of the Corporations Act that must be met by individuals who…
The AAT has confirmed that a taxpayer who received a lump sum payment of arrears of workers’ compensation was assessable on the amount as ordinary assessable income under s 6-5 of the ITAA 1997. The payment was made in respect of knee injury the taxpayer suffered at work and which later resulted in him having to…
In a long-running Wickenby related matter involving offshore tax evasion, the liquidator of 4 companies (the applicants) – acting on behalf of the Commissioner as the only creditor of the companies – has been successful in the Federal Court in arguing that certain directors of the companies (the respondents) breached their fiduciary duty in engaging…
Copy of article appearing in the Australian Financial Review on 30 November 2016, by by Neil Chenoweth. Deborah Huber (pictured below) is at the heart of this story. Deborah Huber and Ronald Binetter: their evidence against the other Binetter family members was damning. Facebook If tax lawyer Michael Binetter has one regret, from his new home in New…