The Full Federal Court has dismissed an appeal by a trustee of a superannuation fund in relation to the lump sum equivalent value of a lifetime pension to be paid to a defined benefit member upon the termination of an employer-sponsored superannuation plan. The respondent (Mr Billinghurst) had commenced receiving a lifetime pension of $98,780pa…
In a lengthy decision handed down on Tue 12.12.2017, the Victorian Supreme Court has refused husband and wife taxpayers an application to stay judgment against them for outstanding tax assessments totalling over $2 million. The Deputy Commissioner of Taxation (DCT) sought judgment against the first defendant in the sum of $1.061 million and against the second…
The Minister for Social Services registered a A New Tax System (Goods and Services Tax) (Tertiary Courses) Determination 2017 on Mon 11.12.2017 on the Federal Register of Legislation. Section 38‑85 of the GST Act provides that the supply of an education course and administrative services directly related to the supply of such a course (if they are supplied…
The ATO has updated the information on its website covering changes to the lower company tax rate and how to work out franking credits. There are 2 company tax rates – the full 30% company tax rate and the lower 27.5% company tax rate. When lodging a 2017 company tax return: small businesses use the…
The Stamp Duties (Foreign Ownership Surcharge) Amendment Bill 2017 has now passed all stages of the SA Parliament without amendment and awaits Royal Assent. The Bill amends the Stamp Duties Act 1923 (SA) to introduce the Foreign Investor Surcharge, which was originally included in the defeated Budget Measures Bill 2017, and increase it from 4%…
The Victorian State Revenue Office (SRO) has reminded people that homes left unoccupied for more than 6 months in 2017, which are located in 16 of Melbourne’s inner and middle council areas (see FAQ), may attract vacant residential land tax. Owners of a property in one of the affected council areas that was unoccupied for 6 months…
The Federal Court has dismissed a taxpayer’s claim to have a default assessment matter remitted to the AAT for rehearing. In April 2012, the Commissioner issued default assessments under s167 of the ITAA 1936 to the taxpayer based on his failure to lodge returns in respect of the 2003, 2004, 2005 and 2006 income years. In total,…
On 11 December 2017, the ATO included the following guidance, on its website. We’re changing where we publish edited versions Edited versions of written binding advice are now available on the ATO legal database. We’re consulting on the relocation – you can provide your feedback by visiting our Public advice and guidance communityExternal Link on…
In 2 separate AAT decisions, a married couple was unable to prove their claims for various rental property deductions. The couple claimed deductions in the 2013 income year in respect of 6 rental properties in Sydney they owned jointly. Before the AAT, the outstanding issues were deductions for interest ($84,986 each), capital works ($1,874 each)…
In a lengthy case, the AAT has affirmed the Commissioner’s decision to revoke registration of a charity in relation to subtypes 7 (protecting human rights) and subtype 13 (health promotion charity). Under the ACNC Act and Charities Act, the taxpayer was registered as an entity for advancing health (Item 1), entity for promoting or protecting…
