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…
The Full Federal Court has unanimously dismissed the taxpayer’s appeal from the decision in AAT Case [2012] AATA 557, Re Murray and FCT (No 3) in which the AAT affirmed amended assessments issued to a taxpayer for the 1999 to 2007 income years which increased his assessable income by some $25m and imposed shortfall penalties…
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…
The OECD has announced that Switzerland has become the 58th country to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters during a ceremony held on Tue 15.10.2013. OECD Secretary-General Angel Gurria welcomed Switzerland’s adherence to the Convention, which he said “sends a clear and strong signal that Switzerland is part of the…
The Federal Government on Tues 22.10.2013, announced the commencement of its National Commission of Audit. The Commission will assess the role and scope of Government, as well as ensuring taxpayers’ money is spent wisely and in an efficient manner. The Commission’s work will feed into the Government’s work on the division of responsibilities between Local,…
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.…
The Labor Party has announced details of its Shadow Ministry. Federal Opposition Leader Bill Shorten announced the following: Deputy Leader of the Opposition – Tanya Plibersek. Shadow Treasurer – Chris Bowen. Shadow Assistant Treasurer – Dr Andrew Leigh. Shadow Minister for Financial Services and Superannuation – Bernie Ripoll. Shadow Minister for Finance – Tony Burke.…
Federal Parliament will resume on Tuesday, 12 November 2013 for a 4-week sitting before Christmas. It will sit for the rest of that week (13-14 Nov), the House of Reps only will sit the next week (18-21 Nov), break for a week and then wrap up the Parliamentary session with both Houses sitting for 2 weeks from…
The Government on Thur 24.10.2013, released for comment draft legislation – the Exposure Draft Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 – to repeal the Minerals Resource Rent Tax (MRRT) and related tax measures. The Draft Bill proposes to remove the MRRT with effect from 1 July 2014. The Bill would also discontinue or…
M o r g a n’ s T a x M o n t h – October 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in October 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…