Daily Archives: February 28, 2017

CGT maximum net asset value test: ATO view on Bell case [32]

The ATO on Fri 11.10.2013, released a Decision Impact Statement on the Full Federal Court’s decision in Bell v FCT [2013] FCAFC 32. In that case, the Full Federal Court confirmed that a family trust failed the maximum net asset value test for the purposes of accessing the CGT small business concession in respect of…

Re Bai and FCT – the taxpayer is seeking to appeal the decision the objection be allowed only in part and remaining penalties would not be remitted [31]

The taxpayer has lodged an application for extension of time in which to lodge an appeal [to the Federal Court] against the decision in AAT Case [2013] AATA 612, Re Bai and FCT. In that case, the AAT concluded that the taxpayer’s objections to amended assessments should be allowed in part and specified which deposits…

SPI PowerNet Pty Ltd v FCT – Taxpayer appeals to Full Federal Court from decision that its s163AA payments to Vic Treasury were not deductible [30]

The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision in SPI PowerNet Pty Ltd v FCT [2013] FCA 924. In that case, the Federal Court found that the imposts under s 163AA of the Electricity Industry Act 1993 (Vic) paid by a taxpayer to the Victorian State Treasurer were…

FCT v Ludekens [2013] FCAFC 100 – Taxpayers seek leave to appeal to the High Court from the decision that they were ‘promoters’ of a ‘tax exploitation scheme’ [29]

The taxpayers have applied for special leave to appeal to the High Court against the decision of the Full Federal Court in FCT v Ludekens [2013] FCAFC 100. In that case, the Full Federal Court unanimously allowed the Commissioner’s appeal and held that 2 persons were “scheme promoters” in terms of Div 290 of the TAA…

*DCT v Cheung Kong Infrastructure Holdings Limited (No 2) [2013] FCA 885; DCT v Power Assets Holdings Limited – taxpayers to appeal order for payment [28]

Thomson Reuters understands that the taxpayers intend to appeal to the Full Federal Court against the decision of Gordon J in DCT v Cheung Kong Infrastructure Holdings Limited (No 2) [2013] FCA 885; DCT v Power Assets Holdings Limited (previously known as Hongkong Electric Holdings Ltd) (No 2) [2013] FCA 886. The Federal Court had entered…

*Re AP Energy Investments Limited and FCT – Commissioner is appealing the AAT decision that the sale of the mining company was not taxable [27]

The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 626, Re AP Energy Investments Limited and FCT. In that case, the AAT ruled that a Chinese company which made a capital gain of some $4m in the 2007 income year, when it sold the…

Re Carter v FCT – decision on ATO’s benchmarks for Florists stands: taxpayer discontinues her application for an extension of time in which to appeal [26]

The taxpayer has discontinued her application to seek an extension of time in which to lodge an appeal against the decision in AAT Case [2013] AATA 141, Re Carter and FCT. In that case, the AAT dismissed the taxpayer’s appeal against income tax and GST assessments issued following an ATO audit of her florist business.…

*Symond v Gadens Lawyers Sydney Pty Ltd (No 2) – Taxpayer wins damages for negligent advice re tax liability from company restructure [25]

In a decision handed down on Thur 31.10.2013, the NSW Supreme Court has awarded damages to the plaintiff in the sum of $4,979,800 relating to certain tax advice he had received. On 19 July 2013 (in Symond v Gadens Lawyers Sydney Pty Ltd [2013] NSWSC 955), the Court had held that solicitors who advised Mr John Symond, founder…

*Australasian Annuities Pty Ltd (in liq) v Rowley Super Fund Pty Ltd – director breached fiduciary duty in making super payments to himself and family [24]

The Victorian Supreme Court has found that the sole director of a family trust company had breached fiduciary duties owed to the company by facilitating the making of contributions to a super fund on behalf of individual members of the super fund. The director had arranged for the company to borrow some $2.5m to make…

*Zampbeacon Pty Ltd v DCT – Application to set aside statutory demand for RBA debt dismissed [23]

The Supreme Court of Victoria has dismissed an application by a taxpayer to set aside a Deputy Commissioner’s statutory demand for payment of a Running Balance Account (RBA) deficit debt of over $320,000. The taxpayer argued that the demand should be set aside on the basis that it did not particularise the various component or…