Daily Archives: August 22, 2017

Lane (Trustee), in the matter of Lee (Bankrupt) v DCT – No priority in bankruptcy proceedings for unpaid part of SGC

The Federal Court has ruled that the ATO did not have priority under the Bankruptcy Act 1966 in relation to part of a Superannuation Guarantee Charge (SGC) payable by a bankrupt trustee. The bankrupt had operated a Subway franchise as trustee of his family trust. Shortly after he sold the business, he was made bankrupt…

BFCB and FCT – Release from Tax Debt on grounds of ‘serious hardship’ rejected because expenses exceeded income and release from debt would not have relieved the hardship

The AAT has upheld the Commissioner’s decision to refuse to release a taxpayer from a tax debt on hardship grounds. The taxpayer was assessed to pay income tax of $70,571 for the 2012-13 income year. She paid part of the tax debt but $61,108 of primary debt remained outstanding plus the GIC. She applied to…

SA ‘Bank Tax’ – Australian Bankers Association threaten SA Government with a High Court challenge to its Constitutional validity

On Tues 22.8.17, the Australian Bankers Association announced that Australia’s major banks have resolved to mount a High Court challenge to the constitutional validity of the proposed South Australian ‘bank tax’, if it is legislated. It also announced that any other State proposing such a tax would also be the subject of a similar High…