The ATO on Wed 4.4.2012, issued the following Class Rulings: CR 2012/22: Demerger of Lyell Resources Limited by Bondi Mining Limited. It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that eligible shareholders will be able to choose CGT rollover relief under s125-55(1) of the ITAA 1997 in relation to…
This TD, issued Wed 4.4.2012, provides the Commissioner’s view on when is a shortfall interest charge (SIC) is incurred for the purposes of para 25-5(1)(c) of the ITAA 1997. The Determination broadly states that a SIC is incurred in the year of income the Commissioner gives taxpayers a notice of amended assessment. It says this…
This Draft TR, issued Wed 11.4.2012, provides the Commissioner’s preliminary views on whether or not amounts received in respect of legal costs incurred in disputes concerning termination of employment can be included in assessable income. The Draft indicates that an amount received in relation to a dispute concerning the termination of employment is not an…
These Rulings, issued on Wed 18.4.2012, set out the Commissioner’s views on the application of the income tax and GST provisions upon entry into specified farm-out arrangements. MT 2012/1 concerns immediate transfer farm-out arrangements and MT 2012/2 deals with deferred transfer farm-out arrangements. Under an immediate transfer farm-out arrangement, an obligation to transfer a percentage…
The taxpayer has appealed to the Full Federal Court against the decision of Lander J in Australia and New Zealand Banking Group Limited v Konza & Anor [2012] FCA 196. The Federal Court had held that notices issued by the ATO under s 264 of the ITAA 1936 to the Australia and New Zealand Banking…
The High Court has refused the taxpayer special leave to appeal against the NSW Court of Appeal decision in Kocic v DCT[2011] NSWCA 322. The NSW Court of Appeal had dismissed the taxpayer’s appeal against an earlier decision of the NSW District Court which had affirmed 2 directors’ penalty notices (DPNs) issued to him in…
The Victorian Civil and Administrative Tribunal has handed down a 3-year suspension of a barrister’s practising certificate following a finding that he was guilty of professional misconduct within the meaning of s 4.4.3(1)(b) of the Legal Profession Act2004 (Vic) for engaging in conduct that justified a finding that he was not a fit and proper…
The AAT has held that a taxpayer was a share trader for the year ended 30 June 2009. The taxpayer sold an investment property in 2005 and decided to operate as a trader in shares. To this end, he reduced his hours of work in his primary occupation from 70 to 80 hours a week…
The AAT has held that a taxpayer had not passed the maximum net asset value test for the purposes of the CGT small business concessions in respect of a capital gain of $3.4m made on selling shares to his family trust. This was because a liability incurred, in respect of a related loan of $1.4m…
Federal Attorney-General Nicola Roxon Thur 19.4.2012, announced 7 new part-time appointments to the Administrative Appeals Tribunal. They include: Ms Fiona Alpins, Professor Robert Deutsch and Mr Stephen Frost have been appointed as Deputy Presidents with taxation expertise. Ms Gina Lazanas has been appointed as a Senior Member with taxation expertise. Source: Attorney-General’s media release, 19…