The ATO on Fri 22.11.2013, released Decision Impact Statements on the following cases: Sanctuary Lakes Pty Ltd v FCT [2013] FCAFC 50 – In that case, the Full Federal Court unanimously dismissed the taxpayer’s appeal against an AAT decision on the substantive issue and confirmed that the taxpayer was not entitled to deductions for over…
This Ruling, released on Wed 27.11.2013, sets out the Commissioner’s views on the interpretation of aspects of s 23AG(1AA) of the ITAA 1936. It applies to Australian resident individuals serving in a foreign country as an employee or officeholder. The Ruling was previously issued as Draft Taxation Ruling TR 2013/D3 and is largely unchanged. It specifically…
The ATO on Fri 15.11.2013, released Decision Impact Statements on the following: Intoll Management Pty Ltd v FCT [2012] FCAFC 179 – In that case, the Full Federal Court unanimously allowed the taxpayer’s appeal and held that dividends of id=”mce_marker”83m paid to the taxpayer by companies incorporated in Luxembourg were excluded from assessable income by…
The taxpayer has lodged an application for an extension of time in which to lodge an appeal against the decision of Besanko J in Roberts v DCT [2013] FCA 1108. In that case, the Federal Court granted judgment for the Commissioner concerning outstanding tax debts of the taxpayer (default assessments were issued to amend the taxpayer’s…
The South Australian Supreme Court has allowed an appeal and reduced the amount payable by a company to its accountants following the company’s claim that its accountants were negligent concerning the preparation of certain of its BASs. The respondent in this case is an accountancy firm which had been retained by the appellant, Thalia Corporation…
The AAT has found that stapled securities acquired by a taxpayer under a Senior Executive Option Plan (SEOP) were not assessable income, although it did confirm that the taxpayer was taxable on a discount of id=”mce_marker”52,400 that arose under s 139CC(4) of the ITAA 1936 in respect of the shares acquired under the SEOP. The Tribunal…
In a highly technical procedural case, the AAT has accepted that it was clearly bound by a Declaration made by the Federal Court (Gordon J) on 17 October 2013 to the effect that the AAT did not have the power to review the Commissioner’s objection decisions in relation to amended assessments issued to the taxpayers and the imposition…
The AAT has refused a taxpayer’s application to seek a stay in relation to a review hearing pending in the AAT, arising from the Commissioner’s objection decision confirming that the taxpayer had made a capital gain of id=”mce_marker”75,000 from a settlement payment made under a deed of release. The taxpayer sought the stay pending the…
The AAT has refused a taxpayer’s request seeking a remission of an administrative penalty. In September 2012, an administrative penalty (approx. id=”mce_marker”1,000) was imposed on the taxpayer on the grounds that the taxpayer had failed to take reasonable care. The penalty was issued after an ATO audit was completed, which had identified that in relation to 8…
The AAT has found that legal expenses incurred by a taxpayer in challenging an ASIC banning order prohibiting him from providing financial services for 5 years and in defending criminal charges for alleged insider trading, were not incurred by him “in the course” of gaining or producing assessable income and therefore were not deductible under…