The Commissioner has appealed to the Full Federal Court against the decision of Edmonds J in Resource Capital Fund IV LP & Anor v FCT & Anor [2013] FCA 801, reported at 2013 WTB 36 [1598]. In that decision, s 255 notices requiring a company to retain out of Canadian currency sufficient funds to meet a taxpayer’s…
An individual (the taxpayer) has been unsuccessful before the WA District Court in arguing that his former wife, and not himself, was the sole trustee of a family trust at all material times. The Deputy Commissioner had claimed monies were due and owing by the taxpayer pursuant to a running balance account (RBA) in the…
The ATO has announced that a Victorian loan broker and company director was on Wed 4.9.2013, sentenced by the County Court of Victoria to 6 years and 6 months jail (with a minimum of 4 years to serve) for tax fraud. The ATO said the man pleaded guilty to 121 charges involving fraudulent use of…
The AAT has held it has no power to stay the operation or implementation of the Commissioner’s objection decision which disallowed a trustee’s objection to the assessments issued to 2 minor beneficiaries of a trust. The beneficiaries of the trust are the trustee’s 2 daughters. On 11 March 2013, the Commissioner issued a notice of assessment to…
In a procedural matter, the AAT has held that a director of the taxpayer (in liquidation) lacked authority to commence proceedings before it in the name of the taxpayer, but that steps may be taken, which must be pursued in a timely manner, to remedy the lack of authority. In doing so, the AAT made no orders.…
In a decision handed down on Fri 20.9.2013, the AAT affirmed the Commissioner’s decision refusing a taxpayer’s claim for tax deductions for the relevant year. In doing so, it also affirmed the imposition of 50% penalty on the shortfall amount for “recklessness”. The taxpayer’s tax return for the 2011-12 tax year was lodged with the…
The AAT has affirmed the Commissioner’s decision that lump sum payments received by a taxpayer that was connected to a pension paid by the UK Government was ordinary income in her hands and therefore should be assessed accordingly. The taxpayer was in receipt of a pension from the UK Government. The taxpayer’s pension was connected…
The AAT has affirmed the Commissioner’s decision to assess a taxpayer in 2008 on 50% of the net capital gain arising from the sale of a town-house. It did so on the basis that the interest in the town-house was not held on trust for his son, and the principle place of residence exemption did…
In a Project Wickenby matter, the AAT has ordered that certain documents be released to the taxpayers and that the Commissioner conduct a further review of his position and determine what further documents should be released to the taxpayers. The AAT said the proceedings were applications for review of decisions made in respect of requests…
In a decision handed down on Thur 5.9.2013, the AAT has refused a taxpayer an extension of time in which to seek a review of an objection decision made by the Commissioner, concerning disallowance of a credit for withheld PAYG and other expenses. In relation to his 2011 tax return, the Commissioner had disallowed the…