The Federal Court has granted the Commissioner’s application for summary judgment against a taxpayer for a debt of over $38.5m (including interest and late payment charges), even though the taxpayer’s objection against the relevant amended assessment had not yet been dealt with by the Commissioner. The substantive matter related to an amended assessment issued to…
Section 255 notices requiring a company to retain out of Canadian currency sufficient funds to meet a taxpayer’s Australian income tax liability were ineffective. The taxpayers (RCF IV and RCF V) were 2 limited partnerships formed in the Cayman Islands. They owned shares in an Australian company (Talison), which they sold to a third party.…
The Commissioner has been successful before the Federal Court in appealing against an earlier AAT decision, which had allowed to an extent a taxpayer’s claim for depreciation for certain items of plant and equipment used in a partnership business. The matter concerned assessments issued under s 167 of the ITAA 1936 to the taxpayer for the…
On 28 August 2013, the Attorney-General announced the appointment of Michael Wigney SC to the Federal Court of Australia. Mr Wigney will serve in the Sydney Registry with effect from 9 September 2013. Mr Wigney joins 2 new appointments to the Federal Court of Australia, Darryl Rangiah QC and Dr Melissa Perry QC, announced previously by the Attorney-General. [LTN…
The Attorney-General Mark Dreyfus QC has announced 2 appointments to the Federal Court. Appointees to the Federal Court are Mr Darryl Rangiah QC, who will serve in the Brisbane Registry with effect from 13 August 2013, and Dr Melissa Perry QC, who will serve in the Sydney Registry with effect from 23 September 2013. Mr Dreyfus said a further…
The Full Federal Court has unanimously allowed the Commissioner’s appeal and held that 2 persons were “scheme promoters” in terms of Div 290 of the TAA and therefore were liable for civil penalties. The matter involved 2 men who were marketers (and investors) in a managed investment scheme for which Product Ruling PR 2006/8 (the “2006…
In a decision handed down on Wed 28.8.2013, the Full Federal court allowed the Commissioner’s appeal and held that the AAT, at first instance in AAT Case [2013] AATA 25, Re Dickinson and FCT; AAT Case [2013] AATA 26, Re Fabig and FCT, had erred in finding that the CGT scrip-for-scrip roll-over relief was available…
The Full Federal Court has unanimously dismissed the taxpayer’s appeal and the Commissioner’s cross appeal from the decision at first instance in Kelly v FCT [2012] FCA 423. At first instance, the Federal Court found that the assignment of partnership interests under a “Retirement Deed”, to a holding trust for the benefit of the partners’…
The Full Federal Court has unanimously dismissed an appeal by husband and wife taxpayers and beneficiaries from the decision in August v FCT [2012] FCA 682 in which it was held that gains made on the sale of shopping centres and properties held by trusts where made on a revenue account and not a capital…
Following the decision of the Full Federal Court in Pratt Holdings Proprietary Limited v FCT [2013] FCAFC 82 (see above), the Court has now addressed a range of further issues left until after the determination of the primary tax issue: including that the trial judge erred in law in finding that the taxpayer or its…