The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 1st quarter of the 2013-14 financial year (ie 1 July 2013 to 30 September 2013) are as follows: GIC annual rate is 9.82%; GIC daily compounding rate is 0.02690411%; SIC annual rate is 5.82%; and SIC daily compounding rate is…
The AAT has held that it did not have jurisdiction to hear a taxpayer’s application for review of an alleged objection decision by the Commissioner concerning a GST refund issue. The Tribunal said Mr Andrew Garrett, as trustee of the Andrew Garrett Family Trust (No 3), lodged with the AAT an application on behalf of…
The ATO has reminded taxpayers of changes made last year to means test the 30% private health insurance rebate. Individuals earning more than $84,000, or families earning more than id=”mce_marker”68,000, will start to lose the rebate in the 2012-13 financial year. The ATO said it will work out the rebate entitlement of taxpayers when they…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision in ATS Pacific Pty Ltd v FCT [2013] FCA 341. In that case, the Federal Court held that supplies provided by a taxpayer, an Australian travel agent, to non-resident travel agents were subject to GST, as they did not…
The taxpayers have discontinued their appeal to the Full Federal Court against the decision of Jagot J in Yacoub v FCT (2012) 83 ATR 722. In that case, the Federal Court dismissed appeals by taxpayers concerning the Commissioner’s decision to disallow an objection to a notice of assessment for the payment of GST regarding properties sold. It…
The High Court has dismissed the taxpayer’s application for special leave to appeal against the decision of the Full Federal Court in Cyonara Snowfox Pty Ltd v FCT [2012] FCAFC 177. The Full Federal Court had dismissed the taxpayer’s appeal against an earlier AAT decision, which had affirmed a GST assessment under the margin scheme…
In a decision handed down on Tue 4.6.2013, the AAT has held that a taxpayer was not a “person … dissatisfied” with the Commissioner’s reviewable objection decision and relating to the withholding of a GST refund, and as a consequence, was not entitled to apply to the Tribunal for review of that decision. The taxpayer…
As a result of the release of Reserve Bank data, the benchmark interest rate for the 2013-14 income year, for the purposes of the deemed dividend provisions of Div 7A of the ITAA 1936, can now be calculated to be 6.20% (down from 7.05% for 2012-13). The benchmark interest rate is the same as the Indicator…
In a decision handed down on Tue 25.6.2013, the AAT has found that 2 taxpayers were not carrying on an enterprise and were therefore not entitled to claim input tax credits. The taxpayers were registered for GST and claimed input tax credits on a number of purchases made following the acquisition of a rural property…
The Federal Court has dismissed a taxpayer’s appeal against an earlier AAT decision that it was not carrying on an enterprise and therefore not entitled to input tax credits (ITCs). 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…