This Draft GST Ruling, issued on Wed 30.10.2013, considers whether a moveable home estate is commercial residential premises and how s 9-5 and s 40-35 of the GST Act would apply to the following transactions: the supply by way of lease or licence of a moveable home site to a resident [taxable supply]; the supply by way…
The AAT has refused a taxpayer’s request for an extension to time to apply to the Tribunal for review of the Commissioner’s objection decision (dated 31 October 2011) refusing a GST refund in relation to the June 2004 quarter. The Commissioner had refused the refund on the basis that the application was made after the 4-year cut-off date for…
The AAT has affirmed the Commissioner’s decision to deny a taxpayer input tax credits claimed and impose an administrative penalty of 25% with a 20% uplift. The taxpayer was a used-car dealer and over the period 1 July 2006 to 30 September 2010, received a net refund of id=”mce_marker”66,958 in relation to input tax credits claimed. The Commissioner audited…
The Commissioner has this month met with the Commissioner of the Japanese National Tax Agency Mr Mitsutaka Inagaki at the 43rd Meeting of SGATAR in South Korea. The Commissioners discussed the use of the bilateral treaty to undertake joint compliance projects as well as multilateral cooperation. The ATO said recent information sharing between the ATO and…
The ATO has advised that it is investigating companies in the gold bullion industry suspected of GST fraud totalling more than $65m. The ATO, Australian Federal Police and Australian Crime Commission on Tue 29.10.2013, executed search warrants on premises associated with the companies operating in the gold bullion and precious metals industries. The ATO said…
The Commissioner of Taxation’s Annual Report for 2012-13 has been released. The Commissioner reported that in 2012-13, the ATO collected $311.7bn in net tax (an increase of 3.6% on 2011-12) and collected $48.3bn in GST. The Commissioner also reported the ATO has reduced its costs of collection to $0.91 per id=”mce_marker”00 (including GST) and has…
The ATO says it has received a number of 2013 Company tax returns where the loss carry-back tax offset has been claimed incorrectly. It said this has caused delays in processing the returns. To prevent further delays, the ATO says it has made changes to the ELS. This means a company return cannot be lodged if…
The ATO and the Australian Federal Police (AFP) have announced that as part of Project Wickenby, 3 men have been charged with tax and money laundering offences relating to the transfer of $30m into Australia. All 3 men were to appear before the Sydney Central Local Court on Wed 16.10.2013. A 65-year-old Chatswood man and…
The ATO has warned taxpayers against trading shares on a Special Market operated by the ASX with the sole purpose of obtaining additional franking credits. It says the Special Market operated by the ASX was established to facilitate options trading and the dividend washing trading strategy attempts to take advantage of a company’s shares being…
The ATO has amended Practice Statement Law Administration PS LA 2011/13 (Cross border recovery of taxation debts). The amendments update the content to take into account Australia’s entry into the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (as amended by the 2010 Protocol). The amendments also include other minor changes to meet style…