*ATO prosecutes 2,000 for tax and super offences in 2011-12 [44]

The Commissioner has announced that the ATO had successfully prosecuted around 2,000 individuals and companies for fraud, tax and super offences in the 2011-12 financial year. Of the individuals and companies prosecuted, Mr D’Ascenzo said: 39 individuals were prosecuted for offences including attempting to hide income and assets overseas, and individuals using stolen identities to…

*CR 2012/80 – Selective capital reduction will not be treated as a ‘buy-back’ for the purposes of Div 16K [42]

The ATO Wed 19.9.2012 issued Class Ruling CR 2012/80 (Selective Capital Reduction: Mesbon China Nylon Limited). It applies to shareholders of Mesbon China Nylon Limited (Mesbon) who participate in the selective capital reduction as described in the Ruling. According to the Ruling, the selective capital reduction will not be treated as a buy-back for the…

CR 2012/66-79 – Special dividend; FBT exempt preventative health checks, and Early Retirement Schemes [41]

The ATO on Wed 5.9.2012, released the following Class Rulings: : Talent2 International Limited Scheme of Arrangement and payment of CR 2012/66Proposed Special Dividend. It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that a resident shareholder who receives a special dividend is required to include the dividend…

*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.…