The Federal Court has granted a taxpayer an interlocutory injunction to prevent the Commissioner from making use of certain information obtained without the taxpayer’s consent. The taxpayer engaged a law student and a firm of lawyers that was associated with the law student to provide advice relating to his personal and family financial matters. The…
The Federal Court has dismissed a taxpayer’s application for interlocutory injunctive relief that sought to restrain, until further order, the Commissioner from issuing amended assessments to the taxpayer. The taxpayer claimed that the Commissioner was going to apply, retrospectively, a changed view on the law relating to Overseas Banking Unit expense allocations. The Court said…
Bills Pass Lower House – All Three The following Bills were all passed by the House of Reps on Wed 6.2.2013, without amendment and now move to the Senate: International Tax Agreements Amendment Bill 2012 – The Bill proposes to give the force of law in Australia to the Protocol to amend the DTA between…
The House of Reps Standing Committee on Economics has completed its inquiry into the proposed amendments to the tax treatment of in-house fringe benefits, limited recourse debt and rebates for medical expenses, among other changes, contained in the Tax Laws Amendment (2012 Measures No 6) Bill 2012. The Bill is currently before the House of…
The Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 was introduced in the House of Reps, on Wed 13.2.2013. It contains the following amendments: of the ITAA 1936 to ensure its effective operation as the income tax general anti-avoidance provision. The Government said some recent decisions of the Full Federal Court…
The Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 was introduced in the House of Reps on Wed 13.2.2013. It contains the following amendments: : the Bill proposes to amend the income tax law to allow corporate tax entities that have paid tax in the past, but are now in a tax…
Treasury Wed 13.2.2013, released draft legislation to implement the Government’s 2012-13 Federal Budget announcement that it would consolidate 8 of the existing dependency tax offsets into a single, streamlined offset with respect to the 2012-13 and future income years. From 2012-13 onwards, the new Dependant (Invalid and Carer) Tax Offset (DICTO) will only be available…
The Assistant Treasurer Mon 18.2.2013, released the Board of Taxation’s Review of taxation arrangements under the venture capital limited partnerships regime. The Government’s response to this report was announced as part of the Venture Australia package which forms an element of the Government’s Industry and Innovation Statement. The Board’s report is on its website. The…
M o r g a n’ s T a x M o n t h – February 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in February 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
RevenueSA has issued Revenue Ruling LT003 (Land tax relief upon moving into residential care on an ongoing basis). The SA Minister for Finance has approved, on a case-by-case basis, the provision of ex gratia relief from land tax for land for the first financial year where the owner of the land has moved on an…