In a judgment of the Federal Court dated 15 March 2012, the Court has granted a stay of Federal Court proceedings on a CGT issue pending conclusion of related proceedings in the Supreme Court of Qld. The stay was granted until the earlier of resolution of the Supreme Court proceeding or 1 March 2014 or…
The Federal Court has made orders concerning income tax assessments and penalties issued to husband and wife taxpayers for the 2000 to 2006 income tax years inclusive. The matter concerned default assessments (including 75% penalty with the 20% uplift for most years) issued by the Commissioner to the taxpayers following an audit in March 2010.…
The Federal Court has granted a company’s request to be granted leave to file an amended originating application in relation to the Commissioner’s decision to withdraw 3 product rulings that had been issued to the company. The rulings were withdrawn on the grounds that there was a “material difference” in the way in which the…
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…
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…
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…
In a decision handed down on 7.6.2012, the Full Federal Court allowed the Commissioner’s appeal and set aside the decision in AAT Case [2011] AATA 479, Re Greenhatch and FCT and held that the assessable income of a beneficiary presently entitled to a discounted capital gain made by the trust was only the discounted proportion…
Fortescue Metals Group Ltd announced that on Fri 22.6.2012, it had lodged a challenge in the High Court against the Federal Government’s Minerals Resource Rent Tax (MRRT) on constitutional grounds. Fortescue Chief Executive Officer: Nev Power said Fortescue had taken legal advice and was challenging the tax on the grounds that the MRRT: discriminates between…
The High Court on Fri 8.6.2012, refused the taxpayer special leave to appeal against the Qld Court of Appeal decision in Hart v Commonwealth Director of Public Prosecutions [2011] QCA 351. The Court of Appeal had dismissed an appeal by an accountant against a 30 November 2010 decision of the District Court of Qld which…
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…