On Monday 20 Jan 2020, Treasury released an exposure draft of legislation to establish a Deductible Gift Recipient (DGR) general category for ‘men’s sheds’ and ‘women’s sheds’ as announced in the 2019 Federal Budget. See below for more detail about this draft material. [Tax Month – January 2020]
On Friday17 Jan 2020, The Tax Institute sent the first of it’s weekly ‘TaxVine’ email updates, and their Senior Tax Counsel: Bob Deutsch’s Report focussed on property investors and a number of specific changes that will impact on certain property investors and could require action if the worst aspects are to be avoided. See below for further…
On 19 December 2019, the Federal Court (Kerr J) held that the sale of a unit (apartment) by a charity constituted a “supply of accommodation” and so qualified as a GST-free supply. See below for a summary of the case. [Tax Month – December 2019]
Two separate taxpayers have, in quick succession, failed to obtain a stay of execution of judgment, before different Federal Court judgement, the first on 17 December 2019, before McKerracher J, and the second on 19 December 2019, before Jagot J. See below for a brief summary of each case and the principles for granting stays,…
On 20 December 2019 the Federal Court has upheld the ATO’s appeal against a decision that a property used to store materials, tools and other equipment was an ‘active asset‘ for the purpose of the CGT small business concessions. But what do we think about this decision? See below, for a summary of the case. [Tax Month –…
On 20 December 2019, the AAT held that a taxpayer was entitled to ‘input tax credits’ on the purchase of an Audi R8, because he had acquired it, at least partly, for a creditable purpose. See below for a summary of the case. [Tax Month – December 2019]
On 23 December 2019, the AAT (McCabe DP) held that the sale price of shares could not be reduced to take account of non-competition clauses included in the contract of sale. See below for a summary of the case. [Tax Month – December 2019]
On 23 December 2019, the AAT (O’Loughlin DP) held that shortfall penalty imposed at the rate of 25% on the basis of a lack of reasonable care was not excessive and there were no grounds for its remission. See below for a summary of the case. [Tax Month – December 2019]
On 23 Dec 2019, the AAT (Britten-Jones DP) held that an amount transferred from a company, to the taxpayer, was a deemed dividend, as the Commissioner contended, and a shortfall penalty was correctly imposed. See below for a summary of the case. [Tax Month – December 2019]
On 23 December 2019, the AAT (O’Loughlin DP) held that Section 99A assessments issued to a trustee on the basis that beneficiaries had effectively disclaimed their entitlement to trust income were upheld, even though the disclaimers were found to be ineffective. See below for a summary of the case. [Tax Month – December 2019]