The AAT has ruled that the Commissioner’s reasons for allowing an objection decision in relation to a GST liability on the sale of the taxpayer’s properties by a mortgagee in possession was not reviewable by the AAT. In May 2013, a bank took possession of the taxpayer’s 2 properties over which the bank held a mortgage. The…
T a x T e c h n i c a l – M o n t h l y N e w s – August 2017 Developments – This is a collection of developments in Australian tax law and practice that occurred in August 2017 which aims to be relevant to tax practitioners.[i] Compiled By F John Morgan…
Australia’s first risk assessment of charities and non-profit organisations has revealed that the sector that is built around helping the most vulnerable is being targeted by criminals. Minister for Justice Michael Keenan and Assistant Minister to the Treasurer Michael Sukkar today released the joint report by the Australian Chatities and Non-profit Commission (ACNC) and AUSTRAC:…
The Tax Practitioners Board (TPB) invites comment on a draft practice note which aims to assist registered tax practitioners understand oblilgations under the Code of Professional Conduct (Code) in relation to the use of outsourcing and offshoring. Chair of the TPB, Mr Ian Taylor said: ‘Offshoring and outsourcing services to third parties is of increasing significance to…
A taxpayer has failed to obtain a stay of proceedings, or alternatively a stay of execution of the judgment should judgment be entered, where the Deputy Commissioner was seeking summary judgment for a tax debt of almost $8.5m. The taxpayer argued that if a stay was not granted, it was virtually inevitable that he would…
The Full Federal Court has upheld an AAT decision treating 5 objections lodged by the taxpayer as having been lodged within time. The taxpayer operated medical centres. This included buying medical centres and at the same time acquiring the services of the relevant practitioners who would pay the taxpayer a percentage of their fees they…
A taxpayer has been denied deductions for donations of HIV medicines and a gift certificate to deductible gift recipients (DGRs). The first deduction was claimed in the 2010 year. The taxpayer alleged that, on 30 June 2010, she purchased HIV medicines for $40,000 which she donated to an eligible DGR operating in Kenya. The medicines were stored…
The ATO has released a Positions Paper on how Super funds (including SMSFs) will be required to report events impacting an individual member’s pension transfer balance accounts for the purposes of the $1.6m cap. The ATO is seeking comment about options for phasing in this reporting over a ‘transition phase’. This $1.6m limit will introduce…
Over one quarter, or 27 per cent, of the 2,748 registered tax (financial) advisers due to renew their registration in July with the Tax Practitioners Board (TPB) the TPB Chair: Mr Ian Taylor announced in a media release on 24.8.17. ‘Failing to submit a renewal application by the expiry date means the registration expires,’ Mr Taylor…
On Wed 23.8.2017, the ATO issued 5 Class Rulings: CR 2017/55 – ENGIE Loy Yang Early Retirement Scheme 2017. The ATO accepts that the scheme set out in the ruling is an early retirement scheme under s 83-180 ITAA 1997. The class ruling applies from 23 August 2017 to 31 August 2019; CR 2017/56 – South East Water Corporation Early…
