The ATO on Tue 4.12.2012, issued a Decision Impact Statement on the decision in Australia and New Zealand Banking Group Limited v Konza [2012] FCAFC 127. In that case, the Full Federal Court unanimously confirmed that notices issued by the ATO under s 264 of the ITAA 1936 to Australia and New Zealand Banking Group Limited…
In an action for damages against a financial adviser for misleading and deceptive conduct in relation to advice concerning investments in a managed agricultural investment scheme, the NSW Court of Appeal has held that any damages awarded to the appellants should be “grossed-up” for tax on the basis that the damages would be taxable income…
The NSW Court of Appeal has unanimously allowed a taxpayer’s appeal from a decision of the District Court in which judgment was entered for the Deputy Commissioner against the taxpayer for a Running Balance Account (RBA) debit of some $500,000, and has ordered a new trial in respect of the matter. Before the Court of…
The AAT has held that, in a tax avoidance scheme case, the income of a family trust, purportedly distributed between husband and wife taxpayers, was in fact income to which the husband alone was presently entitled. It also upheld penalties that had been imposed on the husband. The taxpayers are farmers and the Tribunal said…
The AAT has affirmed the Commissioner’s disallowance of a deduction claimed by a taxpayer for losses incurred in his investment in an NBL basketball team. The taxpayer had invested in an NBL basketball team by way of acquiring shares and by way of what he described as a loan. In his income tax return for…
The AAT has remitted in full a 25% penalty imposed on a taxpayer for claiming PAYG withholding credits in his tax returns which were not withheld by his employer for the 2009 and 2010 income years. The taxpayer worked for a company in the relevant income years, during which he moved from being an independent…
The AAT has set aside a decision of the Commissioner to disallow a taxpayer’s claim for rental deductions for the year ended 30 June 2008 in relation to 2 properties on the basis that the tenancies were non-commercial arrangements. The taxpayer owned 2 residential properties with her 2 sons as joint tenants. For part of the relevant…
The Full Federal Court has unanimously allowed a taxpayer’s appeal from the Federal Court decision in Professional Administration Service Centres Pty Limited v DCT [2012] FCA 278 in which the Federal Court summarily dismissed the taxpayer’s appeal against various GST assessments. The matter had been dismissed essentially on the basis there had been “significant default”…
In a decision handed down on Tue 11.12.2012, the Full Federal Court has unanimously allowed the taxpayer’s appeal from an adverse objection decision and held that dividends of id=”mce_marker”83m paid to the taxpayer by companies incorporated in Luxembourg were excluded from assessable income by virtue of being non-assessable, non-exempt (NANE) income pursuant to s 23AJ of…
The High Court on Wed 5.12.2012, unanimously allowed the Commissioner’s appeal from a decision of the Full Federal Court (in Consolidated Media Holdings Limited v FCT [2012] FCAFC 36) and upheld an assessment that Publishing and Broadcasting Ltd (“PBL”) (later called “Consolidated Media Holdings Ltd”) made a capital gain when shares it held in Crown…