*Trustee failed to obtain orders under s63 of the NSW Trustee Act as it was really to head off the Commissioner’s assessment [37]

The ATO has issued Decision Impact Statements on the following cases: Re Atlantis Holdings Pty Limited in its capacity as trustee of the Bruce James Lyon Family Trust [2012] NSWSC 112 – in this case, the applicant (the trustee) sought judicial advice under s 63 of the Trustee Act 1925 (NSW) concerning certain beneficiary matters.…

*FCT v Noza Holdings Pty Ltd & Anor – deduction for dividend on debt interest incurred to derive NANE income from a foreign source and no Part IVA dominant purpose [36]

The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: FCT v Noza Holdings Pty Ltd & Anor [2012] FCAFC 43 – In that case, the Full Federal Court unanimously confirmed the decision that the head company of an Australian group of consolidated companies was entitled to a deduction under s 25-90 of the…

*Hua Wang Bank Berhad & Ors v FCT (No 2) – taxpayer appeals Federal Court decision dismissing application to review Commissioner’s decision to request information from HMRC [34]

The taxpayers have appealed to the Full Federal Court against the decision of Perram J in Hua Wang Bank Berhad & Ors v FCT (No 2) [2012] FCA 938 (31 August 2012). The Federal Court had, among other things, dismissed the taxpayers’ application for judicial review of the Commissioner’s decision to issue a formal request…

*DCT v Gashi & Anor – Court maintains 2010 freezing orders over wife’s assets despite her assessment being reduced from $1,600k to $42k plus penalties [31]

The Victorian Supreme Court has refused a taxpayer’s application to set aside freezing orders made on 26 March 2010 and continued on 14 April 2010. The taxpayer is the second defendant and wife to the first defendant. The Supreme Court noted the facts as set out in Bell J’s reasons for continuing the freezing orders…

*Legal Services Commissioner v Turner – Leave granted to contest reprimand imposed by VCAT 10 years failure to lodge tax returns [32]

The Supreme Court of Victoria has granted the Legal Services Commissioner’s application for leave to appeal from an order made by the Victorian Civil and Administrative Tribunal which imposed sanctions on a barrister for various tax offences over a 10-year period (including the non-payment of tax) which the Commissioner considered inadequate as they only involved…