The ATO on Wed 4.9.2013, released the following Class Rulings: CR 2013/68: Cancellation of shares in Tower Ltd. It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states that the return of capital to Tower Ltd shareholders will not be a dividend under s 6(1) of the ITAA 1936. CR 2013/69: Return of capital: Wesfarmers Ltd.…
This TD, released on Wed 25.9.2013, specifies for the purposes of s 108-85 of the ITAA 1997, that the CGT improvement threshold for the 2013-14 income year is id=”mce_marker”36,884. [FJM Note: This is the threshold where improvements to pre-1985 land will form a separate asset (post-CGT) from the land.] [LTN 186, 25/9/13]
The ATO on Thur 19.9.2013, released a Decision Impact Statement on the Full Federal Court’s decision in FCT v Messenger Press Proprietary Limited [2013] FCAFC 77. In that case, the Full Federal Court unanimously dismissed the Commissioner’s appeal and confirmed that some 20 News Corp group companies were entitled to deductions for over $2bn in…
The ATO Fri 13.9.2013, released a Decision Impact Statement on the Full Federal Court’s decision in Gashi v FCT [2013] FCAFC 30. In that case, the Full Federal Court held that asset betterment assessments issued to husband and wife taxpayers should stand. It found the taxpayers did not discharge the onus of proving that one…
The taxpayer has applied for special leave to appeal to the High Court against the decision of the Full Federal Court in FCT v Fabig [2013] FCAFC 99. In that case, the Full Federal Court allowed the Commissioner’s appeal and held that the AAT, at first instance, had erred in finding that CGT scrip-for-scrip roll-over…
The taxpayer has applied for special leave to appeal to the High Court against the decision of the Full Federal Court in Pratt Holdings Proprietary Limited v FCT [2013] FCAFC 82. In that case, the Full Court unanimously dismissed an appeal by the taxpayer and confirmed that it was not entitled to deduct a loss…
The taxpayer has applied for special leave to appeal to the High Court against the decision of the Full Federal Court in Sea Shepherd Australia Ltd v FCT & Anor [2013] FCAFC 68. In that case, the Full Federal Court, in a 2:1 majority decision, affirmed the Commissioner’s decision that Sea Shepherd Australia was not…
The Commissioner has appealed to the Full Federal Court against the decision of Edmonds J in Resource Capital Fund IV LP & Anor v FCT & Anor [2013] FCA 801, reported at 2013 WTB 36 [1598]. In that decision, s 255 notices requiring a company to retain out of Canadian currency sufficient funds to meet a taxpayer’s…
An individual (the taxpayer) has been unsuccessful before the WA District Court in arguing that his former wife, and not himself, was the sole trustee of a family trust at all material times. The Deputy Commissioner had claimed monies were due and owing by the taxpayer pursuant to a running balance account (RBA) in the…
The ATO has announced that a Victorian loan broker and company director was on Wed 4.9.2013, sentenced by the County Court of Victoria to 6 years and 6 months jail (with a minimum of 4 years to serve) for tax fraud. The ATO said the man pleaded guilty to 121 charges involving fraudulent use of…