The Federal Court has allowed the Commissioner’s appeal and set aside the decision in AAT Case [2012] AATA 719, Re Nash and FCT, which had held that a taxpayer was entitled to deductions of GIC accrued in each of the years to which it was referable. In 2008, the Commissioner issued assessments and GIC notices…
In a decision handed down on Fri 26.4.2013, the Federal Court allowed a taxpayer’s appeal and held that default assessments that included as assessable income a $58m capital gain were precluded by the Australia/US DTA. In July 2007, the taxpayer (RCF) sold 52.5m fully paid ordinary shares in St Barbara Mines Ltd (now called St Barbara Limited)…
The Government on Thur 18.4.2013, released draft legislation for a new tax loss incentive for major infrastructure projects [this was announced in the 2011-12 Federal Budget on 10 May 2011]. The draft legislation is on the Treasury website. Under the new regime, the Infrastructure Coordinator, a statutory officeholder under the Infrastructure Australia Act, will designate projects as…
The Government Thur 18.4.2013, released draft regulations designed to ensure that unregistered business names that were on the Australian Business Register (ABR) before 28 May 2013 can continue to be publicly disclosed by the Registrar of the ABR until 30 June 2014. The proposed regulations would amend the A New Tax System (Australian Business Number) Regulations 1999. COMMENTS are…
The House of Reps Economics Committee will hold a public hearing this Thursday, 18 April 2013 into the Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013. The hearing will cover 3 schedules in the Bill: Schedule 1 which proposes to define a “documentary” for the purpose of accessing film tax offsets, and makes explicit…
The Commissioner has made a PAYG withholding schedule under s 15-25 of Sch 1 to the TAA – Schedule 30 – Tax table for back payments, commissions, bonuses and similar payments (NAT 3348), registered today [Mon 15.4.2013]. It contains a tax table to help employers and other payers work out the amount required to be withheld from…
The Fringe Benefits Tax Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Thur 11.4.2013. The purpose of this amending Regulation is to exclude living-away-from-home (LAFH) allowances and benefits, including certain expense payment benefits and residual benefits, from being reportable fringe benefits for Commonwealth employees posted both overseas and…
The Government on Fri 12.4.2013, released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset. The new feature of the R&D Tax Incentive would allow eligible small and medium companies to access their R&D refund on a quarterly instalment basis. Quarterly credits will mean that,…
The Attorney-General’s (Spent and Redundant Instruments) Repeal Regulation 2013 was registered on the Federal Register of Legislative Instruments on Mon 8.4.2013. The repeal instrument follows on from amendments made by the Legislative Instruments Amendment (Sunsetting Measures) Act 2012 (which received Royal Assent on 22 September 2012). The Regulation repeals 1,005 spent and redundant instruments (including income tax…
The Government Thur 4.4.2013, released exposure draft legislation and explanatory materials which propose to implement the third and final element of the Investment Manager Regime (IMR). The Government said the purpose of Element 3 of the Regime is to provide tax certainty to widely held foreign managed funds investing in Australia. It will do this…