The High Court has refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in FCT v Resource Capital Fund III LP [2014] FCAFC 37. In that case, the Full Court unanimously allowed the Commissioner’s appeal and held that the taxpayer, a non-resident limited partnership, was assessable on a capital…
The WA Court of Appeal has dismissed a company director’s appeal and upheld the validity of 2 director’s penalty notices (DPNs) that required him to pay over $88,000 which had been withheld by the company but not remitted to the Tax Office. The director argued, re the first DPN, that there was no evidence the…
The Supreme Court of Qld has allowed 2 discretionary trusts to amend the vesting dates in their deeds to expire 80 years from the settlement date of the trust deed. Trustees of the 2 discretionary trusts sought orders, pursuant to s 94 of the Trusts Act 1973 (Qld), to amend the vesting date of each trust…
The AAT has upheld assessments including the proceeds from the sale of mining tenements in a taxpayer’s assessable income on the basis that he was carrying on a business of buying and selling mining tenements with a view to profit in partnership. In so finding, the AAT rejected the taxpayer’s argument that the sale proceeds…
The AAT has held that default assessments of income tax and GST issued to a taxpayer based on industry benchmarks was not excessive. It also affirmed the administrative penalties imposed by the Commissioner in relation to the shortfall. The taxpayer traded regularly on eBay purchasing mostly coins and banknotes, which he considered to be valuable…
The AAT has refused to exercise its discretion to remit a 75% administrative penalty imposed on a taxpayer for unpaid taxes in relation to its failure to lodge BASs and income tax returns for multiple years. The taxpayer was a property development company and had failed to lodge BASs for the quarters ending 31 March 2008 to…
The AAT has found that husband and wife taxpayers who were the sole shareholders and directors of a healthcare company were not entitled to the CGT small business concessions in Div 152 of the ITAA 1997 in respect of the capital gain made on the sale of their shares in the company in view of the…
The Commissioner has been unsuccessful before the Federal Court in an interlocutory application brought to strike out or dismiss the taxpayers’ appeals against the “deemed” disallowance of their objections to amended assessments issued to them for the years of income ended 30 June 2000 to 30 June 2007. At issue was whether the taxpayers could withdraw notices they had…
In a decision handed down on Tue 21.10.2014, the Federal Court has dismissed the Commissioner’s appeal and held that the taxpayer had “incurred” the relevant expenditure for the purposes of claiming an R&D tax offset. The AAT, in AAT Case [2013] AATA 846, Re Desalination Technology Pty Ltd and FCT, had held that the taxpayer…
Following the decision in AAT Case [2014] AATA 385, Re Ogden and FCT in which the AAT confirmed that the taxpayer was not entitled to various work-related and personal investment deductions on the basis that he had not discharged the required onus of proof, the Federal Court has dismissed his appeal to the Court on…