*PS LA 2015/2 – Commissioner directs staff to not assess later than other amendment time limits – 4 years and 2 years for small business entities [30]

The ATO [on Thursday 19.2.2015] issued Practice Statement PS LA 2015/2 outlining its practice of limiting the period within which it will raise an original trustee assessment. It notes that the practice means returns lodged by trustees are broadly exposed to similar time limits for review as other taxpayers. Generally, the ATO notes that it…

Class Rulings, Addendum and Errata [27]

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…

CR 2015/10 on accommodation to employees; addendum to CR 2002/83 on exempt prizes; addendum on GSTR 2012/2 on financial assistance [26]

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.…

Class Rulings – University Clubs; Special Dividend; Health and Fitness Equipment services [25]

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…

*TR 2015/1 – exempt income conditions: (1) comply with governing rules; (2) apply income/assets for the purpose for which it was established [24]

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…

*Kocharyan v FCT – Taxpayer appeals to Full Federal Court against decision denying deductions for his investment in a forestry (Ludekins) scheme [23]

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…

DCT v Vasiliades & Ors – taxpayers appeal ‘freezing orders’ obtained by FCT in seeking to collect $33m in tax debts [22]

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…