The ATO has issued ATO ID 2015/7 which deals with the correct foreign currency translation rule for working out an individual’s “applicable fund earnings” when an individual receives a superannuation lump sum from a foreign superannuation fund.
[IT, 18/2/15]
The ATO [on Wed 25.2.2015] issued the following Class Rulings: CR 2015/13: Fuel tax: clients of LogbookMe Pty Ltd who use the reports generated by LogbookMe In car Logbook Solution for calculating the kilometres travelled in a vehicle as a record for fuel tax credit purposes; CR 2015/14: Off-market share buy-back: Thinksmart Limited; CR 2015/15:…
The ATO [on Wed 18.2.2015] released the following Class Rulings: CR 2015/11: Exchange of units in the Bailador Trust for shares in Bailador Technology Investments Limited; and CR 2015/12: Restructure of Bailador Siteminder Co Investment Trust. The ATO also released an Addendum to Taxation Determination TD 2007/18 (Consolidation: in applying the statutory cap in s 705-40…
The ATO [on Wed 12.2.2015] released Class Ruling CR 2015/10 (Provision of accommodation by Shell Korea Ltd to employees who are residents of Australia for tax purposes). The ATO also issued Addenda to the following GST Ruling and Class Ruling: GSTR 2012/2: Financial assistance payments. CR 2002/83: Science Prizes: The Prime Minister’s Prize for Science.…
The ATO [on Wed 4.2.2015] released the following Class Rulings: CR 2015/7: Assessability of income and expenses incurred by clubs and societies co-ordinated by the University of Sydney Union; CR 2015/8: Crowe Horwath Australasia Ltd Scheme of Arrangement and Special Dividend; and CR 2015/9: FBT: health and fitness equipment services provided by EFM Corporate Pty…
The ATO has issued TR 2015/1 which discusses two special conditions that certain types of “exempt entities” under Div 50 of ITAA 1997 must satisfy in order for their ordinary and statutory income to be exempt from income tax. The two conditions are: (1) the entity must comply with all of the substantive requirements in…
The taxpayer has appealed to the Full Federal Court against the decision in Kocharyan v FCT [2015] FCA 13. The Federal Court rejected the taxpayer’s appeal against an earlier AAT decision concerning amended assessments. Originally, the AAT (in Re Confidential and FCT [2014] AATA 32) affirmed objection decisions made by the Commissioner to deny the…
The taxpayers have appealed to the Full Federal Court against the decision in DCT v Vasiliades & Ors [2014] FCA 1250. In the decision, the Federal Court granted a Deputy Commissioner’s application for freezing orders against several related taxpayers in respect of whom the Commissioner had issued amended assessments totalling almost $33m in tax debts. [LTN…
The taxpayers have appealed to the Federal Court against the decision in Re Upson and FCT [2014] AATA 896. In that case, the AAT upheld default assessments against husband and wife taxpayers. In 2008, the Commissioner commenced an investigation into the affairs of the taxpayers which resulted in him issuing s 167 default assessments of the…
The Commissioner has appealed to the Full Federal Court against the decision in Seven Network Limited v FCT [2014] FCA 1411. In that case, the Federal Court allowed the taxpayer’s appeal and held that payments it made to the IOC for broadcasting rights to the Olympic Games were not royalties under the Australia-Switzerland DTA, and…