No new evidence admissible to AAT review of private ruling objection decision – about application of non-commercial losses provisions to farming losses (34)

The AAT has affirmed the Commissioner’s decision to disallow the taxpayer’s objection to a private ruling. The taxpayer had sought to offset losses from his cattle breeding activities and (apparently) sought a private ruling in relation to the issue of whether the Commissioner should exercise his discretion under s 35-55(1) of the ITAA 1997 to…

*Re Boyn and FCT – Commissioner incorrectly calculated tax payable on ETP by allocating deductions and c/f losses to the less favourable component (33)

The AAT has held that the Commissioner had incorrectly calculated the tax payable on the taxable component of an employment termination payment (ETP). The Tax Office calculated the tax payable on the ETP taxable component of $250,880 by first offsetting the taxpayer’s deductions (and $173,445 of prior year losses) against his “ordinary taxable income”. The…

*Pratt Holdings Proprietary Limited v FCT – No deduction for transfer of losses under mining provisions despite favourable ruling (because of retrospective legislation) (31)

The Federal Court has held that a taxpayer was not entitled to deduct a loss transferred to it from a related joint venture company in respect of a project to explore certain mining exploration tenements. This loss included part of a balancing adjustment deduction for “allowable capital expenditure” (ACE) claimed by the joint venture company…

*Stewart & Ors v Australian Crime Commission – Wickenby: Full Court confirms no claim for privilege for certain documents (29)

The Full Federal Court has unanimously dismissed the appeal of the taxpayers (ie Anthony Stewart, John Cornell, Paul Hogan and Rimfire Films Pty Ltd) from the decision at first instance in Australian Crime Commission v Stewart & Ors [2012] FCA 29 in which the Federal Court held that legal professional privilege did not apply to…