The Full Federal Court has dismissed a taxpayer’s appeal and held that the full amount of accrued and unaccrued bonus entitlements of $11.6m that were instead paid into an executive share trust on the taxpayer’s behalf had been derived by the taxpayer as ordinary income. The taxpayer was the managing director and CEO of a…
M o r g a n’ s T a x M o n t h – January 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
In confirming that a land development company qualified for the primary production land tax exemption, the NSW Court of Appeal has ruled that any competing use of the land considered in applying the dominant use test must be a physical use of the land. The taxpayer is a property developer, which owns a number of…
The NSW Court of Appeal has unanimously dismissed a taxpayer’s application for leave to appeal the decision in the Commissioner’s favour in his debt recovery case: DCT v Anglo American Investments Pty Ltd & Ors [2016] NSWSC 975 (note the other 5 applicants, in this first instance case, set out below). In those cases, the…
The SMSF Association and Australian Tax Office (ATO) have announced a three-year strategic partnership, effective 15 February 2017. In a statement of intent released today, the Association and ATO outlined their intentions to work together to ensure effective regulation and integrity of the SMSF sector. The goals include improve and maintain the integrity and professionalism…
The Government introduced the Crimes Amendment (Penalty Unit) Bill 2017 into the House of Reps 16.2.2017 (see APH Bill Tracker). It proposes to amend the Crimes Act 1914 to increase the amount of the Commonwealth ‘penalty unit’ from $180 to $210, with effect from 1 July 2017. It would also delay the first automatic adjustment of the…
The Government introduced the Treasury Laws Amendment (Working Holiday Maker Employer Register) Bill 2017 in the House of Reps on 16.2.2017. It proposes to give effect to the Government’s commitment that: the information collected by the Commissioner of Taxation concerning the employer registration information of employers of working holiday makers will not be able to…
The Government introduced the Treasury Laws Amendment (2017 Measures No 1) Bill 2017 was introduced in to the House of Reps on Thursday16.2.2017. It proposes to: make minor technical changes to the ITAA 1997 to ensure the National Innovation and Science Agenda measures contained in Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 operate in accordance…
The Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 and the Diverted Profits Tax Bill 2017 have been referred to the Senate Economics Legislation Committee for inquiry and report by 20 March 2017. The Bills seek to implement a 40% Diverted Profits Tax (DPT) that would target multinationals that enter into arrangements to divert their Australian…
The Government introduced the Treasury Laws Amendment (GST Low Value Goods) Bill 2017 on 16 Feb 2017. It proposes to amend the A New Tax System (Goods and Services) Act 1999 (GST Act) to ensure that GST is payable on certain supplies of low value goods that are purchased by consumers and are imported into…