CR 2013/20 – Merger of property group – when CGT event A1 occurred for units in trust [46]

The ATO on Wed 20.3.2013, issued Class Ruling CR 2013/20 (Merger of Cromwell Property Fund and Cromwell Property Group). It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that CGT event A1 happened when Cromwell Property Fund unit holders disposed of their units to Cromwell Property Group under the merger as described…

Tax compliance for large taxpayers: ATO looking closely at 170 taxpayers [51]

In a recent speech, Deputy Commissioner Large Business and International, Mark Konza, spoke about the ATO’s compliance approach to large taxpayers. He spoke of 3 initiatives the ATO has been undertaking to increase compliance and minimise risk including: pre-lodgment reviews (PCRs); use of the reportable tax positions schedule; and increased guidance on information gathering and…

*GST: waiver of tax invoice requirement re lessees and commercial premises after the reversion has been sold [53]

The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Creditable Acquisition by a Lessee or Sub-Lessee Following a Sale of a Reversion in Commercial Premises) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013. It provides that an input tax credit for a creditable…

Refunding overpayments of GST: latest draft better but still not good enough, per ASFA submission [55]

ASFA says the second round of exposure draft legislation regarding the circumstances where the Commissioner will refund an overpayment of GST is an improvement on the previous draft. However, in its submission to Treasury, ASFA said it was concerned that the draft continues to prevent taxpayers from seeking refunds of GST in legitimate circumstances. Among…

*R v Seller; R v McCarthy – Wickenby case: permanent stay for releasing privileged material to the DPP overturned – back to the trial [34]

The NSW Court of Appeal has allowed the Crown’s appeal and ordered the setting aside of a permanent stay of any proceedings on indictments against 2 men concerning alleged false tax deductions claimed regarding whisky distillation schemes. That stay had been granted in the 17 August 2012 decision of the NSW Supreme Court in R v Seller;…