In a decision handed down on Tue 5.3.2013, a taxpayer has been successful before the Full Federal Court in appealing against a Federal Court decision which had held that the taxpayer had not discharged the onus of proving that amounts of over $4.75m deposited in its bank account from an overseas bank were not income.…
The Full Federal Court has unanimously dismissed the taxpayer’s application for leave to appeal from the decision in Hua Wang Bank Berhad & Ors v FCT (No 2) [2012] FCA 938. The taxpayer sought to leave to appeal from that part of the decision in which the Court at first instance refused to set aside…
In a decision handed down on Thur 14.3.2013, the Full Federal Court has found that asset betterment assessments issued to husband and wife taxpayers should stand. The matter concerned the 2000 to 2006 income tax years inclusive and default assessments (including 75% penalty with a 20% uplift for most years) issued to the taxpayers following…
In a unanimous decision, the Full Federal Court has confirmed that a family trust failed the maximum net asset value (MNAV) test for the purposes of accessing the CGT small business concession in respect of a $6m gain made by the trust to which the taxpayer beneficiary was presently entitled. In doing so, the Court…
The International Tax Agreements Amendment Bill 2012 received Royal Assent on 27 March 2013 as Act No 14 of 2013. It gives the force of law in Australia to the Protocol to amend the DTA between Australia and India. It also gives the force of law in Australia to the Agreements between Australia and the Marshall Islands…
Ahead of the [now botched] Labor leadership spill and ballot for the Party leadership on Thur 21.3.2013, both Houses of Federal Parliament concluded their sittings and adjourned until Tuesday, 14 May 2013. A number of important tax and related Bills remain before Parliament and will not now be debated until after the Budget. [LTN 55, 21/3/13]
The Tax Laws Amendment (2012 Measures No 6) Bill 2012 was passed by the House of Reps on Mon 18.3.2013, without amendment, and now moves to the Senate. The Bill proposes amendments concerning: FBT and in-house benefits, medical expenses rebate, managed investment trusts (MITs), limited recourse debts, native title benefits tax exemption, exploration expenditure deductibility,…
The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 20.3.2013. It contains the following amendments: GST instalment system – the Bill would amend the GST law to enable entities that are paying their GST by instalments, and that subsequently move into a net…
The Income Tax Assessment Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Mon 4.3.2013. It sets out the “cents per kilometre” rates for calculating tax deductions for car expenses in the 2012-13 income year. The rates remain unchanged from the 2011-12 year and are: Car expense rates per…
The Assistant Treasurer on Fri 8.3.2013, released for consultation exposure draft legislation and explanatory materials to remove the CGT discount for non-resident individuals on taxable Australian property, such as real estate and mining assets announced in the 2012-13 Federal Budget. The proposed measures will apply where an individual has a discount capital gain, including a…