*Re Lighthouse Financial Advisers (Townsville) Pty Ltd and FCT – GST: legal settlement was not taxable supply [55]

The AAT has affirmed the Commissioner’s ruling regarding whether a legal settlement was a taxable supply. The taxpayer was a financial services business established in 2010 by an individual after his termination from another financial planning firm. As part of the individual’s employment contract with his ex-employers, he had agreed to not canvass, solicit, or…

Re Yates and FCT – GST: input tax credit claims mostly refused due to lack of evidence; penalty affirmed [54]

A taxpayer has been mostly unsuccessful before the Administrative Appeals Tribunal in a matter concerning claims for GST input tax credits. The Commissioner had denied the taxpayer’s claims for certain input tax credits relating to monthly tax periods ending 31 January 2008 to 30 September 2011 (inclusive). The Commissioner also imposed a penalty at 50% of the shortfall amounts…

*GST: Instrument waiving tax invoice requirements for customers of motor dealers in relation to motor vehicle incentive payments received by the dealer [53]

The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle Dealer) Legislative Instrument 2014 was registered on Wed 21.5.2014. It waives the requirement for a recipient making a creditable acquisition to hold a tax invoice for an input tax credit to be attributable…

*ABS releases Taxation Revenue, Australia 2012-13 – various taxation statistics [51]

The Australian Bureau of Statistics (ABS) on Wed 28.5.2014, released Taxation Revenue, Australia, 2012-13. The publication contains statistics of taxation revenue collected by all levels of government in Australia for the periods 2003-04 to 2012-13. Some of the stats for 2012-13 include: Total taxation revenue collected in Australia increased $25.23bn (6%) from $389.90bn in 2011-12…

Addressing BEPS – restoring trust in international tax system: speech by Parliamentary Secretary to the Treasurer [49]

On 16 May 2014, the Parliamentary Secretary to the Treasurer, Steven Ciobo, delivered an address to the Clayton Utz BEPS Workshop. Mr Ciobo said “restoring trust in the international tax system on a multilateral basis cannot be achieved by OECD countries acting alone and the G20/OECD BEPS Project has been inclusive, incorporating non-OECD G20 countries into the…

Promoter penalty regime and recent court decisions: ATO speech says their approach is to ‘disrupt the supply and demand for these products’ [48]

ATO Deputy Commissioner, Tim Dyce, on Thur 22.5.2014, delivered a speech on the ATO’s administration of the promoter penalties regime and recent court decisions at the Tax Institute’s 7th Annual Tax Forum. Mr Dyce said the ATO’s approach to promoter risks is to act quickly to stop the proliferation of potential tax avoidance and tax…