The AAT has held that a taxpayer’s legal expenses incurred in protecting her interest in a taxi plate, licence, and vehicle was not an allowable deduction under s 8-1 of the ITAA 1997 as the costs were of a capital nature. The taxpayer is the recipient of a carer allowance for her husband, which is determined…
The Federal Court has dismissed an application by the former wife of a taxpayer who was liable to the Commissioner for a tax debt of over id=”mce_marker”1.4m to have the tax matter currently being dealt with by the Federal Court transferred to the Family Court in Western Australia under the cross-vesting rules. The former wife…
In a 2:1 majority decision handed down on Wed 3.7.2013, the Full Federal Court (Dodds-Streeton J dissenting) affirmed the Commissioner’s decision that Sea Shepherd Australia was not entitled to be endorsed as a deductible gift recipient (DGR). The Commissioner had determined that Sea Shepherd’s activities did not satisfy para (a) of Item 4.1.6 in s 30-45 of…
The Prime Minister and the Treasurer on Tue 16.7.2013, formally announced that the Government would bring forward the start date of emissions trading to 1 July 2014. From that date, a floating price on carbon will apply. Under the previous arrangements, the carbon price was to be $25.40 per tonne from 1 July 2015. Under a floating price, the…
The Treasurer has advised that Australia and Britain have agreed to a shared agenda to combat tax avoidance and evasion. Mr Bowen said Britain has made this a priority for its G8 presidency this year and Australia will make it a priority for its G20 presidency next year. Mr Bowen also announced that Australia will…
The Government has announced that it will move to an emissions trading scheme a year earlier on 1 July 2014 and that the fixed price of carbon will be replaced with a floating [market based] price from that date. Finance Minister Penny Wong said the Government would need to legislate ahead of the 2014-15 start of the…
The Assistant Treasurer has gazetted a notice, under s 4A of the International Tax Agreements Act 1953, specifying that the allocation of tax rights regarding the income of certain individuals and establishing a procedure in regards to transfer pricing adjustments between Australia and Mauritius entered into force on 31 May 2013. In addition, a notice was also gazetted…
The Assistant Treasurer on Tue 30.7.2013, announced that Australia and Switzerland have signed a revised tax treaty, which will replace the existing treaty signed in 1980. The revised treaty will align the bilateral tax arrangements more closely with current Australian and international tax treaty policy setting, and also strengthen the administrative assistance between the tax…
The Organisation for Economic Co-operation and Development (OECD) has launched its Action Plan on Base Erosion and Profit Shifting (BEPS) which it says “offers a global roadmap that will allow Governments to collect the tax revenue they need to serve their citizens”, and also “gives businesses the certainty they need to invest and grow”. Produced…
The Government on Wed 31.7.2013, released for comment updated draft legislation for the third and final element of the Investment Manager Regime [in Div 842 of the ITAA97]. The Government said the exposure draft builds on industry consultation including submissions received on an earlier exposure draft released in April 2013. While the necessary integrity aspects of the…