*Shears v DCT – Extension of time to apply for judicial review refused as ADJR Act did not apply to the decisions the subject of the complaint [12]

The Federal Court has refused a taxpayer’s request for an extension of time to file an application for judicial review under the Administrative Decisions (Judicial Review) Act 1997. Following an audit of the taxpayer’s tax affairs, the Commissioner in August/September 2011 issued default assessments for the 2006 to 2009 income years (and an amended assessment…

*Halls v FCT – ATO interim audit report was not a ‘decision’ amendable to review under the ADJR Act and lacked sufficient prospects of success for the Judiciary Act [11]

A taxpayer has been unsuccessful before the Federal Court in seeking relief under s 39B of the Judiciary Act 1903 and ss 5 and 6 of the Administrative Decisions (Judicial Review) Act 1977. The “decision” or proposed “decision” which was challenged by the taxpayer related to an interim audit report prepared and issued by the ATO…

*IOOF Holdings Limited v FCT – taxpayer had no right to have consolidation rules applied as they existed before the amendments [9]

A taxpayer who had lodged an application for a private ruling in respect of the operation of the consolidation rules before amendments were made to those rules (relating to rights to income), which adversely affected the situation for the taxpayer on consolidation. The taxpayer however had not got an actual answer to the ruling request…

AFP-hosted fraud and anti-corruption centre established – announced my the Minister for Justice (The Honorable Michael Keenan MP) [8]

The Minister for Justice Thur 31.7.2014, announced that the Government has formally established the Fraud and Anti-Corruption (FAC) Centre located in the Australian Federal Police (AFP) headquarters, with the recent signing of a Commonwealth multi-agency Memorandum of Understanding. The Minister noted the FAC Centre brings together the ATO, ASIC, Australian Crime Commission, Australian Customs and Border…

*Australia’s tax treaty negotiation program: Treasury seeks comments [5]

Treasury is seeking submissions on Australia’s future tax treaty negotiation program. Australia’s 44 bilateral tax treaties generally follow the OECD Model Tax Convention on Income and on Capital, with some variations that are designed to protect Australia’s domestic interests, eg provisions designed to protect Australia’s taxing rights over the exploitation of Australian natural resources. Public…

*Exploration development incentive for greenfield sites: proposing tax losses converted to shareholder credits at corporate rate [4]

The Government has committed to introduce an Exploration Development Incentive to encourage investment in small exploration companies undertaking greenfields mineral exploration in Australia from 1 July 2014. Treasury has released a paper providing more detail on the operation of the Incentive to provide certainty for small mineral exploration companies and their investors ahead of the release of…

*MIT withholding tax regime for foreign pension funds: draft legislation released for comment [3]

On 6 November 2013, the Government announced that it would proceed with amendments to the managed investment trust (MIT) withholding tax regime to provide certainty for foreign pension funds. A draft Bill was released today [Fri 11.7.2014] containing amendments to the ITAA 1997 designed to ensure that the foreign pension funds will be able to access the…