On 10 February 2012, the High Court granted the Commissioner special leave to appeal against the Full Federal Court decision in Qantas Airways Ltd v FCT [2011] FCAFC 113. The Full Federal Court had unanimously allowed an appeal by Qantas Airways Ltd against an earlier AAT decision that the airline makes a supply for GST…
The following Bills received Royal Assent on 15 April 2012: Indirect Tax Laws Amendment (Assessment) Bill 2012 – Act No 39 of 2012. The Bill had passed all stages without amendment. It amends the TAA, the GST Act and other taxation Acts to harmonise the current self-actuating system that applies to GST, the luxury car…
The ATO on Mon 16.4.2012, registered a Legislative Instrument to prevent the provisions of Div 29 of the GST Act applying in a way that is inappropriate in particular circumstances under a deferred transfer farm-out arrangement to which Miscellaneous Taxation Ruling MT 2012/2 (Application of the income tax and GST laws to deferred transfer farm-out…
The A New Tax System (Goods and Services Tax) Adjustment Note Information Requirements Determination 2012 was registered on the Federal Register of Legislative Instruments on Tue 3.4.2012. It specifies the other information requirements for adjustment notes and recipient created adjustment notes for the purposes of s 29-75(1) of the GST Act, following legislative amendments allowing…
The ATO says it wrote to all organisations endorsed as tax concessions charities in March and April 2012 recommending that each organisation review their charity endorsement status and review their details. The ATO said it is important that the details are up-to-date as it will be providing the information to the proposed new national regulator,…
As part of Project Wickenby, the Australian Federal Police (AFP) says it has charged a man with conspiring to dishonestly cause a loss to the ATO and conspiring to deal in the proceeds of crime to the value of $63m, dismantling a multi-million dollar tax evasion and money laundering scheme. The AFP said a 67-year-old…
The ATO has released the most recent Project Wickenby results. It said as at 29 February 2012 the taskforce had resulted in: $1.275bn in tax liabilities raised; $292.7m in monies recouped from tax collections; $306.7m in monies recouped from tax collections in subsequent years from people subject to Project Wickenby action; $2.1m of other monies…
The ATO on Tue 10.4.2012, issued Practice Statement Law Administration PS LA 2012/1<http://info-anz.thomson.com/t/11403525/105811750/90239/0/> outlining the principles guiding the management of high risk technical issues, including the engagement of ATO tax technical officers in Law and Practice on the issues. The ATO says a guide has been developed to assist tax officers in the effective application…
The ATO Tues 24.4.2012, issued Class Ruling CR 2012/26 (Scrip-for-scrip: merger of Adamus Resources Limited and Endeavour Mining Corporation). It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that eligible shareholders who make a capital gain from the disposal of Adamus shares to Endeavour is eligible to choose scrip-for-scrip rollover…
The ATO Wed 18.4.2012, issued Class Ruling CR 2012/25 (Insurance Australia Group Limited – issue of convertible preference shares). It applies from 1 May 2012 to 30 June 2019. The Ruling broadly states that the dividends paid to shareholders of convertible preferences shares meets the definition of a dividend in s 6(1) of the ITAA…