The ATO on Wed 22.8.2012, released a new ATO online resource and printed booklet which sets out its approach to managing tax compliance risks for SMEs and wealthy individuals. The detailed new resource informs SME market taxpayers of their key rights and obligations. It also provides important information on ATO processes including risk-assessment procedures, compliance…
The Tax Commissioner on Thur 2.8.2012, welcomed the addition of former Federal Court judge the Hon Kevin Lindgren, as a member of the test case litigation panel. Justice Lindgren joins external panellists Peter Poulos (Partner Maddocks Lawyers) and Graeme Wade (Accounting Consultant Hamilton Morello), as well as 2 senior ATO panellists Andrew England (Chief Tax…
The Commissioner on Wed 1.8.2012, announced that the ATO has released a new Employees or contractor webpage to assist businesses in determining whether their workers are employees or contractors. The ATO has also released the following guides on employees and contractors, including: apprentices and trainees are employees, not contractors; building and construction industry – how…
The ATO on Thur 23.8.2012, released the following Practice Statements: : PS LA 2012/4Administration of penalties for making false or misleading statements that do not result in shortfall amounts. This Practice Statement explains how the Commissioner administers the penalty for making a false or misleading statement on or after 4 June 2010, where the statement…
The ATO on Wed 22.8.2012, released the following Class Rulings: CR 2012/62: Depreciating asset: small business and general business tax break: BB Australia Pty Ltd. It applies from 1 July 2009 to 30 June 2010. Among other things, the Ruling states that each DVD, blu-ray disc or HD-DVD acquired by the franchisees is a depreciating…
The ATO on Wed 15.8.2012, released the following Class Rulings: CR 2012/57: Off-market share buy-back: European Gas Limited. It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states the distribution from the off-market share buy-back to shareholders is not a dividend under s 159GZZZP of the ITAA 1936. CR 2012/58: 2012-14…
This Draft Ruling, released on Wed 15.8.2012, considers aspects of the feedstock adjustment provisions in Subdiv 355-H of the ITAA 1997. Subdiv 355-H reduces the concessional effect of granting R&D tax offsets where the registered R&D activities also involve the production of a tangible product by including an amount in the assessable income of the…
The ATO on Mon 27.8.2012, released Decision Impact Statements on 2 Pt IVA cases – the second of which was: – in that case, the Full Federal Court confirmed that Pt IVA did not apply to a scheme under which the FCT v Futuris Corporation Limited [2012] FCAFC 32value shifting provisions operated to increase the…
The ATO on Mon 27.8.2012, released Decision Impact Statements on 2 Pt IVA cases – the first being: – in that case, the Full Federal Court held that Pt IVA did not apply to a scheme, which reduced a capital gain made by an Australian company on the transfer of its shares to a related…
The ATO Wed 22.8.2012, released a Decision Impact Statement on the decision in Soong v DCT [2011] NSWCA 26. That case involved the former s 222AOE of the ITAA 1936 and the NSW Court of Appeal (with a 5 member bench) unanimously held that the 14-day period within which a director was required to take…