*Re The Trustee for the Confidential Trust and FCT – Minor trust beneficiaries not excepted persons and taxed at 45% [23]

The AAT has held that 2 minor beneficiaries of a trust were not excepted persons and the income that was distributed to them in the 2012 income year was not excepted trust income. The director of a trust settled a workers’ compensation claim in 2010 and received $400,000 under that settlement. He contributed the entire…

*Re Watson and FCT – No hardship release: circumstances of taxpayer’s own making [18]

The AAT has dismissed a taxpayer’s application to be released from a tax debt of some $52,000 that accrued over 4 income years and of which some id=”mce_marker”3,000 comprised GIC. The taxpayer argued that serious financial hardship would otherwise result and that bankruptcy would be a conceivable outcome and that, furthermore, there were no prospects…

*DCT v Vasiliades & Ors – Asset freezing orders issued including against a trust in which it was alleged Mr Vasiliades had a contingent interest [17]

The Federal Court has issued asset freezing orders against several taxpayers in respect of which the Commissioner had issued amended assessments totalling almost $33m in tax debts, including penalties. The Deputy Commissioner sought orders freezing the assets of the first respondent (Mr Vasiliades) and against his wife, the second respondent (Ms Vasiliades), in respect of…

*Asia-Pacific tax administrators plan to tackle multinational profit shifting [13]

The ATO has advised that Tax Commissioners from the Asia-Pacific will meet 24-27 November 2014, to agree on a regional plan to tackle multinational profit shifting and drive greater tax transparency and cooperation. Mr Jordan will host the 44th meeting of the Study Group on Asian Tax Administration and Research (SGATAR) in Sydney. SGATAR will bring together 16…