*FCT v Resource Capital Fund III LP – Liability on $58m gain made on sale of shares by foreign resident partnership – Commissioner wins appeal [9]

The Full Federal Court has allowed the Commissioner’s appeal against the decision of Edmonds J in Resource Capital Fund III LP v FCT [2013] FCA 363 which had held that a non-resident limited partnership (RCF) was not assessable on a capital gain of $58m it made on the sale of shares in a Australian company, St…

*Batchelor v FCT – Repaid deposit for purchase of a retirement village was not an assessable recoupment [8]

In a test case decision handed down on Thur 3.4.2014, the Full Federal Court has set aside a decision of the AAT that an amount received by a taxpayer was an assessable recoupment and remitted the matter to the Tribunal for re-determination. Four entities collectively formed a partnership, whose business included the acquisition, development and…

*Thiess v Collector of Customs & Ors – No recovery of mistakenly paid customs duty and GST – High Court dismisses taxpayer’s appeal [5]

The High Court on Wed 2.4.2014, dismissed a taxpayer’s appeal from the decision of the Qld Court of Appeal in Thiess v Collector of Customs & Ors [2013] QCA 54 and held that s 167(4) of the Customs Act 1901 operates to bar all actions for the recovery of duty paid to Customs, irrespective of whether…

*FCT v Ludekins – High Court refused taxpayers leave to appeal from decision that imposed promoter penalties for repackaged woodlots scheme [7]

On Friday 11/4/14, the High Court refused 2 individuals special leave to appeal against the decision of the Full Federal Court in FCT v Ludekens [2013] FCAFC 100. In that decision, which now stands, the Full Federal Court unanimously allowed the Commissioner’s appeal and held that 2 persons were “scheme promoters” in terms of Div 290…

*MBI Properties Pty Limited v FCT – High Court allowed Commissioner to appeal decision that purchaser of reversion makes no supply to existing lessee [6]

The High Court Fri 11.4.2014, granted the Commissioner special leave to appeal against the Full Federal Court decision in MBI Properties Pty Limited v FCT [2013] FCAFC 112. The Full Federal Court had overturned an earlier decision and unanimously held that a taxpayer, that had purchased 3 residential apartments which were subject to leases, did…

No withholding on payments to US sportspersons with no Australian Tax under the Aust-US DTA – instrument made under s15-15 & s16-180 TAA1 [1]

The Taxation Administration Act 1953 – Pay as you go withholding – Variation to remove requirement to withhold from payments for certain US resident entertainers and sport persons was registered on Thur 3.4.2014. It ensures that withholding is not required from payments made to entertainers and sportspersons who are residents of the USA, when no…

*Paying dividends: new draft of s254T of the Corporations Act released, changing ‘net assets’ test for pure solvency test, but no change to tax law [2]

The Government on Thur 10.4.2014, released the Draft Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014. It contains a package of repeal and streamlining amendments to the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 and is designed to reduce compliance costs for business. The proposed amendments include measures to…