In a decision handed down on Mon 15.7.2013, the AAT has held that, for the purposes of the GST Act, all of the consideration in relation to the sale of a property was received by the taxpayer at the time of settlement on 16 May 2008. The case concerned the liability of the taxpayer Trust for GST…
Ian Taylor, Chair of the Tax Practitioners Board (TPB) has advised that one of the recent amendments to the Tax Agent Services Act 2009 (TASA) allows the TPB to declare a service to be a BAS service, even though it is not included in the definition of BAS provision in the tax law. He said…
This Draft Taxation Determination, issued on Wed 31.7.2013, states that an amount of expenditure incurred by an entity to identify or protect Aboriginal cultural heritage can be included in an entity’s pre-mining expenditure for a pre-mining project interest for an MRRT year under s 70-35 of the Mineral Resource Rent Tax Act 2012 if broadly: the…
The Insolvency Practitioners Association (IPA) has advised that it has been working with the ATO to find a solution to the issue of paying final remuneration from a GST refund. It said the ATO has confirmed that as long as an appointee issues an invoice/tax invoice for the final fee, then the input tax credit…
The AAT has found that a partnership was not carrying on an enterprise and was not entitled to input tax credits claimed in respect of the relevant period. The taxpayers (2 individuals) were registered as a partnership for the purposes of the GST Act. The key issue between the parties was whether the partnership was…
Amendments contained in the Tax Laws Amendment (2013 Measures No 2) Act 2013 require that, from 1 January 2014, corporate tax entities (including companies, corporate limited partnerships, corporate unit trusts or public trading trusts defined in s 960-115 of the ITAA 1997) who have base assessment installment income over a $1bn threshold will need to start paying monthly…
The ATO on Wed 10.7.2013, released the following Class Rulings. They broadly state that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. CR 2013/51: Early retirement scheme – South Australia Department for Education and Child Development; CR 2013/52: NRMA Motoring Services Early…
This Determination, released on Wed 3.7.2013, sets out the amounts the Commissioner considers are reasonable for the 2013-14 income year in relation to claims made for: overtime meal allowance expenses – the amount is $27.70; domestic travel allowance expenses. The reasonable amounts are given for: (i) accommodation at daily rates (for domestic travel only); (ii)…
The ATO on Fri 12.7.2013, released ATO ID 2013/42 (FBT: exempt benefits: employer provided housing through unrelated third party). The ID says in determining whether the provision of accommodation to an employee is an exempt residual benefit under s 47(5)(ba)(i) of the FBTAA, the transitional provisions are met where the accommodation is provided by an unrelated…
The ATO on Wed 3.7.2013, released the following Class Rulings: CR 2013/48: Exchange of shares in Bathurst Resources Limited for shares in NZ NewCo. It applies from 1 July 2012 to 30 June 2014. Broadly, the Ruling states that participating shareholders will be eligible to choose roll-over relief in relation to the exchange of shares to disregard any capital…