*Binetter v DCT – Court orders gives taxpayer interim relief from compliance with a s264 notice to allow trial on clarity of one question [C6]

The Federal Court has ordered that the Commissioner extend the time for a taxpayer to comply with a s 264 notice. The assessments in question related to the Commissioner’s treatment as income of deposits in the taxpayer’s bank account. Assessments were issued and the taxpayer objected. The taxpayer argued that the deposits were partly of…

*DCT v Bayconnection Property Developments Pty Limited – ATO winding up application (for BAS liabilities) was deferred to allow the result of a Part IVC appeal to be known [C5]

The Federal Court has deferred a winding up application until the taxpayer could have its case on objection decisions decided before the AAT. A Deputy Commissioner of Taxation filed on 4 November 2011 an application under s 459P of the Corporations Act 2001 for the winding up of the taxpayer company on the ground of…

*DCT v ABW Design & Construction Pty Ltd – ATO fails to secure winding up order because post code obscured and service of statutory demand could not be proved [C4]

The Federal Court has dismissed a Deputy Commissioner’s application for an order that a company be wound up in insolvency essentially on the basis that the ATO had not complied with s 109X of the Corporations Act 2001 and s 28A of the Acts Interpretation Act 1901. The statutory demand sought the payment by the…

Quality Publications Australia Pty Limited v FCT – CGT: “Payment by direction” does not affect capital proceeds entitled to be received [C2]

The Federal Court has dismissed the appeal of a taxpayer who claimed that the capital proceeds it was entitled to receive for the sale of its publishing business was less than the $4.1m assessed to it by the Commissioner. The taxpayer broadly argued that the effect of a “payment by direction” mechanism, whereby a related…

*FCT v Noza Holdings Pty Ltd & Anor – Full Federal Court confirms that deduction for dividends under s 25-90 partly allowable [C1]

The Full Federal Court has unanimously confirmed the decision in Noza Holdings Pty Ltd & Ors v FCT [2011] FCA 46 that the head company of an Australian group of consolidated companies (“Noza”) was entitled to a deduction under s 25-90 of the ITAA 1997 (deductions for ‘debt interest’ costs incurred in deriving foreign non-assessable…

Student Financial Supplement Scheme (SFSS) – Income thresholds and repayment rates for the 2012-13 financial year gazetted [A9]

A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2012-13 financial year. The details are: SFSS repayment rates from 1 July 2012 For repayment income in the range Percentage rate to be applied to repayment income Below $49,096 Nil $49,096 to $60,279 2.0%…