This Ruling, released on Wed 30.7.2014, outlines the taxation effect under s 44 of the ITAA 1936 [actual dividends], Div 7A of the ITAA 1936 [deemed dividends], Subdiv 126-A of Pt 3-3 of the ITAA 1997 [CGT rollover on breakdown of marriage], and Div 207 of the ITAA 1997 [franking of dividends and deemed dividends], of private companies…
The ATO on Mon 28.7.2014, issued a Decision Impact Statement on the Full Federal Court’s decision in Kelly v FCT [2013] FCAFC 88. The case concerned whether certain interests in a partnership had been effectively and validly assigned to certain trustees, and whether a superannuation contribution for the directors of a corporate trustee was an…
The ATO Thur 24.7.2014, released Decision Impact Statements on the following cases: FCT v Altnot Pty Ltd [2014] FCA 362 – The case concerned the maximum net asset value test (MNAV) and the CGT small business concessions. In this case, the Federal Court remitted the matter back to the AAT for rehearing and determination in…
The ATO has released a Decision Impact Statement on the Full Federal Court decision in FCT v Fabig & Dickinson [2013] FCAFC 99. In that case, the Court allowed the Commissioner’s appeal and held that the AAT, at first instance, had erred in finding that CGT scrip-for-scrip roll-over relief was available to 2 shareholders in…
The taxpayers have appealed to the Federal Court against the decision in AAT Case [2014] AATA 423, Re Yazbek and FCT. In the case, the AAT dismissed applications from husband and wife taxpayers and found that they were each assessable on dividends of some id=”mce_marker”.8m that they did not return in their assessable income. In…
The Commissioner has announced that he will not seek special leave to appeal to the High Court against the Full Federal Court decision in FCT v Hunger Project Australia [2014] FCAFC 69. The Full Federal Court decision, which now stands, dismissed the Commissioner’s appeal and held that Hunger Project Australia (HPA) is a public benevolent…
The Commissioner has appealed to the Federal Court against the decision in AAT Case [2014] AATA 342, Re Moignard and FCT. The AAT had held that an individual taxpayer who was the controller of several trusts through which he operated a winemaking business, and who was also a beneficiary of the trusts, was not presently…
The NSW Supreme Court has set aside an order allowing a taxpayer to repay his tax debts by instalments. The order allowing the taxpayer’s tax debts to be repaid by instalment was made in chambers on 4 July 2013 by a Deputy Registrar pursuant to s 37.3 of the Uniform Civil Procedure Rules 2005 (NSW). The debt owing…
The AAT has affirmed the Commissioner’s decision refusing a taxpayer’s PAYG credit claims made in his 2011 and 2012 income tax returns. The taxpayer was a director and shareholder of a company, which was wound up in March 2012. In his 2011 and 2012 tax returns, the taxpayer claimed PAYG credits for amounts (around $91,000) he said…
The AAT has confirmed that a taxpayer who owned shares 100% in his own name, but transferred registered title to the shares into joint names with his wife, was liable for CGT on the transaction. It did so on the basis of finding that the taxpayer had disposed of a fractional interest in his shares…