*TD 2014/D2-D6 – Consolidation and rights to future income and residual tax cost setting rules [29]

The ATO on Wed 15.1.2014, released Draft Taxation Determinations TD 2014/D2-D6 on the consolidation changes introduced by Pt 4 of Sch 3 to the Tax Laws Amendment (2012 Measures No 2) Act 2012 (rights to future income and residual tax cost setting rules) which are relevant in ascertaining whether the pre-rules, interim rules, or prospective rules apply…

FCT v Cancer and Bowel Research Association Inc atf the Cancer and Bowel Research Trust – AAT decision to remit charitable institution status matter [26]

The ATO on Tue 21.1.2014, released a Decision Impact Statement on the Full Federal Court’s decision in FCT v Cancer and Bowel Research Association Inc as Trustee for the Cancer and Bowel Research Trust [2013] FCAFC 140. In that case, the Full Court had unanimously dismissed the Commissioner’s appeal from a “decision” of the AAT…

Macquarie Bank (OBU) case – ATO view of the Full Federal Court decision not to apply the anti ‘U-turns’ Practice Statement (and render that issue non-justiciable) [25]

The ATO on Mon 13.1.2014, released a Decision Impact Statement on the Full Federal Court’s decision in Macquarie Bank Limited & Anor v FCT [2013] FCAFC 119. In that case, the Full Federal Court refused Macquarie Bank Ltd leave to appeal against the decision of Edmonds J in Macquarie Bank Limited & Anor v FCT [2013]…

Australian Pipeline Limited as Responsible Entity for the Australian Pipeline Trust v FCT – taxpayer appeals decision denying depreciation on pipeline under consolidation regime [23]

The taxpayer has appealed to the Full Federal Court against the decision in Australian Pipeline Limited as Responsible Entity for the Australian Pipeline Trust v FCT [2013] FCA 1372. The Federal Court had dismissed the taxpayer’s appeal from an adverse private ruling concerning the issue of whether the conditions for the exception provided in s 705-47(5)…

*Hancock v Rinehart – Commissioner denied access to court files in Rinehart case until matter completed, though could look at specified material [21]

The Supreme Court of NSW has refused the Tax Commissioner’s application to access a court file in relation to the ongoing Rinehart and Hancock proceedings in relation to the possible tax consequences of extending the vesting date of the trust (including any tax professional advice given on the matter). In refusing the Commissioner access to…

*Palermo v Palermo [No 2] – Business corporate and trust arrangements cannot be re-interpreted as a partnership [20]

The Supreme Court of WA has held that 2 brothers, who conducted an accounting practice and other businesses, were not in partnership. The 2 brothers had spent some 30 years in business together including an accounting practice, property development, share dealing, corporate consulting and farming. Over that time, they had used various structures such as…