The Australian Trade Commission says Australia has registered strong interest in an early resumption of Australia-Gulf Cooperation Council Free Trade Agreement talks, according to the Saudi Arabia-Australia Joint Ministerial Commission communiqué. The Commission also said Saudi Arabia has expressed interest in a Double Taxation Agreement between the 2 countries. The communiqué covered other areas, including agriculture.…
The High Court has officially welcomed new Justice Patrick Keane to the bench on Tue 5.3.2013, at a swearing-in ceremony in Canberra. Justice Keane is the 50th appointee to the High Court since Federation and replaces the Honourable Justice John Dyson Heydon AC who retired last week after 10 years of dedicated service to the Court. Justice Keane served as…
The High Court has released transcripts of the appeal by Fortescue Metals Group Limited & Ors as to the constitutional validity of the Minerals Resource Rent Tax. The transcripts for each of the three days of the hearing are HCATrans 41 (6 March 2013), [2013] HCATrans 42 (7 March 2013) and [2013] HCATrans 43 (8 March 2013). [LTN 54, 20/3/13]
In a decision handed down on Tue 5.3.2013, a taxpayer has been successful before the Full Federal Court in appealing against a Federal Court decision which had held that the taxpayer had not discharged the onus of proving that amounts of over $4.75m deposited in its bank account from an overseas bank were not income.…
The Full Federal Court has unanimously dismissed the taxpayer’s application for leave to appeal from the decision in Hua Wang Bank Berhad & Ors v FCT (No 2) [2012] FCA 938. The taxpayer sought to leave to appeal from that part of the decision in which the Court at first instance refused to set aside…
In a decision handed down on Thur 14.3.2013, the Full Federal Court has found that asset betterment assessments issued to husband and wife taxpayers should stand. The matter concerned the 2000 to 2006 income tax years inclusive and default assessments (including 75% penalty with a 20% uplift for most years) issued to the taxpayers following…
In a unanimous decision, the Full Federal Court has confirmed that a family trust failed the maximum net asset value (MNAV) test for the purposes of accessing the CGT small business concession in respect of a $6m gain made by the trust to which the taxpayer beneficiary was presently entitled. In doing so, the Court…
The International Tax Agreements Amendment Bill 2012 received Royal Assent on 27 March 2013 as Act No 14 of 2013. It gives the force of law in Australia to the Protocol to amend the DTA between Australia and India. It also gives the force of law in Australia to the Agreements between Australia and the Marshall Islands…
Ahead of the [now botched] Labor leadership spill and ballot for the Party leadership on Thur 21.3.2013, both Houses of Federal Parliament concluded their sittings and adjourned until Tuesday, 14 May 2013. A number of important tax and related Bills remain before Parliament and will not now be debated until after the Budget. [LTN 55, 21/3/13]
The Tax Laws Amendment (2012 Measures No 6) Bill 2012 was passed by the House of Reps on Mon 18.3.2013, without amendment, and now moves to the Senate. The Bill proposes amendments concerning: FBT and in-house benefits, medical expenses rebate, managed investment trusts (MITs), limited recourse debts, native title benefits tax exemption, exploration expenditure deductibility,…