The ATO Thur 24.7.2014, released Decision Impact Statements on the following cases:
- FCT v Altnot Pty Ltd [2014] FCA 362 – The case concerned the maximum net asset value test (MNAV) and the CGT small business concessions. In this case, the Federal Court remitted the matter back to the AAT for rehearing and determination in accordance with its reasons. The ATO said the Court found the AAT had misapplied the covering words in former s 152-30(2) of the ITAA 1997 by only considering whether the director’s wife owned shares in the taxpayer, and failed to consider the other 2 bases on which the wife might control the taxpayer. The ATO noted the Court’s decision was consistent with the Commissioner’s submissions to the Court.
- FCT v Pham [2013] FCA 579 – The case concerned whether the Commissioner was entitled to seek relief in relation to a decision made by the AAT by which it purported to make an order which prohibited the Commissioner from disclosing or publishing any evidence or documents lodged with the AAT. The ATO said the Court found the AAT did not have the power to make the order. According to the ATO, the decision confirms the ATO view that the AAT does not have power to give a direction that the Commissioner not disclose any of the evidence given or documents lodged with the AAT.
[LTN 141, 24/7/14]