Daily Archives: January 26, 2018

De Figueiredo v CofT – Receipt of $3.6m Glencore shares was assessable as a non-contingent financial benefit on dismantling a deferred remuneration scheme for an IPO

The AAT has found that a taxpayer’s assessable income, for the year ended 30 June 2011, includes the amount of $3,610,467 million, being the value of 16 shares, in a new holding company: Glencore International PLC. This was so, because the taxpayer exchanged his ‘Profit Participation Units’, in a subsidiary, as part of the float of the…

GST administration annual performance report 2016–17 by ATO – $59.8m collected/4.3% increase; low value goods; digital economy & currency; sharing economy (Uber); fewer objections; more debt

On 25 January 2018 (one day before Australia Day), the Deputy Commissioner – Indirect Taxation: Tim Dyce, presented the Commissioner’s ‘GST administration annual performance report for 2016–17’ and uploaded the summary set out below. The principal points were as follows. The ATO’s collections growth this year, while not quite as high as last year, but…

A & A Property Developers v MCCA Asset Management Ltd – inserting merely ‘GST’ in the box (instead of ‘plus GST’) was sufficient to get the purchaser of the land to pay the vendor extra for its GST liability – Victorian Court of Appeal

In December 2017 the Victorian Court of Appeal allowed the appeal brought by the vendor in A & A Property Developers Pty Ltd v MCCA Asset Management Ltd as trustee for the MCCA Property Fund [2017] VSCA 365. The Court found that the insertion of the words “GST”, rather than “plus GST”, in the Particulars of Sale,…