In a Project Wickenby case, the NSW Court of Criminal Appeal has unanimously allowed an appeal by the Commonwealth DPP and increased the sentences that had been imposed on 2 men by Finnane DCJ in the NSW District Court in July 2011 and September 2011. The Court said each man had pleaded guilty to 2…
The AAT has affirmed income tax assessments and penalties imposed by the Commissioner in respect of a taxpayer for the 2002, 2003, 2005 and 2006 income years. The taxpayer arrived in Australia in 1995 and since then had purchased a property to house his wife and children, and investment properties. The taxpayer was a director…
Two taxpayers, a husband and the wife of his deceased estate, have been partly successful before the AAT in arguing that amended assessments issued to them were excessive on the basis that some of the payments made into their bank account from a business operated by a family company was not their income, but that…
The Federal Court has held that husband and wife taxpayers who sold their combined 58% shareholding interest in a company had each satisfied the maximum net asset value test for the purpose of accessing the CGT small business concessions in respect of capital gains of $1.8m they each made on the sale. The Commissioner argued…
The Federal Court has held that legal professional privilege attached to a number of documents obtained by the Australian Crime Commission (ACC) from several taxpayers. The Court said the ACC, in exercise of powers under the Australian Crime Commission Act 2002 and warrants issued under the Crimes Act 1914, had obtained a large number of…
The Full Federal Court has dismissed an appeal by Esso Australia Resources Pty Ltd against the decision of Ryan J on 30 May 2011 in Esso Australia Resources Pty Ltd v FCT [2011] FCA 565, and at the same time has allowed a cross-appeal by the Commissioner from that same decision. The taxpayer (Esso) and…
The High Court on Fri 10.2.2012, decided several special leave applications in tax cases: The High Court refused the Commissioner special leave to appeal against the Full Federal Court decision in RCI Pty Ltd v FCT [2011] FCAFC 104. The Full Federal Court decision unanimously held that Pt IVA did not apply to a scheme,…
The Government has released for public consultation draft legislation, which aims to introduce tax exemptions and other tax concessions to support the Australian shipping industry. The draft legislation forms part of the Government’s Stronger Shipping for a Stronger Economy reform proposals. The tax proposals include: an income tax exemption for ship operators; provision for accelerated…
The Parliamentary Secretary to the Treasurer has released a consultation paper seeking views of stakeholders on the Government’s proposed reforms to the regulatory arrangements for charitable fundraising to reduce the compliance burden. Mr Bradbury said the consultation paper examines proposals for a new, nationally-consistent approach to the laws that govern charitable fundraising. The paper also…
The Minister for Financial Services on Thursday 9.2.2012, announced that more than 5,300 people can now expect to start seeing their share of over $54m in compensation payments, to be paid following the collapse of Trio Capital Ltd. Money will be progressively credited to member’s superannuation accounts over the next 2 weeks, he said. Mr…