Doutch v FCT – CGT: small business CGT concession for $11m capital gain depended on an associated drilling company having less than $2m turnover, which turned on whether $55k in ‘fuel disbursement receipts’ were included

The Full Federal Court has unanimously dismissed the taxpayer’s appeal from the decision in Re PFGG and FCT [2015] AATA 972 and confirmed that fuel disbursement receipts he received were ordinary income that he derived “in the ordinary course of carrying” on his mining business. As a result, the taxpayer failed to meet the “small…

TDP 2016/1 – ATO’s discussion paper on the role of ‘electronic distribution platforms’ (EDP’s) for the GST treatment of digital supplies to, and sub-$1,000 imports by ‘Australian consumers’

Table of Contents Para Introduction 1 Differences from European Union (EU) approach 3 Low value goods 5 Legislative references 8 Purpose 9 Overview of the law 10 Step 1 Definition of EDP 11 Consultation Question 1 11 Consultation Question 2 15 Consultation Question 3 18 Step 2 The operator of the EDP must be making…

TDP 2016/1 – ‘electronic distribution platforms’ (EDP’s)– ATO issues a discussion paper on treatment in new GST legislation (digital supplies to Australian consumers and sub-$1k imports of goods

The purpose of issuing this consultation paper was seek input on the advice and guidance products operators of EDP’s and other might need to comply with the legislation. The ATO is seeking input to highlight areas that are unclear, cause difficulties in understanding or areas where there are practical compliance issues. Digital supplies to Australian…

Foreign resident capital gains withholding – ATO advises of ‘clearance certificates’ online and provides links to relevant forms – with a background on the detailed operation of the whole regime

New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement. Australian resident vendors selling real property will need to obtain a clearance certificate from us prior to settlement, to ensure they don’t incur the 10%…

Foreign resident capital gains withholding – the ATO explains the regime in detail; explains the ‘clearance certificate’ and ‘vendor declarations’ requirements and provides relevant links to forms, legislative instruments, other guidance material and the relevant legislation

New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement. Australian resident vendors selling real property will need to obtain a clearance certificate from us prior to settlement, to ensure they don’t incur the 10% non-final…

SA FHOG: relief for Australian Defence Force personnel applying for Grant – Revenue Ruling [49]

RevenueSA has issued Revenue Ruling FHOG005 (Relief for Australian Defence Force personnel) which sets out details of the SA Treasurer’s approval for ex gratia payments equivalent to the First Home Owners Grant (FHOG) for eligible ADF personnel applying for the FHOG but are unable to satisfy the residence requirements due to posting or deployment across…

SA: Emergency Services Levy remission – retirement villages: Revenue Ruling [47]

RevenueSA has issued Revenue Ruling ESL001. In the 2014-15 SA Budget, the SA Government removed the fixed property Emergency Services Levy (ESL) remission (better known as the “General Remission”) on all properties except principal places of residence owned by eligible pensioners and concession card holders. The Ruling advises that the General Remission has been reinstated…

Vic land rich provisions: Schachna v Comr of State Revenue – 2007 service of assessment not refreshed by 2014 demand for payment with assessment [45]

A taxpayer has been unsuccessful before the Victorian Supreme Court in a matter concerning when a notice of assessment was served on him and therefore the 60-day time limit to object to that assessment under the Taxation Administration Act 1997 (Vic). On 26 September 2007, the assessment was served by post to the taxpayer at the last…