The AAT has held the taxpayers’ circumstances and actions did not warrant a remission of penalties in relation to not remitting the appropriate GST amounts to the Commissioner on the sale of residential apartments. The taxpayers were members of a partnership that developed residential apartments for sale. For the period February 2009 to August 2010,…
The AAT has dismissed the taxpayers’ appeal and upheld the Commissioner’s imposition of penalties for their failure to account correctly for GST on the sale of properties. The taxpayers are members of a partnership that developed an industrial estate comprised of a number of lots. The firm was registered for GST purposes but did not…
The ATO has announced that it has signed an Annual Compliance Agreement (ACA) with Alcoa of Australia Limited covering the areas of income tax, FBT, GST and excise. Mr D’Ascenzo said this was the first time a company had entered into an ACA covering 4 different areas. The ACA took effect on 30 October 2012.…
The ATO has released its Dispute management plan for 2012-13. It contains ATO’s approach to resolving tax and super disputes in a principled way. The key principles contained in the document indicate that the ATO will work with taxpayers to: avoid disputes where possible; resolve disputes in the simplest and most cost effective manner; resolve…
The Commissioner of Taxation’s 2011-12 Annual Report, for the financial year ended 30 June 2012, reported $301bn in net tax collected (up from $273bn in 2010-11) – featuring $148.4bn from individuals, $66.6bn from company income tax, $46.2bn from GST, followed by $25.5bn from excise and $14.3bn from other tax collections. Net tax collections of $301bn,…
The Treasurer announced on Wed 24.10.2012, that the Tax Commissioner, Michael D’Ascenzo will conclude his 7-year term at the end of the year. Mr Swan thanked Mr D’Ascenzo for his contributions to public service and tax administration over the term. Mr Swan said a new Commissioner of Taxation will be appointed and announced “in the…
The ATO has published on its website, updated as at 8 October 2012, details of the tax agent lodgment program for 2012-13 [it was originally released in July 2012]. Points of note include: The due date for lodgment and payment of the December 2012 monthly BAS will be extended from 21 January 2013 to 21…
The ATO has announced details of its proposed data matching program that will request and collect information in relation to payments made to contractors for the 2009-10 to the 2011-12 income years by businesses audited by the ATO employer obligations area. Data will also be collected from businesses being audited by the ATO employer obligations…
The ATO on Wed 31.10.2012, issued the following Class Rulings: Class Ruling CR 2012/98: Whitefield – allotment of convertible resettable preference shares (CRPS). It applies from 9 August 2012 to 30 June 2019. Among other things, the Ruling states that dividends paid the shareholders of the preference shares will be a dividend pursuant to s…
The ATO on Wed 17.10.2012, issued the following Class Rulings: CR 2012/90: demerger of Audeo Oncology, Inc by Alchemia Limited. The Ruling applies to relevant shareholders of Alchemia Limited (Alchemia) and applies from 1 July 2012 to 30 June 2013. The Ruling sets outs CGT and dividend consequences of the proposed demerger. CR 2012/91: return…