The High Court has refused applications by the taxpayer for special leave to appeal against the decisions of the Full Federal Court in Weeks v FCT [2013] FCAFC 2 and Weeks v FCT and Commonwealth of Australia [2013] FCAFC 78. In the first case, the Court had confirmed that a termination payment made to the…
A full court of the High Court on Wed 5.6.2013, unanimously dismissed the appeallant’s appeal against his conviction in the NSW Supreme Court for conspiring to dishonestly cause a loss to the Commonwealth, contrary to s 135.4(5) of the Criminal Code (Cth). The appeallant was charged with 2 counts of conspiracy, both of which arose out…
The Government announced on Wed 12.6.2013, that it will undertake [amongst other things] a review into employee share schemes (ESS) to help address the barriers faced by start-up companies in attracting and retaining staff. The ESS review will consider what measures could help address the barriers faced by start-up companies, such as: developing guidance to…
The new Tax and Transfer Policy Institute was launched on Thur 27.6.2013, at the Australian National University’s Crawford School. The Institute was established through a $3m grant from the Federal Government to encourage a better understanding of Australia’s tax and transfer systems. It will work collaboratively and inclusively with other institutions and think tanks, and…
The High Court has dismissed the taxpayers’ applications for special leave to appeal against the decision of the Qld Court of Appeal in Reardon & Anor v DCT [2013] QCA 46. The Court of Appeal had by majority upheld the decision of the court at first instance to grant summary judgment against 2 directors for…
The Assistant Treasurer says the Government will prevent dividend washing by inserting a specific integrity rule in the tax law. Mr Bradbury said that in developing the approach, the Government had worked with the business community, in particular with the Australian Financial Markets Association, the Australian Custodial Services Association, the Financial Services Council and the…
Treasury has released the May 2013 update of the Government’s forward work program on tax measures. The program sets out the timetable for current and proposed consultation on tax and superannuation measures. It covers issues such as non-cash benefit rules, bad debts, R&D, debt-equity rules, MITs, and trusts reform. The next edition of the Program…
Following the changes in the leadership of the Federal Labor Party on Wed 26.6.2013, the Governor-General has on Thurs 27.6.2013, sworn in Kevin Rudd as the new Prime Minister and Chris Bowen as the new Treasurer [following the resignation of Wayne Swan as Treasurer]. It is understood that David Bradbury remains Assistant Treasurer. [LTN 122,…
The Family Assistance and Other Legislation Amendment Bill 2013 was passed by the Senate on Thur 27.6.2013, without amendment and effectively awaits Royal Assent. The Bill was previously amended in the Reps to replace the Baby Bonus from 1 March 2014 with an increase in Family Tax Benefit Part A. The Bill as introduced contained changes re…
Legislative Instruments have been registered requiring: Lodgment of returns for year ended 30 June 2013 in accordance with Income Tax Assessment Acts, Taxation Administration Act 1953, Superannuation Industry (Supervision) Act 1993, and the Income Tax (Transitional Provisions) Act 1997. Lodgment of income tax returns for year ended 30 June 2013 in accordance with ITAA 1936, Taxation Administration Act 1953…