The Tax Office Wed 27.3.2013, released 4 determinations dealing with FBT rates, thresholds, etc for the 2013-14 FBT year (ie the FBT year commencing on 1 April 2013). TD 2013/5: the indexation factors for valuing non-remote housing are: NSW – 1.051; Vic – 1.030; Qld – 1.028; SA – 1.031; WA – 1.057; Tas – 1.020; ACT…
This Draft TD, issued on Wed 27.3.2013, states that a person is “deployed” within the meaning of para 23AG(1AA)(d) of the ITAA 1936 if and only if they have been directed to perform duties overseas by the Commonwealth, a State or Territory, or an authority thereof in their capacity as a member of a disciplined…
In the first matter of its kind before the courts, the Commissioner has been unsuccessful in seeking to impose civil penalties on alleged scheme promoters under Div 290 of the TAA for the promotion of tax avoidance schemes. The matter involved 2 men who were marketers (and investors) in a managed investment scheme for which Product…
The Federal Court has upheld assessments and penalties against a taxpayer totalling almost id=”mce_marker”m. A Deputy Commissioner of Taxation had sought to recover from the taxpayer debts payable for income tax and penalties pursuant to assessments issued in respect of the years of income ended 30 June 2009, 30 June 2010 and 30 June 2011. As at 30 January 2013, the debts total…
In a decision handed down on Wed 20.3.2013, the Federal Court allowed the Commissioner’s appeal from the decision in AAT Case [2012] AATA 660, Re Boyn and FCT concerning the calculation of tax payable on an ETP. In July 2009, the taxpayer received an ETP from his employer comprising a taxable component of $250,880 and a tax-free…
The Federal Court has upheld a 75% tax shortfall penalty imposed on the trustee of a family trust operating independent supermarkets after ruling that it was open for the AAT to find that the taxpayer had “intentionally disregarded” its tax obligations under s 226J of the ITAA 1936. The Court dismissed the taxpayer’s appeal from AAT…
In a very lengthy decision (over 400 pages), the AAT has affirmed that over $20m deposited into the private bank account of 2 taxpayers in the 2005 to 2008 income years (inclusive) from a private company, of which they were directors, comprised assessable income of the taxpayers in the form of either unfranked dividends, deemed…
The AAT has held that certain share trading activities by a Vanuatu incorporated company were Australian-sourced, but that the taxpayer had discharged its onus of demonstrating that an assessment relating to the 2007 year was excessive. The taxpayer was incorporated in Vanuatu in December 2003. Its members were Vanuatu residents associated with the accountancy practice known as…
The AAT has held that a taxpayer had his permanent place of abode outside Australia for the income year ended 30 June 2008 and was therefore a non-resident for tax purposes for that year. The taxpayer, who had migrated to Australia from New Zealand in 1985, had commenced employment with an engineering company in Abu Dhabi in December 2007.…
The AAT has affirmed the objection decision of the Commissioner that a company engaged in activities involving, broadly, solar tubing technology was not entitled to the R & D tax offset under s 73I of the ITAA 1936 in the 2004 income year (where it had originally claimed an offset of $225,000) and in the 2005…