The ATO on Wed 22.5.2013, released the following Class Rulings: CR 2013/30: Demerger of FIIG Securities Ltd by Driven Holdings Pty Ltd. It applies from 1 July 2012 to 30 June 2013. The Ruling broadly states that Driven Holdings shareholders can choose demerger roll-over relief under s 125-55(1) of the ITAA 1997 to disregard any capital gain made when CGT…
This Draft Ruling, released Wed 29.5.2013, deals with when commercial software developers derive income for the purposes of s 6-5 of the ITAA 1997 from licence agreements, and “hosted” or “cloud” arrangements. Broadly, the Ruling states where an amount properly attributable to a contractual obligation is subject to a “contingency of repayment”, the amount is derived…
The ATO on Mon 6.5.2013 released a Decision Impact Statement on the High Court decision in FCT v Consolidated Media Holdings Ltd [2012] HCA 55; (2012) 84 ATR 1. In that case, the High Court unanimously allowed the Commissioner’s appeal thereby confirming that the taxpayer made a capital gain of some $400m in an off-market…
The NSW Supreme Court has dismissed proceedings by a taxpayer who sought to argue that his conviction for 7 counts of tax fraud related to non-declaration of income in relation to transactions with Vanuatu institutions as part of a “Project Wickenby” investigation were invalid in various ways. As a result, the taxpayer sought to argue…
The ATO on Fri 10.5.2013, released a Decision Impact Statement on the decision of the NSW Supreme Court in DCT v McGuire & Anor [2013] NSWSC 184. In that case, the Supreme Court held that s 60(1) of the Partnership Act 1892 (NSW) did not limit the liability of 2 limited partners (the taxpayers) to an…
The taxpayer has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 239, Re IOOF Holdings Limited and FCT. In that case, the AAT confirmed that, for the purposes of undertaking its review of the Commissioner’s deemed disallowance of the taxpayer’s objection against the Commissioner’s failure to…
The taxpayers have lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 58, Re Purvis & Ors and FCT. In that case, the AAT confirmed that lump sum payments made to former Qantas pilots under a “loss of licence insurance” scheme if they lost their pilots’ licences…
The Family Court of Australia has held that documents filed in a family court matter, which the Commissioner had been given permission to inspect and photocopy by the Court in relation to an audit of the parties for the income years 1991 to 2010, could not be used by the Commissioner for “collateral” tax purposes.…
The Commissioner has lodged a notice of appeal to the Full Federal Court against the decision of Edmonds J in Resource Capital Fund III LP v FCT [2013] FCA 363. In that case, the Federal Court allowed a taxpayer’s appeal and held that it was not assessable on a capital gain of $58m it made on…
The taxpayer has sought an extension of time in which to lodge an appeal against the decision in AAT Case [2013] AATA 141, Re Carter and FCT. In that case, the AAT dismissed the taxpayer’s appeal against income tax and GST assessments that were based on the application of the ATO’s small business benchmarks following…