The NSW Court of Criminal Appeal has dismissed a taxpayer’s appeal against the severity of the sentence handed down by the NSW District Court concerning his lodgment of false BASs claiming GST refunds of just over $500,000. The District Court (Flannery DCJ) found that between 9 July 2004 and 4 January 2006, the taxpayer lodged 27 BASs on behalf…
The AAT has affirmed the Commissioner’s decision that a sale of various properties (“the land”) by a taxpayer was not a GST-free supply of a going concern but rather, was a “taxable supply” for GST purposes. It did not accept that statutory declarations made by the taxpayer and the purchaser constituted an agreement in writing…
In a recent speech, the Assistant Treasurer indicated that the Government was not in a position to lower the current id=”mce_marker”,000 “Low Value Import Threshold” for GST and duty. In its Interim Response to the Low Value Parcel Processing Taskforce’s Report, the Government announced that consistent with the recommendations of the Taskforce, it would begin…
The ATO Wed 13.3.2013, issued Class Ruling CR 2013/19 (GST treatment of waste management services supplied by NSW councils). It applies from 1 July 2013. Broadly, the Ruling states that the kerbside collection of waste or the supply, exchange or removal of bins or crates used in connection with kerbside collection is exempt from GST under s 81-15…
The ATO on Wed 20.3.2013, released Draft Practice Statement PS LA 3618 , which deals with the GST treatment of Australian taxes, fees and charges under Div 81 of the GST Act from 1 July 2013. Specifically, it sets out the administrative approach the ATO will take where Australian government agencies determine the GST classification of supplies that…
This GST Ruling, released Wed 27.3.2013, sets out the minimum information requirements for a tax invoice under s 29-70(1) of the GST Act. It was issued in draft form as Draft GSTR 2012/D3 (which in turn replaced the previous draft, ie Draft GSTR 2011/D1). In addition to setting out the Tax Office’s view of the information…
The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Acquisitions from or Acquisitions by a Beneficiary of a Bare Trust) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013. It waives the requirement for a recipient making a creditable acquisition from a beneficiary through…
The ATO on Wed 6.3.2013, issued the following Class Rulings: CR 2013/17: Westpac Banking Corporation – Westpac Capital notes. It applies from 1 July 2012 to 30 June 2021. Broadly, the Ruling states that the distributions and franking credits from the capital notes are non-share dividends under s 974-120 of the ITAA 1997 and are assessable. CR 2012/18: National Australia…
The ATO on Wed 20.3.2013, issued Class Ruling CR 2013/20 (Merger of Cromwell Property Fund and Cromwell Property Group). It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that CGT event A1 happened when Cromwell Property Fund unit holders disposed of their units to Cromwell Property Group under the merger as described…
The ATO on Wed 27.3.2013, issued the following Class Rulings: CR 2013/21: Return of capital: Residential – Plus Growth Company Ltd. It applies from 1 July 2011 to 30 June 2015. The Ruling broadly states that the returns of capital are not dividends as defined in s 6(1) of the ITAA 1936. CR 2013/22: Nuplex Industries (Aust) Pty Ltd –…