The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Data to be provided to the ATO will include cryptocurrency purchase and sale information. Deputy Commissioner Will Day said…
In this case, In Seven Network (Operations) Limited failed in an important step to get a ‘tax offset’ for Australian film production expenditure in producing its ‘Bride and prejudice’ series. Screen Australia had refused to issue the necessary certificate required under s376-65 of the ITAA97. The case turned on whether the series was a ‘documentary’ and the AAT…
On 1 May 2019, PwC announced that profits from the firm are taxed at an average rate of 37%. This was in response to increasing interest in the tax position of the Big 4 professional services firms, including a recent request of the ATO by the Senate Economics Legislation Committee. In response, the ATO said…
The Scheme for the Compensation for Detriment Caused by Defective Administration (the CDDA Scheme) is the subject of review by a Mr Robert Cornall AO – appointed by the Minister for Finance and Assistant Treasurer. This was on 25 February 2019. The A/g IGTO and Deputy met with Mr Cornall and his team at his request…
On 3 May 2019, the ATO updated one of its website pages: ‘Tax crime prosecution case studies’. It gives details of: a company director who failed to lodge 5 activity statements (fined $51,500). 5 employees who falsely claimed work related ‘drive in, drive out’ travel expenses, despite them having been reimbursed (aggregate fines over $50,000).…
On 8 May 2019, the ATO distributed a list of subjects, where advice is ‘under development’. They include, income tax, international, CGT, consolidation, trust, GST, excite, FBT, superannuation, not-for-profit sector, and administration issues. See below for the full list and relevant links. FJM 8.5.19 [Tax Month – May 2019]
The High Court has given Gina Rhinehart orders binding her children to have their claims dealt with by confidential mediation and it has given her children orders that their companies’ claims be dealt with in that mediation. This is not tax, but it’s so topical, I thought it worth noting. The decisions and the citation…
On 5th March 2019, Assistant Treasurer Robert announced an independent review into the effectiveness of the Tax Practitioners Board, and the operation of the Tax Agent Services Act 2009 and the Tax Agent Services Regulations 2009, which establish the regulatory regime for tax practitioners in Australia, to consider whether the legislative and governance framework for…
The taxpayers have appealed to the Full Federal Court from the decision of Thawley J in Paule & Ors v CofT [2019] FCA 394. The Federal Court had held that a capital gain made on the sale of shares following a series of roll-overs was not a discount capital gain, as the shares were not deemed…
The taxpayer has withdrawn and discontinued her appeal to the Full Federal Court from the decision of the AAT in Ransley and CofT [2018] AATA 4359. The AAT had decided that the profit on the sale of shares in a mining company was assessable income and not, as contended by the taxpayer, a capital gain.…