The ‘employee v’s contractor’ question – various publications issued by the Commissioner [46]

Tax Month - August 2012

The Commissioner on Wed 1.8.2012, announced that the ATO has released a new Employees or contractor webpage to assist businesses in determining whether their workers are employees or contractors. The ATO has also released the following guides on employees and contractors, including: apprentices and trainees are employees, not contractors; building and construction industry – how…

Penalties for False or Misleading Statements – one where a tax shortfall results and the other where none results [45]

Tax Month - August 2012

The ATO on Thur 23.8.2012, released the following Practice Statements: : PS LA 2012/4Administration of penalties for making false or misleading statements that do not result in shortfall amounts. This Practice Statement explains how the Commissioner administers the penalty for making a false or misleading statement on or after 4 June 2010, where the statement…

FCT v Futuris Corporation Limited – Value shifting provisions over-rode Part IVA to reduce the capital gain assessable on a float [41]

Tax Month - August 2012

The ATO on Mon 27.8.2012, released Decision Impact Statements on 2 Pt IVA cases – the second of which was: – in that case, the Full Federal Court confirmed that Pt IVA did not apply to a scheme under which the FCT v Futuris Corporation Limited [2012] FCAFC 32value shifting provisions operated to increase the…

RCI Pty Ltd v FCT – Pt IVA did not apply to a scheme carried out by the James Hardie Group to reduce the capital gain before transferring shares to a related US company [40]

Tax Month - August 2012

The ATO on Mon 27.8.2012, released Decision Impact Statements on 2 Pt IVA cases – the first being: – in that case, the Full Federal Court held that Pt IVA did not apply to a scheme, which reduced a capital gain made by an Australian company on the transfer of its shares to a related…

Soong v DCT – reversed effect of Meredith for service of DPN’s, but new Div 269 and retrospective operation of amendments, re-instated Meredith [39]

Tax Month - August 2012

The ATO Wed 22.8.2012, released a Decision Impact Statement on the decision in Soong v DCT [2011] NSWCA 26. That case involved the former s 222AOE of the ITAA 1936 and the NSW Court of Appeal (with a 5 member bench) unanimously held that the 14-day period within which a director was required to take…

Esso Australia Resources case – statement about FFC decision disallowing PRRT deductions, pending the taxpayer’s appeal to the High Court [37]

Tax Month - August 2012

The ATO has issued a Decision Impact Statement on the Full Federal Court’s decision in Esso Australia Resources Pty Ltd v FCT [2012] FCAFC 5. The Full Federal Court had unanimously overturned a decision at first instance and held that Esso Australia Resources Pty Ltd was not entitled to a deduction for contract payments made…