Daily Archives: September 1, 2018

ASIC disqualifies former director from managing companies for maximum period of 5 years for engaging in illegal phoenix activity

On 16 August 2018, ASIC announced that it had disqualified Jason Andrew Hammond of Cameron Park, NSW, from managing companies, for the maximum period of five years, as a result of his involvement in three failed companies – in essence for being involved in ‘illegal phoenix activity‘. The ‘three failed companies‘ were: LLM Rivits Pty Ltd (ACN…

Fox v CofT – ESS discount assessable despite shares becoming worthless the next year as the taxpayer was not coerced into accepting rights offer

The AAT has confirmed that the taxpayer was assessable on the discount on rights to shares acquired under the ‘NewSat’ Employee Share Scheme (ESS) after it dismissed the taxpayer’s argument that she was coerced into accepting the ESS offer. NewSat was an Australian specialist satellite communications company that delivered internet, voice, data and video to…

Treasury Laws Amendment (Tax Integrity and Other Measures No 2) Act 2018 (becomes law) – Hybrid Mismatch Rules; Film Producer Offset; Tax Exemption for World Twenty20 Cricket; Korean War Memorial DGR (Act No. 84 of 2018)

The Treasury Laws Amendment (Tax Integrity and Other Measures No 2) Bill 2018 was: introduced in the House of Reps on Thursday, 24.5.2018 and was passed in that House on 25.6.2018. introduced into the Senate on 27.6.2018 and finally passed both Houses on 16.8.2018. Received Royal Assent as Act No. 84 of 2018 on 24.8.2018…