In a decision handed down on Thur 8.3.2012, the High Court unanimously allowed the taxpayer’s appeal against the decision of the NSW Court of Appeal. The High Court held a Deed of Consent and Assignment was a novation of a contract of sale, which caused the taxpayer to become the purchaser under a new contract,…
The High Court has refused the taxpayer special leave to appeal against the NSW Court of Appeal’s decision in Chief Comr of State Revenue v Centro (CPL) Limited [2011] NSWCA 325. The NSW Court of Appeal had allowed the NSW Chief Commissioner of State Revenue’s appeal against an earlier NSW Supreme Court decision which had…
The State Revenue Legislation Amendment Bill 2012 (NSW) was introduced in the NSW Legislative Assembly on Wed 28.3.2012. It proposes a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include: establishing a new exemption for corporate reconstruction and corporate consolidation transactions. The Bill proposes to replace the existing exemptions…
The Assistant Treasurer on Wed 14.3.2012, released the Inspector-General of Taxation’s report entitled Review into the Australian Taxation Office’s administration of Class Rulings. Mr Bradbury said the report will “enhance the operation of the class rulings systems, which will further improve the tax administration for the benefit of all taxpayers”. Overall, the Inspector-General examined information,…
Treasury has received one submission (from the Minerals Council of Australia) in response to the exposure draft on miscellaneous amendments to the mining tax laws. Note the proposed miscellaneous amendments are contained in the Tax Laws Amendment (2012 Measures No 1) Bill 2012, which is currently before the House of Reps. [LTN 58, 26/3]
The Minerals Resource Rent Tax Bill 2011 and package of 10 related bills have now passed all stages of Parliament and await Royal Assent. The Bills passed the Senate on Mon 19.3.2012, without amendment. The Bills will introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax…
The Senate Economics Legislation Committee has completed its inquiry into the Minerals Resource Rent Tax Bill 2011 and 10 related bills. The report was tabled in the Senate on Wed 14.3.2012. The Bills seek to introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax (PRRT). The…
The Parliamentary Joint Committee on Corporations and Financial Services on Mon 19.3.2012, tabled in the House of Reps its report into the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 and Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012. The majority of the Committee recommended that the Bills be passed but called for…
The AAT has affirmed that a taxpayer who lived and worked in the Philippines for the 2009-10 and 2010-11 years was a resident of Australia for tax purposes as he was a member of a Commonwealth superannuation scheme. The taxpayer was employed by the Department of Defence and took a leave of absence on 21…
The AAT has affirmed the Commissioner’s decision to impose an excess contributions tax assessment and deny a taxpayer’s request for excess contributions amounts to be reallocated to a previous financial year pursuant to s 292-465 of the ITAA 1997. On 30 June 2007, the taxpayer attempted to transfer $60,000 from a family discretionary trust into…