The ATO on Wed 12.6.2013, issued the following Class Rulings: CR 2013/40: Early retirement scheme for Barwon Region Water Corporation. It applies from Wed 12.6.2013 to 1 October 2014. Broadly, the Ruling states that the early retirement scheme to be implemented by Barwon Water is an early retirement scheme for the purposes of s 83-180 of the ITAA…
The ATO on Wed 12.6.2013, released an Interim Decision Impact Statement on the decision in AAT Case [2013] AATA 351, Re ZZGN and FCT. In that case, the AAT confirmed that the term “exploration” in the PRRTA Act should be read according to its ordinary everyday meaning. As a result, it affirmed that part of…
The ATO on Wed 26.6.2013, released Taxation Determination TD 2013/15 which states that the car limit for the 2013-14 financial year is $57,466. The car limit is used to work out decline in value deductions of certain cars under the income tax law. [LTN 121, 26/6/13]
The ATO on Mon 24.6.2013, issued Decision Impact Statements on the following judgments: Hua Wang Bank Berhad v FCT [2013] FCAFC 28 – This Decision Impact Statement outlines the ATO’s response in this case in which the Full Federal Court refused a taxpayer’s appeal from an earlier decision refusing to grant relief from a notice…
The ATO Wed 5.6.2013, released a Decision Impact Statement on the Federal Court’s decision in Denlay v FCT [2013] FCA 307. In that case, the Federal Court granted the application of husband and wife taxpayers to quash the Commissioner’s decision to issue garnishee notices to their superannuation fund. It did so on the grounds that…
The ATO on Wed 12.6.2013, released Product Ruling PR 2013/13 (Consequences for a Seller and Buyer under a White Popi Option Agreement). It applies to entities that enter into the scheme between Wed 12.6.2013 and 30 June 2016. Generally, the Ruling sets out the CGT consequences for the seller and the buyer of the product being an…
The ATO on Wed 26.6.2013, released Taxation Determination TD 2013/14 (What is the meaning of “deployment” in para 23AG(1AA)(d) of the ITAA 1936?). It states that a person is “deployed” within the meaning of para 23AG(1AA)(d) if, and only if, they have been directed to perform duties overseas by the Commonwealth, a State or a Territory…
The ATO has issued a Decision Impact Statement on the decision in FCT v Nash [2013] FCA 336. In that case, the Federal Court allowed the Commissioner’s appeal against an earlier AAT decision, which had held that a taxpayer was entitled to deductions of GIC accrued amounts for each year GIC was referable. Among other…
The ATO on Mon 3.6.2013, issued a Decision Impact Statement on the Full Federal Court decision in Sent v FCT [2012] FCAFC 187. In that case, the Full Federal Court dismissed the taxpayer’s appeal and held that the full amount of accrued and unaccrued bonus entitlements of id=”mce_marker”1.6m that were instead paid into an executive…
The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 336, Re Cancer and Bowel Research Association Incorporated as trustee for Cancer and Bowel Research Trust and FCT. In that case, the AAT affirmed the Commissioner’s decision to revoke the endorsement of the Cancer and…