This TD, released Wed 24.10.2012, provides that CGT event E1 or E2 in the ITAA 1997 does not happen if the terms of a trust are changed pursuant to a valid exercise of a power contained within the trust’s constituent document, or varied with the approval of a relevant court unless either: (a) the change…
The ATO on Fri 12.10.2012, issued a Decision Impact Statement on the decision of the Full Federal Court in LVR (WA) Pty Ltd & Anor v AAT and FCT [2012] FCAFC 90. In that case, the Full Court allowed the taxpayers’ appeal from a 2011 Federal Court decision concerning their applications for review of the…
The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2012] AATA 660,. In that case, the AAT held that the Commissioner had incorrectly calculated the tax payable on the taxable component of an employment termination payment (ETP) by not allocating deductions and prior year losses in…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Logan J in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2012] FCA 1052. The Federal Court had held that a resolution to distribute a $14m capital gain from a family trust was “special income”…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Kenny J in Fowler v FCT [2012] FCA 1040. The Federal Court had held that, for the purposes of the former ITAA 1936 employee share scheme (ESS) provisions (Div 13A), a taxpayer acquired a right with respect to…
The taxpayer on Thur 11.10.2012, lodged a notice of appeal to the Full Federal Court against the decision of Gordon J in Bell v FCT [2012] FCA 1042. The Federal Court had dismissed the taxpayer’s appeal from the decision in AAT Case [2012] AATA 45, Re Bell and FCT in which the AAT found that…
Thomson Reuters has confirmed that the taxpayer will not be seeking special leave to appeal to the High Court from the decision of the Full Federal Court in Australia and New Zealand Banking Group Limited v Konza [2012] FCAFC 127. The Full Court had unanimously confirmed that notices issued by the ATO under s 264…
The taxpayer has appealed to the Federal Court against the decision in AAT Case [2012] AATA 579, Re Nelson and FCT. The AAT had affirmed that the taxpayer was not carrying on a business of primary production during the 2004 to 2009 years of income on his 500 acre property in Queensland and that therefore…
The Federal Court has ordered in an “interlocutory application to be returnable immediately” that a freezing order be made against the first and second respondents (and certain related corporations and persons) on the following terms: (a) they must not remove from Australia or in any way dispose of, deal with or diminish the value of…
The NSW Supreme Court has sentenced a former accountant and tax agent to jail terms totalling over 8 years, although to be released on 17 September 2017 upon entering a recognisance to be of good behaviour. The Court said the offender was involved in a significant international tax avoidance scheme. She was sentenced in respect…