The Federal Court has dismissed 2 taxpayers’ appeals and held that income they received as beneficiaries of a number of trusts was income according to ordinary concepts and not gains of a capital nature. This was a factually complex case. The taxpayers were beneficiaries of a number of trusts of which Toorak Management Pty Limited…
The Full Federal Court has allowed the taxpayers’ appeal from a 2011 Federal Court decision concerning their applications for review of the disallowance of objections to various income tax and GST assessments and penalty notices. The Taxpayers had made applications to have the AAT review decisions made by the Commissioner to disallow certain objections as…
The House of Reps Standing Committee on Economics in conducting an inquiry into the Tax Laws Amendment (2012 Measures No 4) Bill 2012 concerning the proposed LAFHA changes contained in the Bill. The effect of these changes has caused concern among those likely to be affected and the Committee has now released the transcript of…
Mr Bradbury also advised that the Government had received substantial feedback to its initial consultation paper on Div 6 of Pt III of the ITAA 1936 issued in November 2011. In response to the feedback, he said the Government will defer the proposed start date for the broader reform of trust income taxation from 1…
Treasury on Mon 30.7.2012, issued a discussion paper seeking views on “a more workable approach for fixed trusts”. The Government in November 2011 had advised that it was aware that the current restrictive definition of “fixed trust” was an issue for trusts and said it would release a separate discussion paper. The Assistant Treasurer said…
The Assistant Treasurer has announced on Tue 24.7.2012, that the earthquakes which hit North-Eastern Italy on 20 May and 29 May 2012 have been recognised as a disaster for tax purposes. Mr Bradbury said the declaration allows Australian taxpayers to claim an income tax deduction for donations made to the relief effort. He said funds…
Treasury has released the Government’s Forward Work Program for Tax Measures as at 20 July 2012. The forward work program sets out the timetable for current and proposed consultation on tax and superannuation measures. It includes: details of discussions paper currently being drafted – eg appropriateness of the definition of fixed trust, GST – cross-border…
Treasury has released a discussion paper on the proposal to allow businesses to carry-back losses as confirmed in the 2012-13 Budget. The proposal would allow companies to carry back up to $1m worth of losses to get a refund of tax paid in the previous year from 1 July 2012. In addition, the measure also…
Treasury has released a discussion paper seeking views on the 2012-13 Budget announcement to clarify the definition of limited recourse debt. As part of the 2012-13 Budget, the Government announced it would clarify that limited recourse debt includes arrangements where the creditor’s right to recover the debt is limited (contractually or otherwise) to the financed…
In the 2012-13 Budget, the Government announced that it would amend the income tax legislation in light of APRA’s adoption of the Basel III capital reforms. It would ensure that on commencement of the Basel III capital reforms on 1 January 2013, certain capital instruments issued by authorised deposit-taking institutions would not be precluded from…