The ATO on Wed 29.10.2014, released Draft Taxation Determination TD 2014/D17, which states that duties of the employment of an employee of a government body are exclusively performed in, or in connection with, a public hospital or a “non-profit hospital” for the purposes of para 57A(2)(b) of the FBTAA when those duties satisfy one of…
The ATO Thur 9.10.2014, issued a Decision Impact Statement on AAT Case [2014] AATA 572, Re The Taxpayers and FCT. The AAT was required to make findings in relation to: an agency issue; superannuation expenses, interest expenses, carried forward tax losses, quantum of remuneration received from contracts, Div 7A deemed dividends, and penalties. Broadly, the AAT…
The ATO on Wed 1.10.2014, released a Decision Impact Statement on the decision of the Full Court of the Family Court in FCT & Darling and Anor [2014] FamCAFC 59. In that case, Full Court of the Family Court ruled that the Court at first instance in FCT & Darling and Anor [2013] FamCA 118 wrongly applied its discretion to prevent the…
The taxpayer has discontinued his appeal to the Federal Court against the decision in AAT Case [2014] AATA 210, Re Thorpe and FCT. In that case, the AAT allowed some deductions claimed by the taxpayer in relation to a property investment, but refused other deductions. It also affirmed the 50% penalty for recklessness. [LTN 195,…
The High Court has refused the taxpayers’ applications for special leave to appeal in the following cases: ATS Pacific Pty Ltd v FCT [2014] FCAFC 33. The Full Federal Court had unanimously upheld the Commissioner’s argument that a supply made by an Australian inbound tour operator to overseas customers was fully subject to GST. Akers…
The High Court has refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in FCT v Resource Capital Fund III LP [2014] FCAFC 37. In that case, the Full Court unanimously allowed the Commissioner’s appeal and held that the taxpayer, a non-resident limited partnership, was assessable on a capital…
The WA Court of Appeal has dismissed a company director’s appeal and upheld the validity of 2 director’s penalty notices (DPNs) that required him to pay over $88,000 which had been withheld by the company but not remitted to the Tax Office. The director argued, re the first DPN, that there was no evidence the…
The Supreme Court of Qld has allowed 2 discretionary trusts to amend the vesting dates in their deeds to expire 80 years from the settlement date of the trust deed. Trustees of the 2 discretionary trusts sought orders, pursuant to s 94 of the Trusts Act 1973 (Qld), to amend the vesting date of each trust…
The AAT has upheld assessments including the proceeds from the sale of mining tenements in a taxpayer’s assessable income on the basis that he was carrying on a business of buying and selling mining tenements with a view to profit in partnership. In so finding, the AAT rejected the taxpayer’s argument that the sale proceeds…
The AAT has held that default assessments of income tax and GST issued to a taxpayer based on industry benchmarks was not excessive. It also affirmed the administrative penalties imposed by the Commissioner in relation to the shortfall. The taxpayer traded regularly on eBay purchasing mostly coins and banknotes, which he considered to be valuable…