The ATO on Wed 16.5.2012, released a Decision Impact Statement on the Full Federal Court’s decision in Allen (Trustee), in the matter of Allen’s Asphalt Staff Superannuation Fund v FCT [2011] FCAFC 118. That decision upheld an earlier finding that a $2.5m capital gain distributed from a fixed trust to a super fund was “special…
Sent v FCT– Taxpayer appeals to Full Federal Court the decision that bonuses paid into an executive share trust were derived as ordinary income [C3] The taxpayer has appealed to the Full Federal Court against the decision of Murphy J in [2012] FCA 382. The Federal Court had dismissed the taxpayer’s appeal and held that…
The AAT has held that payments for private health insurance provided to employees by a taxpayer for the 2010 FBT year were not exempt benefits as the expenditure was not “in respect of” work-related medical screening or work-related preventative health care under s 58M of the FBTAA. The taxpayer operated a major road transport business…
The Full Federal Court has unanimously dismissed the taxpayer’s appeal from the decision in Cameron v FCT [2011] FCA 1378 (see 2011 LTN 240 [11]) and confirmed that the AAT had not originally erred in finding that the taxpayer failed the “unrelated clients” test for the purposes of the Personal Service Income rules in Div…
In the 2012 Federal Budget, the Government announced that the method of determining the taxable value of airline transport fringe benefits will be changed from stand-by value to market value. The changes are proposed to apply to benefits provided after 7.30pm (AEST) on 8 May 2012. An airline transport fringe benefit may arise when an…
The Assistant Treasurer has announced that the introduction of Not-for-profit (NFP) sector reforms concerning the Australian Charities and Not-for-profits Commission (ACNC) will be staged to allow organisations to transition to the new regulatory framework. The ACNC will commence operations from 1 October 2012 as previously announced, however the governance standards, including the external conduct standards,…
In his post-Budget address at the National Press Club in Canberra on Wed 16.5.2012, Shadow Treasurer Joe Hockey confirmed that, if elected to Government, the Coalition would repeal the Carbon Tax and the Mining Tax. He also said the Coalition would offer personal tax cuts funded by “prudent savings in Government expenditure”. Mr Hockey said…
At an address to a Tax Institute forum in Sydney on Fri 18.5.2012, the Assistant Treasurer commented on concerns about proposed changes top Pt IVA and also on retrospective tax changes. Mr Bradbury said he was aware that some people in the tax community had questioned the need for the proposed Pt IVA changes and…
The Assistant Treasurer Tue 15.5.2012, announced the establishment of an independent Pt IVA expert roundtable to assist with the implementation of the Government’s “clarifications” of the definition of “tax benefit” in Pt IVA of the ITAA 1936. Members of the roundtable include tax and accounting body representatives, tax barristers and academics. Treasury will chair the…
The House of Reps Standing Committee on Infrastructure and Communications Committee on Thur 24.5.2012, released its advisory report on the following Bills: Coastal Trading (Revitalising Australian Shipping) Bill 2012; Coastal Trading (Revitalising Australian Shipping) (Consequential Amendments and Transitional Provisions) Bill 2012; Registration Amendment (Australian International Shipping Register) Bill 2012; Shipping Reform (Tax Incentives) Bill 2012…