The AAT has held that a transaction in relation to the sale of a commercial property met the requirements of a going concern under s 38-325 of the GST Act. Accordingly, it set aside the Commissioner’s decision and held there was no tax shortfall. The taxpayer was the owner of a commercial property and in…
Apparently, the Commissioner has lodged an application for special leave to appeal to the High Court against the decision of the Full Federal Court in Unit Trend Services Pty Ltd v FCT [2012] FCAFC 112 concerning the application of the GST anti-avoidance provisions in Div 165 of the GST Act. The case concerns the use…
The Goods and Services Tax: Classes of Recipient Created Tax Invoice Determination (No 1) 2012 was registered on the Federal Register of Legislative Instruments on Wed 21.11.2012. It allows certain training providers to issue Recipient Created Tax Invoices (RCTIs) to suppliers of training services if the training providers determine the value of the taxable supply.…
In the 2011-12 Budget in May 2011, the Government announced that it would extend the current GST instalment system to allow access for small businesses that are in a net refund position. A discussion paper was released for public consultation on 6 June 2011. As a result of submissions, the proposal was altered to allow…
The Government Mon 12.11.2012, announced the appointment of Mr Chris Jordan AO as Commissioner of Taxation. Mr Jordan will be appointed for a 7-year period and will start in the position in January 2013. Mr Jordan is currently Chair of the Board of Taxation. He has been a member of the Board of Taxation since…
The ATO will request and collect details of individuals and businesses that have purchased or acquired a vehicle with a transaction value of $10,000 or greater in the 2011-12 and 2012-13 years. The ATO said the details will be electronically matched to identify non-compliance with tax obligations regarding luxury car tax, FBT, and fuel tax…
The ATO on Wed 28.11.2012, issued the following Class Rulings: CR 2012/103: Scrip-for-scrip: exchange of shares in Aon Corporation for shares in Aon plc. It applies from 1 July 2011 to 30 June 2012. Broadly, the Ruling states that if a shareholder chooses scrip-for-scrip rollover, the capital gain made on the cancellation of their shares is disregarded under s 124-785(1)…
The ATO on Wed 7.11.2012, issued Class Ruling CR 2012/102 (Off-market share buy-back: IMB Limited). It applies from 1 July 2012 to 30 June 2013. The Ruling broadly states that participating shareholders will be taken to have been paid a dividend of $2.10 for each share bought back under s 159GZZZP of the ITAA 1936.…
This Ruling, issued on Wed 28.11.2012, provides the Commissioner’s views on whether amounts received in respect of legal costs incurred in disputes concerning termination of employment should be included in assessable income. It also considers the FBT consequences of legal costs incurred in a dispute but does not consider the GST and CGT consequences. The…
This Ruling, issued on Wed 21.11.2012, provides the Commissioner’s views on the operation of the capital allowance rules in Div 40 of the ITAA 1997 to open pit mine site improvements that come into being through the conduct of an open pit mining operation. The Ruling does not apply to other forms of mining operations such…