The AAT has held that a married couple were not a partnership for GST purposes, were not carrying on an enterprise, and were not entitled to input tax credits claimed on various acquisitions, including in relation to a residential building, during the relevant period. The couple bought a rural property in 2006 and constructed a…
The AAT has set aside the Commissioner’s amended assessment in relation to a BAS for the period 1 April 2008 to 30 June 2008 and held that the taxpayer’s net amount for the quarter was zero. It did so on the basis that the amended assessment was excessive. The taxpayer company lodged a BAS for the period 1 April 2008 to…
The AAT has affirmed the Commissioner’s decision and denied a taxpayer input tax credits claimed in relation to a property development business for the period from September 2005 to September 2009. The taxpayer was a sole trader who operated a property development business. There were a number of issues before the Tribunal in relation to the input tax credits…
The AAT has held that a taxpayer was liable to GST in relation to the execution of a trust deed as it was a taxable supply under s 9-5 of the GST Act. The taxpayer was a trustee of a unit trust constituting a managed investment scheme and involved in an infrastructure project and in 2009…
The ATO has updated its Compliance in focus 2013-14 document to be current as at 19 December 2013 to include final 2012-13 results and 2013-14 plans. Key focus areas and activities for the ATO for 2013-14 include: Large business – income tax (including tax consolidation issues, CGT outcomes, complex structuring and scrutiny of financial arrangements) – the…
The ATO has on Thur 12.12.2013, gazetted a notice stating that it will request and collect data relating to credit and debit card sales of entities for the periods from 1 July 2012 to 30 June 2014 from various financial institutions, including Commonwealth Bank of Australia, St George Bank, Westpac Banking Corporation, Australia and New Zealand Banking Group Limited,…
The ATO has advised that it is currently contacting businesses in the building and construction industry by phone to test the levels of understanding of the requirements of the taxable payments system, and to assist businesses to comply with their annual reporting obligations. The ATO advises tax agents whose clients have been contacted to ensure…
The Australian Public Service Commission has released the findings of its “capability review” of the ATO highlighting opportunities for improvement. The review highlighted various strengths of the agency, but noted that the ATO needs to undergo “transformational change”. The Commission said the taxpayer community will demand greater access to improved services in a digital world,…
The ATO has released its updated list of matters currently under consultation. The list is divided into 3 sections: technical, compliance, and administration. Under the technical list of matters, the ATO lists the following matters as in progress, including: trusts and anti-avoidance rules, alienation of income through discretionary trust partners, and the application of new…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 3rd quarter of the 2013-14 financial year (ie 1 January 2013 to 31 March 2014) are as follows: GIC annual rate is 9.59%; GIC daily compounding rate is 0.02627397%; SIC annual rate is 5.59%; and SIC daily compounding rate is…