PR 2012/25 – Professional sports person’s Temporary Total Disability Insurance proceeds included in his ordinary income [38]

The ATO on Wed 18.7.2012, issued Product Ruling PR 2012/25 (Beazley Sports Consortium 9476 – Professional Sports Person Personal Accident & Illness Insurance). The Ruling provides that a Temporary Total Disablement Benefit received by the Insured in the event of their Temporary Total Disablement will be included in the assessable income of the Insured under…

TD 2012/18 – NZ citizens are still ‘temporary residents’ after departing under their ‘special category visa’ as their citizenship still gives them ‘visa’ access [34]

This TD, issued on Wed 11.7.2012, provides the Commissioner’s views as to whether a New Zealand citizen who was present in Australia on a Special Category Visa but departs Australia, still holds a temporary visa for the purposes of para (a) of the definition of “temporary resident” contained in s 995-1(1) of the ITAA 1997.…

Clark v FCT and International All Sports cases – so far as they relate to ‘Calderbank Offers’ – no change to PS LA 2009/9 (Conduct of Litigation) [32]

The ATO on Tue 10.7.2012, issued Decision Impact Statements on Clark v FCT [2010] FCA 415, FCT v Clark (No 2) [2011] FCAFC 140, and International All Sports Ltd & Anor v FCT [2011] FCA 1027. The cases all concerned offers of compromise under Order 23 of the Federal Court Rules (FCR) and Calderbank Offers.…

Lake Fox case – Health insurance not a s58M exempt FBT benefit – not in respect of work related medical screening or preventative health care [31]

The ATO Fri 6.7.2012, released a Decision Impact Statement of the decision in AAT Case [2012] AATA 265, Re Lake Fox Limited and FCT. In that case, the AAT held that payments for private health insurance provided to employees by a taxpayer were not exempt benefits as the expenditure was not “in respect of” work-related…