The ATO will request and collect details of individuals and businesses that have purchased or acquired a vehicle with a transaction value of $10,000 or greater in the 2011-12 and 2012-13 years. The ATO said the details will be electronically matched to identify non-compliance with tax obligations regarding luxury car tax, FBT, and fuel tax…
The ATO on Wed 28.11.2012, issued the following Class Rulings: CR 2012/103: Scrip-for-scrip: exchange of shares in Aon Corporation for shares in Aon plc. It applies from 1 July 2011 to 30 June 2012. Broadly, the Ruling states that if a shareholder chooses scrip-for-scrip rollover, the capital gain made on the cancellation of their shares is disregarded under s 124-785(1)…
The ATO on Wed 7.11.2012, issued Class Ruling CR 2012/102 (Off-market share buy-back: IMB Limited). It applies from 1 July 2012 to 30 June 2013. The Ruling broadly states that participating shareholders will be taken to have been paid a dividend of $2.10 for each share bought back under s 159GZZZP of the ITAA 1936.…
This Ruling, issued on Wed 28.11.2012, provides the Commissioner’s views on whether amounts received in respect of legal costs incurred in disputes concerning termination of employment should be included in assessable income. It also considers the FBT consequences of legal costs incurred in a dispute but does not consider the GST and CGT consequences. The…
This Ruling, issued on Wed 21.11.2012, provides the Commissioner’s views on the operation of the capital allowance rules in Div 40 of the ITAA 1997 to open pit mine site improvements that come into being through the conduct of an open pit mining operation. The Ruling does not apply to other forms of mining operations such…
The ATO on Fri 23.11.2012, issued Decision Impact Statement on the following: FCT v Kassem and Secatore & Anor [2012] FCAFC 124 – In that case, the Full Federal Court dismissed the Commissioner’s appeal and upheld an earlier decision that the Liquidators of a company were able to recover as an “unfair preference” 2 payments…
The Commissioner has lodged a notice of appeal to the Federal Court against the decision of Deutsch DP in AAT Case [2012] AATA 719, Re Nash and FCT. In that case, the AAT held that the taxpayer was entitled to deductions for General Interest Charge (GIC) accrued amounts for each year to which the GIC…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Gordon J in Pratt Holdings Proprietary Limited v FCT [2012] FCA 1075. In that case, the Federal Court held that the taxpayer was not entitled to deduct a loss transferred to it from a related joint venture company…
The NSW Supreme Court has upheld the validity of Directors’ Penalty Notices issued to a company director in respect of unpaid PAYG liabilities of close to $1m (including interest) incurred during periods in 2010 and 2011. The director sought to challenge the notices on 3 grounds – namely: (1) for failing to state that he…
The AAT has held that a taxpayer, who was employed by a mining company at Port Hedland in Western Australia on a fly-in fly-out basis (ie as a “distant work employee” under the relevant work agreement), was in receipt of a living-away-from-home allowance (LAFHA) of some $20,000 in the 2009-10 income year pursuant to s…