*DCT v Hua Wang Bank Berhad (No 3) & Ors – Wickenby matter: GIC remitted, but stay refused because foreign taxpayers would remit funds overseas [32]

The Federal Court has ordered that GIC be excised from assessments issued to several taxpayers, but that their application to stay the Commissioner’s proceedings against them (to enforce earlier summary judgments made against them by the Federal Court) be denied. In a judgment by Kenny J of the Federal Court on 25 November 2010, a…

*FCT v Traviati – matter remitted to AAT after it erred in remitting 5% penalty – it should decide ‘careless’ issue first and ‘reasonably arguable’ issue second – ‘harshness’ irrelevant given scheme of provisions [31]

The Federal Court has allowed the Commissioner’s appeal from the decision in AAT Case 2011 AATA 478, Re Traviati and FCT, in which the AAT remitted 5% shortfall penalties in relation to the denial of over $1.5m in deductions for investments in a retirement village investment scheme. The AAT remitted the penalty on the basis…

*MTAA Superannuation Fund (R G Casey Building) Property Pty Ltd v FCT – Taxpayer loses appeal re GST refund claims for supplies under amended pre-GST leases [30]

In a decision handed down on Wed 20.6.2012, the Full Federal Court has dismissed a taxpayer’s appeal from an AAT decision that had denied the taxpayer’s claim that supplies made under amended pre-GST leases during the relevant periods were GST-free pursuant to s 13 of the GST Transition Act. The taxpayer had claimed refunds totalling…

*FCT v Byrne Hotels – Commissioner can’t appeal decision that for $5m net value purposes an agent’s commission for the sale of a hotel counts [26]

The High Court, on Fri 8.6.2012, refused the Commissioner special leave to appeal against the Full Federal Court decision in FCT v Byrne Hotels Qld Pty Ltd [2011] FCAFC 127. The Full Federal Court decision had by majority confirmed that for the purposes of accessing the CGT small business concessions, a real estate agent commission…

Business Tax Working Group releases Consultation Guide – how to get to a revenue neutral reduction in the company tax rate [25]

The Business Tax Working Group has released a Consultation Guide to provide stakeholders with an understanding of how the Working Group plans to involve the community in its consideration of business tax reform. The Government has asked the Working Group to focus its attention on how a revenue neutral cut to the company tax rate…

Accountants’ exemption from Financial licensing requirements finally announced [24]

The Minister for Financial Services has announced the long-awaited replacement for the accountants’ exemption re providing superannuation and financial advice. On Saturday, 23 June 2012, the Minister announced a new limited Australian Financial Services Licence (AFSL) for accountants. In addition to being able to advise on self-managed superannuation funds and superannuation generally, licence holders will…