T a x T e c h n i c a l – M o n t h l y N e w s – May 2017 Developments – This is a collection of developments in Australian tax law and practice that occurred in May 2017 which aims to be relevant to tax practitioners.[i] Compiled By F John Morgan…
The Federal Court has dismissed a taxpayer’s appeal against default assessments that included $2 million that was received into a bank account held in the taxpayer’s name. The taxpayer’s husband is a property developer. On 30 June 2010, the taxpayer received $2 million into a bank account maintained in her name. The $2 million was not included…
The NSW Court of Appeal has unanimously dismissed an appeal by a firm of solicitors against a District Court order that they pay damages to a client (Mrs Jurisich) equivalent to the amount of tax she was required to pay concerning a share buy-back plus interest, in addition to a proportion of the accounting fees incurred…
The Taxation and Related Legislation (Miscellaneous Amendments) Bill 2017 (Tas) has passed all stages without amendment and awaits Royal Assent. It amends the Duties Act 2001, Land Tax Act 2000, Land Titles Act 1980, Local Government Act 1993, Payroll Tax Act 2008, Taxation Administration Act 1997, Taxation Administration Regulations 2010 and the Valuation of Land Act 2001. Amendments include: facilitate the collection of information required to…
The Qld Treasury has released Ruling TAA060.1.6 dealing with Remission of unpaid tax interest. It provides guidance on matters that may be relevant when the Commissioner decides whether or not to exercise the discretion to remit unpaid tax interest. Unpaid tax interest applies whenever there is a delay in the payment of tax. The delays may result from: (i) failure to…
The NSW Court of Appeal has unanimously ordered the continuation of a stay of a winding up in relation to outstanding tax debts. In June 2013, income tax assessments for the 2008, 2009 and 2010 income years totalling just over $7.1 million were issued to Peter Sleiman Investments Pty Ltd (PS Investments), in its capacity as trustee.…
The UN Committee of Experts on International Cooperation in Tax Matters (UN Committee), during recent meetings, released its revised and updated 2017 United Nations Practical Manual on Transfer Pricing for Developing Countries. Main items of the 2017 update included: additional chapters on services, intangibles; taking account of the OECD/G20 BEPS project; revised guidance on comparability analysis; revised…
On 19 April 2017, the TPB issued the following guidance on registration requirements. All Australian financial services (AFS) licensees and their representatives that provide tax (financial) advice services for a fee or other reward must be registered with the Tax Practitioners Board (TPB). If you advise your clients about the tax consequences of the financial advice…
On 24 March 2017 the Board of Taxation held its second meeting for 2017. At the Board’s meeting, we discussed the following Some additional detail on the progress of the Board’s work is set out below. Tax Transparency Code The Board noted that 76 organisations (including private and foreign companies) have now indicated their intention…
On Wed 19.4.2017, the ATO released Product Ruling PR 2017/3 concerning the income tax consequences for a borrower being charged an “Indexed Rate” of interest under a home loan. The ATO says the interest incurred by the borrower at the Base Rate under a home loan used to fund the acquisition of the borrower’s principal place of…