The AAT has affirmed the Commissioner’s decision to not exercise his discretion in relation to non-commercial business losses of a taxpayer’s cattle and sheep farming activities for the 2010 income year. The taxpayer was a medical practitioner, who owned 2 farms, on which he conducted cattle breeding and sheep farming. In September 2010, he applied for a…
A corporate taxpayer who claimed deductions for management fees of some $300,000 paid to associated companies for the 1999 to 2008 income years and for interest and bank charges of some id=”mce_marker”.8m paid to a foreign bank (the “Hua Wang Bank”) for the 2005 to 2009 has been unsuccessful in arguing that the outgoings were…
The AAT has refused a taxpayer’s application for relief from his income and GST debts. The taxpayer had outstanding income tax instalments and GST liabilities for a number of years totalling id=”mce_marker”3,256 and in August 2011, he applied to be released from those debts. His application was rejected and he lodged an objection. After supplying the Commissioner…
The AAT has held that a taxpayer was a resident of Australia for tax purposes in the year ended 30 June 2011 and did not discharge the onus of proving that an assessment issued to him was excessive. The taxpayer was born in Australia and is an Australian citizen and owns a residence in joint tenancy with…
The Federal Court has dismissed an application for interlocutory relief by a self-represented taxpayer to stay enforcement of any judgment and current legal proceedings in relation to her dispute with the Commissioner in regard to the AAT’s decision to affirm the Commissioner’s objection decision concerning assessable income from a family petrol station business and a…
The High Court has refused the taxpayer’s application for special leave to appeal 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…
The Full Federal Court has unanimously dismissed the taxpayer’s appeal on the substantive issue from the decision in AAT Case [2012] AATA 404, Re Sanctuary Lakes Pty Ltd and FCT. In that case, the AAT confirmed that a taxpayer was not entitled to deductions for over id=”mce_marker”8m in relation to a range of outgoings incurred…
The High Court on Wed 1.5.2013, unanimously granted the Commissioner special leave to appeal from the Full Federal Court decision in Unit Trend Services Pty Ltd v FCT [2012] FCAFC 112 and then immediately allowed the appeal and ordered that certain orders of the Full Federal Court made on 5 October 2012 be set aside and, in…
On 16 May 2013, the OECD approved the revision of Section E on safe harbours in Chapter IV of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (TPG). The OECD said the new guidance on safe harbours provides opportunities for countries to relieve some compliance burdens and to provide greater certainty for cases involving smaller…
The Government on Tue 7.5.2013, released draft legislation designed to better target access to the R&D tax incentive. The proposed change would target support to companies with aggregate assessable income of less than $20 billion. The change would add a third tier to the R&D tax incentive [see EM extract below] whereby companies with aggregate…
