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…
A taxpayer, a partner in a partnership of 7 solicitors, has been unsuccessful in arguing that a retiring partner had equitably assigned 20% of his interest in the partnership to a “partnership trust” and that therefore he (and the other partners) was only assessable on something less than 1/7th of the partnership profits in the…
The Federal Court has held that bonuses paid to a managing director of a company were assessable as ordinary income. The taxpayer was the managing director and CEO of a company. His employment contract provided for cash bonuses to be paid that fell into 3 categories: (i) those that had accrued and were payable; (ii)…
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…
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…
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…
The Federal Court has dismissed an appeal by a taxpayer, a former senior tax officer, against an earlier AAT decision, which held that a termination payment made to her because her services could no longer be effectively utilised by the Tax Office, was not a “genuine redundancy payment” under s 83-175 of the ITAA 1997.…
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…