DCT v Sent – Summary judgment granted for almost $23m but a stay may be granted for application for leave to appeal to the High Court [21]

The Victorian Supreme Court has granted the Commissioner summary judgment against a taxpayer for outstanding tax and penalty totalling almost $23m. On 20 February 2013, the Supreme Court (Mukhtar J) gave summary judgment for the Commissioner for $22,848,994.13 in tax and penalty. The Court said the assessments arose out of a payment of bonuses made to the taxpayer…

Sent v FCT – Taxpayer has applied to the High Court for Special Leave to Appeal decision that bonus amounts paid to a trust were ordinary income [22]

The taxpayer has applied for special leave to appeal to the High Court against the decision of the Full Federal Court in Sent v FCT [2012] FCAFC 187. The Full Federal Court had 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…

Healey v FCT – taxpayer applies for special leave to appeal to the High Court after being assessed to a capital gain she was presently entitled from a trust [23]

The taxpayer has applied for special leave to appeal to the High Court against the decision of the Full Federal Court in Healey v FCT [2012] FCAFC 194. The Full Federal Court had unanimously dismissed the taxpayer’s appeal and confirmed that she was assessable on a capital gain of id=”mce_marker”4m to which she was presently…

*Binetter v DCT [2012] FCAFC 126 now stands after High Court refuses Taxpayer leave – s264 notice valid [24]

The High Court Fri 15.2.2013, refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in. The Full Federal Court decision, which now stands, had dismissed the taxpayer’s appeal from part of the judgment of Robertson J in Binetter v DCT(No 3) [2012] FCA 704 concerning the validity of a s 264…

*Commissioner appeals AAT loss in Re Dickinson and FCT; Re Fabig and FCT – where it was held that the taxpayers were entitled to scrip-for-scrip relief [25]

The Commissioner has appealed to the Federal Court against the decisions in 2 AAT cases that had identical circumstances – AAT Case [2013] AATA 25, Re Dickinson and FCT, and AAT Case [2013] AATA 26, Re Fabig and FCT. The AAT had held that 2 taxpayers in identical circumstances were entitled to scrip-for-scrip roll-over relief…

*Confidentiality of tax information to be wound back for multinationals – Government announces plans [7]

The Government on Mon 4.2.2013, announced it would alter the confidentiality of tax information rules for large and multinational businesses so they would be forced to publicly disclose Federal taxes they pay. The Assistant Treasurer said the move was to implement the Government’s intention “to improve the transparency of Australia’s business tax system”. “Large multinational…

*Monthly tax instalments by large companies: consultation paper released [9]

The Assistant Treasurer on Thur 28.2.2013, released a consultation paper on the Government’s proposal (announced in the MYEFO on 22 October 2012) for 3-year process to reform the timing of company tax payments by large companies. The consultation paper sets out the proposed implementation and design details for how to better align the timing of PAYG instalments…