The Federal Court has deferred a winding up application until the taxpayer could have its case on objection decisions decided before the AAT. A Deputy Commissioner of Taxation filed on 4 November 2011 an application under s 459P of the Corporations Act 2001 for the winding up of the taxpayer company on the ground of…
The Federal Court has dismissed a Deputy Commissioner’s application for an order that a company be wound up in insolvency essentially on the basis that the ATO had not complied with s 109X of the Corporations Act 2001 and s 28A of the Acts Interpretation Act 1901. The statutory demand sought the payment by the…
The Federal Court has dismissed an appeal by a taxpayer, a former senior tax officer, against an earlier AAT decision, which held that a termination payment made to her because her services could no longer be effectively utilised by the Tax Office, was not a “genuine redundancy payment” under s 83-175 of the ITAA 1997.…
The Federal Court has dismissed the appeal of a taxpayer who claimed that the capital proceeds it was entitled to receive for the sale of its publishing business was less than the $4.1m assessed to it by the Commissioner. The taxpayer broadly argued that the effect of a “payment by direction” mechanism, whereby a related…
The Full Federal Court has unanimously confirmed the decision in Noza Holdings Pty Ltd & Ors v FCT [2011] FCA 46 that the head company of an Australian group of consolidated companies (“Noza”) was entitled to a deduction under s 25-90 of the ITAA 1997 (deductions for ‘debt interest’ costs incurred in deriving foreign non-assessable…
The Treasurer on Fri 13.4.2012, released the Business Tax Working Group’s final report on the tax treatment of losses which has recommended a loss carry back regime. The Working Group said a loss carry back could be implemented consistent with a model that: is limited to companies; provides a 2-year loss carry back period on…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2012-13 financial year. The details are: For repayment income in the range Percentage rate to be applied to repayment income Below $49,095 Nil $49,095 to $54,689 4.0% $54,689 to $60,280 4.5% $60,280 to $63,449…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2012-13 financial year. The details are: SFSS repayment rates from 1 July 2012 For repayment income in the range Percentage rate to be applied to repayment income Below $49,096 Nil $49,096 to $60,279 2.0%…
The ATO has advised that Australia has signed new Tax Information Exchange Agreements (TIEA) and Agreements to allocate taxing rights over certain income and transfer pricing adjustments (ATR) with: Aruba – both the TIEA and ATR entered into force on 17 August 2011. Cook Islands – the TIEA entered into force on 2 September 2011,…
The Assistant Treasurer has announced the Government will extend the start date for the 2011 Budget proposal to better target tax concessions provided to not-for-profit organisations (NFPs) from 1 July 2011 to 1 July 2012. Under the proposal, the NFP income tax concessions will only apply to profits generated by unrelated commercial activities that are…