Re Altnot Pty Ltd and FCT – small business CGT relief – despite winning in the AAT, the Commissioner appeals the basis of the finding on minimum net value [21]

The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 140, Re Altnot Pty Ltd and FCT. In that case, the AAT confirmed a taxpayer company did not satisfy the maximum net asset value (MNAV) test for the purposes of qualifying for the CGT small…

Re Walters and FCT – Commissioner appeals AAT decision that it can review objections made prior to the amended assessments [22]

The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 151, Re Walters and FCT. In that case, the AAT determined that it had the jurisdiction to review objection decisions made by the Commissioner in relation to both amended assessments of primary tax and assessments…

FCT v Macquarie Bank Limited – Commissioner seeks special leave to appeal to the High Court from ‘Mongoose’ Part IVA consolidation decision [23]

The Commissioner has applied for special leave to appeal to the High Court against the decision of the Full Federal Court in FCT v Macquarie Bank Limited [2013] FCAFC 13. In that case, the Full Federal Court unanimously dismissed the Commissioner’s appeal and held that a member of a consolidated group was not subject to…

*Southgate Investment Funds Limited v DCT – Broadbeach Properties did not prevent a stay of execution on a grant of summary judgment [25]

The ATO Tue 9.4.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in Southgate Investment Funds Limited v DCT [2013] FCAFC 10. In that case, the Full Court unanimously allowed a company taxpayer’s appeal from an earlier court decision denying the taxpayer a stay of execution (in relation to a grant of…

ATO View on Binetter v DCT – s264 notice valid and did over-ride the privilege against self-incrimination, notwithstanding foreseeable Part IVC proceedings [26]

The ATO on Thursday 11.4.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in [2012] FCAFC 126 and the subsequent special leave application by the taxpayer to the High Court. The Full Federal Court had dismissed the taxpayer’s appeal from part of the judgment in Binetter v DCT (No 3) [2012] FCA…

TD 2013/D2 – Earnings for Defense Force personnel whilst on leave from active duty overseas, through accident or illness, remain exempt under s23AG [27]

This Draft TD, issued Wed 24.4.2013, states that foreign earnings derived by Australian Defence Force (ADF) members from a period of leave as a result of an accident or illness that occurred while deployed overseas by the ADF as a member of a disciplined force are exempt under section 23AG of the ITAA 1936. The Draft says…

TD 2013/D3 – support payments to subsidiaries not deductible under s8-1 (capital) or under the ‘black hole’ provision in s40-880 [28]

This Draft TD, issued on Wed 24.4.2013, states that support payments made by a parent entity to its subsidiary are not deductible under s 8-1 since the support payments are capital in nature for the purposes of para 8-1(2)(a). Further, the Draft indicates that such payments are included in the cost base and reduced cost base…

Denlay v FCT – Wickenby: Garnishee notice to taxpayers’ super fund quashed – decision to issue notice because of ‘Wednesbury’ unreasonableness [13]

The Federal Court has granted the application of husband and wife taxpayers under the Administrative Decisions (Judicial Review) Act 1977 and s 39B of the Judiciary Act 1903 to quash the Commissioner’s decision to issue a garnishee notices pursuant to s 260-5 of Sch 1 of the Taxation Administration Act 1953 to the taxpayers’ superannuation fund, which the…

*Large corporates and multinationals to be forced to disclose tax payable figures [9]

A Treasury discussion paper released on Wed 3.4.2013, proposes that large corporate entities would be required to disclose tax payable. The Assistant Treasurer said the discussion paper follows the Government’s earlier announcement that it intends to change the tax laws to improve the transparency of Australia’s business tax system. A copy of the discussion paper…