In a decision handed down [on Wed 4.2.2015], the Federal Court has dismissed as incompetent a taxpayer’s appeal against an AAT decision of 28 August 2014 (Re The Trustee of Oenoviva (Australia & New Zealand Plant and Equipment Trust and FCT[2014] AATA 614). The taxpayer had been unsuccessful before the AAT in seeking to have standing and…
ATO First Assistant Commissioner, Review and Dispute Resolution, Debbie Hastings, [on Fri 20.2.2015] delivered a speech at the Tax Institute’s 2015 Financial Services Taxation Conference held in Surfers Paradise on the ATO’s approach to managing disputes since the introduction of Independent Review in July 2013. Ms Hastings said Independent Review “was introduced to promote the earlier resolution…
The ATO [on Thur 26.2.2015] issued Practice Statement PS LA 2015/3 outlining the approval process where the Commissioner relies on s 815-130(2) to 815-130(4) of the ITAA 1997 [the ‘restructuring power’] to identify arm’s length conditions in relation to cross-border transfer pricing. It does not apply in instances where ATO personnel are merely re-pricing an entity’s…
The ATO [on Thursday 19.2.2015] issued Practice Statement PS LA 2015/2 outlining its practice of limiting the period within which it will raise an original trustee assessment. It notes that the practice means returns lodged by trustees are broadly exposed to similar time limits for review as other taxpayers. Generally, the ATO notes that it…
The ATO has issued ATO ID 2015/7 which deals with the correct foreign currency translation rule for working out an individual’s “applicable fund earnings” when an individual receives a superannuation lump sum from a foreign superannuation fund. [IT, 18/2/15]
The ATO [on Wed 25.2.2015] issued the following Class Rulings: CR 2015/13: Fuel tax: clients of LogbookMe Pty Ltd who use the reports generated by LogbookMe In car Logbook Solution for calculating the kilometres travelled in a vehicle as a record for fuel tax credit purposes; CR 2015/14: Off-market share buy-back: Thinksmart Limited; CR 2015/15:…
The ATO [on Wed 18.2.2015] released the following Class Rulings: CR 2015/11: Exchange of units in the Bailador Trust for shares in Bailador Technology Investments Limited; and CR 2015/12: Restructure of Bailador Siteminder Co Investment Trust. The ATO also released an Addendum to Taxation Determination TD 2007/18 (Consolidation: in applying the statutory cap in s 705-40…
The ATO [on Wed 12.2.2015] released Class Ruling CR 2015/10 (Provision of accommodation by Shell Korea Ltd to employees who are residents of Australia for tax purposes). The ATO also issued Addenda to the following GST Ruling and Class Ruling: GSTR 2012/2: Financial assistance payments. CR 2002/83: Science Prizes: The Prime Minister’s Prize for Science.…
The ATO [on Wed 4.2.2015] released the following Class Rulings: CR 2015/7: Assessability of income and expenses incurred by clubs and societies co-ordinated by the University of Sydney Union; CR 2015/8: Crowe Horwath Australasia Ltd Scheme of Arrangement and Special Dividend; and CR 2015/9: FBT: health and fitness equipment services provided by EFM Corporate Pty…
The ATO has issued TR 2015/1 which discusses two special conditions that certain types of “exempt entities” under Div 50 of ITAA 1997 must satisfy in order for their ordinary and statutory income to be exempt from income tax. The two conditions are: (1) the entity must comply with all of the substantive requirements in…