The NSW Court of Appeal has unanimously ordered the continuation of a stay of a winding up in relation to outstanding tax debts. In June 2013, income tax assessments for the 2008, 2009 and 2010 income years totalling just over $7.1 million were issued to Peter Sleiman Investments Pty Ltd (PS Investments), in its capacity as trustee.…
The UN Committee of Experts on International Cooperation in Tax Matters (UN Committee), during recent meetings, released its revised and updated 2017 United Nations Practical Manual on Transfer Pricing for Developing Countries. Main items of the 2017 update included: additional chapters on services, intangibles; taking account of the OECD/G20 BEPS project; revised guidance on comparability analysis; revised…
On 19 April 2017, the TPB issued the following guidance on registration requirements. All Australian financial services (AFS) licensees and their representatives that provide tax (financial) advice services for a fee or other reward must be registered with the Tax Practitioners Board (TPB). If you advise your clients about the tax consequences of the financial advice…
On 24 March 2017 the Board of Taxation held its second meeting for 2017. At the Board’s meeting, we discussed the following Some additional detail on the progress of the Board’s work is set out below. Tax Transparency Code The Board noted that 76 organisations (including private and foreign companies) have now indicated their intention…
On Wed 19.4.2017, the ATO released Product Ruling PR 2017/3 concerning the income tax consequences for a borrower being charged an “Indexed Rate” of interest under a home loan. The ATO says the interest incurred by the borrower at the Base Rate under a home loan used to fund the acquisition of the borrower’s principal place of…
On Wed 19.4.2017, the ATO released the following Class Rulings: Class Ruling CR 2017/26– Income tax: scrip-for-scrip roll-over: acquisition of Centuria Metropolitan REIT No. 2 (CMR2) by Centuria Metropolitan REIT No. 1 (CMR1). The ATO says that, subject to certain conditions, a CMR2 Unitholder who makes a capital gain from the disposal of a CMR2 unit…
On Wed 19.4.2017, the ATO issued Superannuation Guarantee Determination SGD 2017/1 asking: Is an advance paid under s28 of the Fair Entitlements Guarantee Act 2012 to a former employee ‘salary or wages’ paid by the employer to the employee for the purposes of working out a superannuation guarantee charge liability under the Superannuation Guarantee (Administration) Act…
The Commissioner has appealed to the Full Federal Court against the decision in Sandini Pty Ltd v FCT [2017] FCA 287. In that decision, the Federal Court had ruled that the CGT marriage breakdown roll-over relief applied where shares were transferred by a former spouse to his former wife’s discretionary trust, rather than to the former wife herself (as…
Re Banks and FCT – Truck driver loses claim for work-related travel expenses above the maximum reasonable amount that can be claimed without formal substantiation per TD 2010/19 and TD 2011/17 The AAT has upheld the Commissioner’s objection decision that had reduced a truck driver’s claims for work-related travel expenses on the basis that he did not…
On 12 April 2017, the OECD noted that Value Added Tax (VAT; also known as Goods and Services Tax, under the acronym GST in a number of OECD countries) has become a major source of revenue for governments around the world. Some 165 countries operated a VAT at the time of the completion of the International VAT/GST…