An individual taxpayer and related companies have been successful in obtaining a variation to freezing orders under O 37A of the Supreme Court (General Civil Procedure) Rules (Vic) to enable them to mortgage a property subject to the freezing orders as security for a loan of $250,000 to pay legal fees. The Commissioner resisted the…
The AAT has held the taxpayer failed to discharge the onus of proof in relation to the deductibility of expenses incurred in buying, renovating, and selling properties for the income years ending 30 June 2003 and 30 June 2004. The taxpayer was incorporated in 1995 and was in the business of buying and selling properties.…
A taxpayer, both the trustee and a beneficiary of a family trust that operated independent supermarkets has been unsuccessful in discharging the onus of proof that amended assessments issued by the Commissioner for the 1993 to 2003 income years were excessive. The assessments were issued on the basis that the taxpayer was engaged in alleged…
The AAT has ruled that a “preservation payment” made under an Employee Share Scheme (ESS) to supposedly keep the shares in the scheme once the restrictions on them had been lifted, did not form part of the cost base of the shares for the purpose of determining the “deferred” amount to be included in the…
The AAT has partly affirmed the decision of the Commissioner to disallow additional deductions in relation to a rental property as the taxpayer was not able to substantiate some of the claims. The taxpayer owned various rental properties in regional NSW, the present case concerned one of the properties which had been vacant for 5…
The AAT has held the taxpayer applied the correct acquisition date in relation to options acquired under an employee share scheme, and therefore was not subject to a shortfall amount or penalties as assessed by the Commissioner for the income year ended 30 June 2004. The taxpayer was granted options in a company as a…
The AAT has agreed to defer proceedings before it in relation to the assessability of a capital gain of $100,000 which the taxpayer claimed was incorrectly returned and lodged without his consent by the family accountant. In particular, the AAT ruled that the hearing should be deferred pending the outcome of Supreme Court action in…
The Federal Court has held that a garnishee notice under s 260-5 of the TAA served on a debtor (“G8”) of one of the applicants (“Local Kids”) was subject to an earlier fixed charge over the debt given to the other applicant, a related party (“Market Nominees”), and that therefore the fixed charge took priority…
The Federal Court has held that a beneficiary of a trust was assessable on a capital gain of $14m to which she was presently entitled that arose from the sale of shares the trust had previously acquired under a “transfer agreement” for consideration of $3m – albeit, the shares were only transferred to the trust…
The Federal Court has dismissed the applicant’s appeal from the decision of the AAT in AAT Case [2011] AATA 804, Re Kolya and Tax Practitioners Board which affirmed the decision of the Tax Practitioners Board to reject his application for transitional registration as a tax agent on the basis he was not “a fit and…