The AAT has allowed an engineering company part of its claims for input tax credits (ITCs) in respect of various acquisitions. The Commissioner audited the taxpayer, a structural engineering services company, and issued a notice of assessments of net amount that increased its GST liability on the basis it had not reported all of its…
A taxpayer has been unsuccessful before the Federal Court in challenging a decision of the AAT, which had varied the Commissioner’s decisions concerning GST assessments covering 6 quarterly tax periods from 1 July 2009 to 31 December 2010. The taxpayer operated (via a unit trust) a business of repairing, maintaining and hiring motor vehicles. The AAT concluded that the…
The AAT has allowed some of a taxpayer’s input tax credit (ITC) claims and remitted the matter to the Commissioner to issue an assessment in accordance with its reasons. The taxpayer was in dispute with the Commissioner with respect to his entitlement to claim ITCs totalling $6,795 in the tax periods between 1 January 2009 to 31 March 2011…
The further hearing of the Commissioner’s appeal against the Full Federal Court decision in MBI Properties Pty Ltd v FCT [2013] FCAFC 112 began on Tue 4.11.2014 before a Full Court of the High Court in Canberra. It is expected this will be the final day of the appeal. The Full Federal Court had overturned…
The ATO has advised that it is writing to businesses in the building and construction industry who have not lodged their 2013-14 Taxable payments annual report. It said the letter will generally be sent to businesses and will remind them that the report is now overdue. Taxable payments annual reports were due by 21 July. The…
With just under a month to go until Project DO IT closes on 19 December 2014, the Tax Office has provided some further guidance on dealing with offshore structures to qualify for the benefits available under Project DO IT. One of the key eligibility conditions requires a taxpayer to ensure that their offshore structure is brought within…
According to the ATO and its latest statistics, almost 2,500 businesses in the Geelong (Vic) region and over 700 businesses in the Wagga Wagga (NSW) region, may be deliberately hiding income to gain an unfair advantage over their competitors. ATO Senior Assistant Commissioner Michael Hardy said the ATO has identified these businesses as potentially being involved in…
The ATO on Tue 18.11.2014, issued a gazette notice advising that it will acquire details of entities share registries for the period 20 September 1985 to 30 June 2016 from the following sources: Link Market Services Limited; Computershare Limited; Australian Securities Exchange Limited; Boardroom Pty Ltd; Advanced Share Registry Services Pty Ltd; and Security Transfer Registrars Pty Ltd. The…
In a recent address to the Tax Bar Association, the Tax Commissioner said the ATO was taking “a fresh look” at its compliance approaches. Given that the vast majority of taxpayers willingly comply with their obligations, Mr Jordan said it was logical that the ATO should focus more on encouragement and support rather than deterrence and…
The Tax Office has reassured taxpayers that disclosing under Project DO IT will not give them a “red flag”. Project DO IT offers benefits to taxpayers who bring their undeclared offshore income and assets back into Australia’s tax system by 19 December 2014. The ATO said feedback had raised taxpayer concerns that if they disclose they will…