*Macquarie Bank Limited & Anor v FCT – Full Federal Court refuses Macquarie Bank leave to appeal in OBU (anti ‘U-turn’) case [9]

The Full Federal Court has refused Macquarie Bank Ltd leave to appeal against the decision of Edmonds J in Macquarie Bank Limited & Anor v FCT [2013] FCA 887. Edmonds J refused to review a decision of Commissioner and his delegate to refuse to apply his view of the law on the allocation of Offshore Banking Unit…

*FCT v Resource Capital Fund IV LP & Ors – Commissioner wins appeal: s255 Notice held effective to withhold from foreign currency owed to taxpayer [7]

In a decision handed down on Tues 22.10.2013, the Full Federal Court has unanimously allowed the Commissioner’s appeal and held that s 255 notices requiring a company to retain out of Canadian currency sufficient funds to meet a taxpayer’s Australian income tax liability were effective. The taxpayers (RCF IV and RCF V) were limited partnerships formed…

*Coalition has agenda to clear tax announcements backlog, bring Budget back to surplus and cut ‘red-tape’ [4]

Treasurer Joe Hockey on Wed 16.10.2013, addressed the American Australian Association in New York and discussed key short, medium and long term agendas of the Coalition Government. *Mr Hockey said the Coalition was “methodically going through every previously announced taxation policy that has not been legislated” and that there is a backlog dating back to 2001.…