This Determination, released on Wed 16.4.2014, sets out the weekly amounts the Commissioner considers reasonable under s 31G of the FBTAA for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit for the 2014-15 FBT year. If the total of an employee’s food or drink expenses exceeds the amount the Commissioner…
This TD, released on Wed 16.4.2014, provides that a franking credit arises in the franking account of a head company of a consolidated group when a franked distribution is made by an entity that is not a member of the consolidated group to a trust that is a subsidiary member of the consolidated group. However,…
The Tax Office has on Wed 16.4.2014, issued a 3rd Addendum to Taxation Determination TD 2007/14 (CGT: small business concessions: what “liabilities” are included in the calculation of the ‘net value of the CGT assets” of an entity in the context of s 152-20(1) of the ITAA 1997?). The Addendum, issued as TD 2007/14A3, reflects the…
The Tax Office has Tue 15.4.2014 issued a 2nd Addendum to Taxation Determination TD 2007/14 (CGT: small business concessions: what “liabilities” are included in the calculation of the “net value of the CGT assets” of an entity in the context of s 152-20(1) of the ITAA 1997?). The Addendum, issued as TD 2007/14A2, updates the Determination…
The ATO on Wed 16.4.2014, issued an Addendum to Ruling MT 2008/2 (Shortfall penalties: administrative penalty for taking a position that is not reasonably arguable) to reflect amendments to the TAA contained in the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 (Amendment Act). The Amendment Act inserted Subdiv 284-E, which provides…
This Draft Ruling, released Wed 16.4.2014, sets out the Commissioner’s views on the transfer pricing documentation an entity should prepare and keep as required by s 284-255 of Sch 1 to the Taxation Administration Act 1953. Where an entity does not meet these requirements, Div 284 of Sch 1 to the TAA (dealing with administrative penalties) will apply as…
This Draft Ruling, released Wed 16.4.2014, provides the Commissioner’s views about the application of s 815-130 of Subdiv 815-B of the ITAA 1997, which specifies the relevance of the actual commercial or financial relations to the identification of the arm’s length conditions for transfer pricing purposes. Some points from the Draft Ruling include: Subdiv 815-B applies…
The Commissioner has appealed to the Federal Court against the decision in AAT Case [2014] AATA 155, Re Macoun and FCT. The AAT had ruled that an early retirement pension that the resident taxpayer received from the World Bank in the 2009 and 2010 income years in connection with his employment with the bank as…
The Full Court of the NSW Court of Appeal has unanimously allowed a Deputy Commissioner’s appeal from the decision of the NSW District Court in DCT v Zammitt [2012] NSWDC 135 in which the Court had dismissed a claim for recovery of DPN penalties of over $365,000 notified in a DPN notice which had specified…
The Commissioner has appealed to the Full Federal Court against the decision of Pagone J in [2014] FCA 261. The Federal Court had set aside the Commissioner’s decision on the basis on which copyright deductions could be claimed by the taxpayer and ordered that the matter be remitted to the Commissioner for re-determination in accordance with…