A taxpayer has been unsuccessful before the AAT in seeking to be released from his tax liabilities under s 340-5 of Sch 1 of the TAA. As of 21 February 2014, the taxpayer’s tax debt amounted to around $81,000. The taxpayer contended his income tax debts have arisen as a result of his unauthorised early access of superannuation benefits…
A taxpayer has been unsuccessful before the AAT in seeking to be released from his tax liabilities under s 340-5 of Sch 1 of the TAA. As of 4 May 2014, the taxpayer’s outstanding tax debts amounted to around $58,000. However, the Tribunal was not satisfied the taxpayer’s situation, if required to pay the tax debts, would be of…
The AAT has held that an individual taxpayer who was the controller of several trusts that operated a wine growing business and who was also a beneficiary was not presently entitled to an amount of over $480,000 that one of the trust made from the sale of business premises that occurred on the same day…
The Federal Court has denied the Commissioner’s request for access to documents that are part of Family Law proceedings. The case involved an appeal against an appealable objection decision under s 14ZZ of the Taxation Administration Act 1953. The applicant is International Litigation Partners Pte Ltd. In the course of the proceeding, the Court said the…
The AAT has held that no special circumstances existed to warrant granting a taxpayer’s request that the Commissioner exercise his discretion to allocate excess super contributions to another year. The taxpayer had contributed over $678,000 into his superannuation funds over a 3-year period when the statutory limit was $450,000. The Commissioner said the taxpayer must…
The AAT has allowed a taxpayer’s objection to amended assessments issued to him for the 2009 and 2010 income years after finding the taxpayer was not a “resident” of Australia as that term is defined in s 6(1) of the ITAA 1936. The Commissioner had issued amended assessments to the taxpayer increasing his assessable income for…
The Full Federal Court has unanimously allowed the taxpayer’s appeal from the decision in PTTEP Australasia (Ashmore Cartier) Pty Ltd v FCT [2013] FCA 1175. In that case, the Court at first instance held in the Commissioner’s favour that in calculating the taxpayer’s taxable profit under s 22 of Petroleum Resource Rent Tax Assessment Act 1987…
In a decision handed down on Fri 13.6.2014, the Full Federal Court has held that Hunger Project Australia (HPA) is a public benevolent institution even though it was predominately engaged in fund raising. HPA is a not-for-profit company, which is part of a global network of entities that operate under the name “The Hunger Project”.…
The High Court on Wed 11.6.2014, dismissed a taxpayer’s appeal from the Full Federal Court decision in Howard v FCT [2012] FCAFC 149. The Full Federal Court had upheld the Commissioner’s appeal against a decision that damages were received by the taxpayer in a fiduciary capacity (meaning the damages were thus assessable to the taxpayer).…
Small Business Minister Bruce Billson recently announced changes to the PAYG instalment thresholds (see below), meaning many people may no longer have to pay PAYG instalments. The ATO has now advised that, following the Minister’s announcement, the following PAYG instalment threshold changes will apply from 1 July 2014; the business or investment income threshold will increase from $2,000 to…