TR 2014/4 – Effective life of depreciating assets from 1 July 2014 [38]

This Ruling, released on Wed 25.6.2014, applies from 1 July 2014, and explains the methodology used by the Commissioner in making determinations of the effective life of depreciating assets under s 40-100 of the ITAA 1997. The Ruling replaces Taxation Ruling TR 2013/4, which is withdrawn with effect from 1 July 2014. To the extent that the Commissioner’s views in…

TR 2014/3 – Income from a ‘permanent establishment’ O/S, represented by substantial equipment, not ‘NANE’ under s23AH unless carrying on business [37]

This Ruling, issued Wed 11.6.2014, considers the application of the requirement in s 23AH of the ITAA 1936 that a company “carry on a business at or through a permanent establishment (PE)”, in circumstances where a company is taken to have a PE: in relation to substantial equipment under para (b) of the definition of PE…

*Fishermen joint venturers not ‘employees’ for super (SGC) purposes: ATO view on AAT case: Re Dominic B Fishing Pty Ltd and FCT [36]

The ATO on Thur 5.6.2014, issued a Decision Impact Statement on the decision in AAT Case [2014] AATA 205, Re Dominic B Fishing Pty Ltd and FCT. In that case, the AAT held that fishing crew members on a commercial fishing vessel operated by the taxpayer, were not “employees”, at common law, or under the…

*FCT v Darling – Husband has applied for special leave to appeal to the High Court: Commissioner should not have access to Court documents for an audit [35]

It is understood that one of the parties (the husband) has applied for special leave to appeal to the High Court against the decision of the Full Court of the Family Court in FCT v Darling [2014] FamCAFC 59. The Full Court of the Family Court had ruled that the Court at first instance wrongly…

*FCT v Resource Capital Fund III LP – taxpayer seeks leave to appeal to the High Court from DTA and valuation decision [34]

The taxpayer has lodged an application for special leave to appeal to the High Court 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…