Updated Large business and tax compliance booklet released by ATO [45]

The Tax Commissioner has released a “refreshed” version of Large business and tax compliance booklet. Mr Jordan said the publication “seeks to provide a tangible demonstration of [the ATO’s] commitment to transparency and accountability”. He said he was also “pleased to see the mutual expectations outlined in the LBTC publication are already being used to guide…

*TD 2014/12 – Accounting standards necessary for financial reports to qualify for TOFA [42]

This Determination, issued on Wed 28.5.2014, outlines the accounting principles that need to be followed in order for a financial report to satisfy Div 230 of the ITAA 1997 (Taxation of Financial Arrangements or ‘TOFA’ provisions). It states that a financial report must be prepared in accordance with those accounting standards and authoritative pronouncements of the…

*Rigoli v FCT – Burden of proof not discharged by conceding the Commr’s estimate of income, save for depreciation issues – returned to AAT [37]

The ATO on Fri 2.5.2014, issued a Decision Impact Statement on the Full Federal Court’s decision in Rigoli v FCT [2014] FCAFC 29. In that decision, the Court dismissed the taxpayer’s appeal concerning default assessments that had been issued to him under s 167 of the ITAA 1936 for the 1994 to 2001 income years. The…

*ATS Pacific Pty Ltd v FCT – GST on ‘arranging’ supplies to non-resident travel agents – incidental to tourism supplies consumed in Australia [36]

The ATO on Fri 2.5.2014, released a new Interim Decision Impact Statement on the Full Federal Court decision in ATS Pacific Pty Ltd v FCT [2014] FCAFC 33. In that case, the Full Federal Court unanimously upheld the Commissioner’s argument that a supply made by an Australian inbound tour operator to overseas customers was fully…