The taxpayers have lodged notices of appeal to the Federal Court against the decision in AAT Case [2013] AATA 40, Re Bayconnection Property Developments Pty Ltd and Ors and FCT. The AAT had held that 5 company taxpayers were not carrying on enterprise and were therefore not entitled to input tax credits claims for tax…
The Supreme Court of Victoria has allowed an appeal from a Magistrate’s decision concerning rectification of a contract for the sale of a property concerning the GST component of the sale price. In September 2009, Mr Leong purchased a property from Duoedge Pty Ltd for a price specified in the contract as “$916,000 GST inclusive”. Mr Leong…
The taxpayer has discontinued its appeal to the Full Federal Court against the decision of Gordon J in Central Equity Limited & Anor v FCT (2011) 82 ATR 550. In that decision, which now stands, Gordon J held that a property developer was liable for GST on apartments sold under enforceable contracts that were signed before 1 July 2000…
This Determination (not previously released in draft form and issued Wed 27.2.2013, states that the payment of a failed payment fee is not consideration for a supply in circumstances “when a payment for a supply fails”. However, the Determination states this will only occur where a range of conditions are satisfied, including the following: there…
This Draft Ruling, released on Wed 27.2.2013, sets out the requirements for adjustment notes under Div 29 of the GST Act. In particular, it outlines: (a) when a document is in the approved form for an adjustment note; (b) the information requirements the Commissioner has determined under s 29-75(1)(c) and an explanation of how those information requirements…
The ATO Thur 7.2.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in Professional Administration Service Centres Pty Ltd v FCT [2012] FCAFC 180. In that decision, the Court unanimously allowed a taxpayer’s appeal from a Federal Court decision in which the Court summarily dismissed the taxpayer’s appeal against various GST assessments.…
The ATO on Fri 15.2.2013, issued ATO ID 2013/9 (GST and registration of a representative of an incapacitated entity when the incapacitated entity is neither registered nor required to be registered). It says the representative of an incapacitated entity cannot register, under s 23-10 of the GST Act, in its capacity as the representative of the…
The report of the Parliamentary Joint Committee on Corporations and Financial Services on the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 has been tabled in Parliament. The Committee made 9 recommendations, including amendments concerning notices in writing about complaints re TPD claims, non-death benefit complaints, penalties for certain offences, APRA guidance re…
The ATO on Wed 13.2.2013, released Class Ruling CR 2013/11 (Conversion of shares – WorkPac Pty Ltd). It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states that the variation of rights attaching to various class shares on the conversion to ordinary shares will cause CGT event H2 to occur, however, shareholders will not make…
The ATO Wed 20.2.2012 released the following Class Rulings: CR 2013/12: CGT: special dividend and capital proceeds from the sale of Norton Gold Fields Limited shares pursuant to off market takeover. It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that CGT event A1 happened when shareholders disposed of their shares and…