Re LNNB & Ors and FCT – Family taxpayers fail to prove that ‘asset betterment’ assessments were excessive [5]

The AAT has affirmed the disallowance of objections against amended and default assessments issued against 6 taxpayers from the same family in respect of undisclosed income of family members. The matter involved unexplained moneys flowing through family bank accounts between 2003 and 2008 years, including sums paid from an overseas business arrangement, as well as…

Repeal of tax provisions; definition of Australia; etc: draft leg released [1]

Treasury on Wed 27.8.2014, released for comment exposure draft legislation which proposes to: simplify the tax laws by: (i) consolidating duplicated taxation administration provisions contained in various taxation Acts into a single set of provisions in Sch 1 to the TAA; (ii) repealing spent or redundant taxation laws; and (iii) moving longstanding regulations into the primary…