DCT v Acimovic – Commissioner succeeds in application for rectification of consent order for debt owed of $612,103

A Deputy Commissioner has been successful, before the District Court of Queensland, in rectifying a consent order previously made by a registrar  in respect of a $600,000 debt owed by a taxpayer under s666 of the Uniform Civil Procedure Rules (Qld) (“the Rules”). The Court held that the consent order should never have been made…

PR 2016/8 – Investment in Luxembourg umbrella managed fund investing in Australian companies

The ATO on Wed 5.10.2016, released Product Ruling PR 2016/8 (Tax consequences of investing in Wellington Management Funds (Luxembourg)). It applies to Australian residents who are accepted to participate in the scheme on or after 1 July 2016 and on or before 30 June 2019. [LTN 192, 5/10/16] Extract from ruling Ruling Subject to paragraph 3 of this Product…

CR 2016/68-69 – ANZ Capital Notes 4; merger of Royal Automobile Club of Queensland Limited and QT Mutual Bank Limited

The ATO, on Wed 5.10.2016, issued the following Class Rulings: CR 2016/68: Australia and New Zealand Banking Group Limited – ANZ Capital Notes 4. It applies from 1 July 2016 to 30 June 2027. CR 2016/69: The scheme of arrangement – merger of Royal Automobile Club of Queensland Limited and QT Mutual Bank Limited. It applies from 1 July 2016 to…

Ward v FCT – no excess super contribution – a misleading super fund statement and adviser confusion were ‘special circumstances’ – Tribunal’s view too narrow, dicta out of context

The Full Federal Court has, on Wed 5.10.2016, allowed a taxpayer’s appeal after ruling that the AAT erred by taking too narrow a view of what may constitute “special circumstances” under s292-465 of the ITAA 1997. The taxpayer and his wife had panicked during the GFC and withdrawn their superannuation nest egg to the safety of term…

Qld stamp duty: ‘additional (3%) foreign acquirer duty’ applies to AFAD residential land from 1 October 2016

Australian Foreign Acquirer Duty Under Chapter 4 of the Duties Act 2001 (Qld), additional foreign acquirer duty (AFAD) is an extra 3% duty on top of the duty that applies to transactions that are liable for (1) transfer duty, (2) landholder duty or (3) corporate trustee duty. AFAD applies when all the following conditions are met:…

Re Kishore v Tax Practitioners Board – registration terminated for not acting with ‘honesty and integrity’ in separation from former employer (requirement not limited to ‘provision of tax agent services’ only)

An applicant has been unsuccessful before the AAT in a matter concerning the Tax Practitioners Board’s decision to terminate his tax agent registration. The applicant became a registered tax agent on 7 March 2011 while working for his then employer (a firm which provided accounting and tax agent services). In July 2012, the applicant and 2 of his colleagues…

Death of a tax agent or BAS agent – next of kin please advise TPB for notice of the precise date when registration will cease (about 60 days after TPB notice)

Following the death of an individual registered tax or BAS agent, it is important that a next of kin or other representative notify us. What we will do – Following notification of the death of an individual registered tax or BAS agent, we will: provide you with a written notice confirming that the agent’s registration…

U.S. doesn’t need CbC ‘Master’ or ‘Local’ files… for now: Robert Stack, Deputy Assistant Secretary (International Tax Affairs) at the U.S. Treasury

The U.S. has not implemented Master File and Local File because the IRS says that, for now at least, it does not need Master and Local files as it already has enough information from taxpayers for its needs. That is the view of Robert Stack, Deputy Assistant Secretary (International Tax Affairs) at the U.S. Treasury,…

New Zealand’s “Netflix” tax starts 1 Oct 2016 – GST on ‘qualifying remote services to NZ customers – offshore suppliers (including Australian) may have to register and pay

The application of New Zealand’s GST to digital and remote services sold by offshore sellers to New Zealanders (the so-called “Netflix” tax) commences on 1 October 2016. See BEPS Action 1. The rules apply to sales by offshore sellers (which could include sellers from Singapore, Australia, Hong Kong, and elsewhere) to New Zealand private consumers. Requirement…