The ATO, on Wed 22.4.2015, issued the following Class Ruling and Product Ruling: CR 2015/28: Exchange of shares in Fiducian Portfolio Services Limited for shares in Fiducian Group Limited; and PR 2015/5: TFS Sandalwood Project 2015. [LTN 75, 22/4/15]
The ATO has released Product Ruling PR 2015/3 Income tax: deductibility of interest in relation to investment in units in the Macquarie Flexi 100 Trust issued on or before 30 June 2018 — Flexi Professional. The ruling applies prospectively from 1 April 2015. [IT, 1/4/15]
The ATO has issued the following class rulings: Class ruling CR 2015/24 Income tax: Calliden Group Limited Scheme of Arrangement and Special Dividend. The ruling applies from 1 July 2014 to 30 June 2015, and Class ruling CR 2015/25 Income tax: Calliden Group Limited Scheme of Arrangement — Special Dividend — Participants of the…
This Determination, issued on Wed 22.4.2015, states that the fact a company has issued a debt interest to a listed property trust within the same stapled property group will not of itself be sufficient to form a conclusion under para 974-80(1)(d) of the ITAA 1997 that there is a scheme, or a series of schemes,…
The taxpayer has applied for special leave to appeal to the High Court against the decision in FCT v Macoun [2014] FCAFC 162. The Full Federal Court had unanimously allowed the Commissioner’s appeal from an earlier AAT decision, effectively finding that an early retirement pension received by a resident taxpayer from the World Bank was…
The Qld Supreme Court has held that s 91(2) of the Associations Incorporation Act 1981 (Qld) (“AIA”) does not pick up and apply Pt 5.7B of the Corporations Act 2001, including s 588FF(1)(a), to the winding up of an incorporated association. The Court said when an association incorporated under the AIA is ordered to be wound up…
The NSW Supreme Court has declined to allow the variation of a trust vesting date in order that tax liabilities could be avoided. The plaintiff is the trustee of a trust that was created by a Deed of Settlement made on 8 June 1965. The Trustee was required to hold the settled property on trust for the…
In a complex procedural matter, the NSW Supreme Court has held that where a company is in liquidation, the Commissioner is nevertheless entitled to make adjustments to the company’s running balance account (RBA) in respect of transactions which took place prior to the company being placed in liquidation. The adjustments related to a credit for an…
The Qld Court of Appeal has dismissed appeals by a bank and cross-appeals by a husband and wife concerning damages awarded for a financial loss stemming from advice given by a financial planner. In mid-2007, a husband and wife obtained a statement of advice from a financial planner employed by Westpac Banking Corporation. The husband…
The AAT has upheld a decision of Screen Australia which held that certain expenditure by the applicant was not incurred by the applicant for the purpose of qualifying for a refundable film tax offset. The applicant (Creation Ministries) is a not-for-profit corporation that seeks to affirm the reliability of the Bible. It made a film…