Daily Archives: April 14, 2017

DCT v Club Culture Pty Ltd – Company fails to obtain review of winding-up order over $124 million tax debt from the Commissioner denying R&D off-sets and imposing huge shortfall penalties and GIC

The Federal Court has dismissed an application, by a company, for review of a winding up order made against it concerning a $124.8 million tax debt (mainly administrative penalties), in respect of the 2012 to 2015 financial years. The statutory demand had its origins in claims made by the company for large R&D tax offsets…

Binqld Finances Pty Ltd (In Liq) v Tamarama Fresh Juices Australia Pty Limited; In the Matter of Binqld Finances Pty Ltd (In Liq) – FCT required to produce documents to Binetter interests – secrecy exception applied

In a previous case: BCI Finances Pty Limited (in liq) v Binetter (No 4) [2016] FCA 1351, the liquidators of several companies were successful in obtaining orders of the Federal Court, that certain directors of the companies breached their fiduciary duty as directors, by engaging the companies in a scheme to evade tax, which in turn, resulted…

GST Legislative Instruments registered varying Attribution Rules; tax invoice requirements; recipient created tax invoices and cash basis determination

The following GST legislative instruments were registered on the Federal Register of Legislation on Wed 12.4.2017 & Thurs 13.4.2017: GST: Particular Attribution Rules for Banknote and Coin-operated Machines and Similar Devices Determination 2017 GST: Waiver of Requirement to hold a Tax Invoice Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange…

ATO 2014/15 Taxation Statistics released – highest earning occupations & postcodes; highest donations; breakdowns by taxpayer type and tax type; compliance costs and industry benchmarks

The ATO has released the 2014-15 Taxation Statistics, revealing data on Australia’s most charitable individuals, highest earners and the richest postcodes. The latest report shows that with an average taxable income of $189,293, the postcode with the highest average taxable income was 2027, which includes the Sydney suburbs of Darling Point, Edgecliff, HMAS Rushcutters and…