This Determination, issued on Wed 22.4.2015, states that the fact a company has issued a debt interest to a listed property trust within the same stapled property group will not of itself be sufficient to form a conclusion under para 974-80(1)(d) of the ITAA 1997 that there is a scheme, or a series of schemes,…
The taxpayer has applied for special leave to appeal to the High Court against the decision in FCT v Macoun [2014] FCAFC 162. The Full Federal Court had unanimously allowed the Commissioner’s appeal from an earlier AAT decision, effectively finding that an early retirement pension received by a resident taxpayer from the World Bank was…
The Qld Supreme Court has held that s 91(2) of the Associations Incorporation Act 1981 (Qld) (“AIA”) does not pick up and apply Pt 5.7B of the Corporations Act 2001, including s 588FF(1)(a), to the winding up of an incorporated association. The Court said when an association incorporated under the AIA is ordered to be wound up…
The NSW Supreme Court has declined to allow the variation of a trust vesting date in order that tax liabilities could be avoided. The plaintiff is the trustee of a trust that was created by a Deed of Settlement made on 8 June 1965. The Trustee was required to hold the settled property on trust for the…
In a complex procedural matter, the NSW Supreme Court has held that where a company is in liquidation, the Commissioner is nevertheless entitled to make adjustments to the company’s running balance account (RBA) in respect of transactions which took place prior to the company being placed in liquidation. The adjustments related to a credit for an…
The Qld Court of Appeal has dismissed appeals by a bank and cross-appeals by a husband and wife concerning damages awarded for a financial loss stemming from advice given by a financial planner. In mid-2007, a husband and wife obtained a statement of advice from a financial planner employed by Westpac Banking Corporation. The husband…
The AAT has upheld a decision of Screen Australia which held that certain expenditure by the applicant was not incurred by the applicant for the purpose of qualifying for a refundable film tax offset. The applicant (Creation Ministries) is a not-for-profit corporation that seeks to affirm the reliability of the Bible. It made a film…
The AAT has held that a decision by Customs be set aside that had classified goods entered as wontons, dumplings, parcels and hargows as Pasta. The taxpayer is an importer of frozen foods, broadly described as dumplings and wontons with a seafood filling. The AAT said the goods are imported from Vietnam under the brand-name…
The AAT has affirmed the Commissioner’s objection decisions denying a taxpayer’s claims for reduction of a capital gain on the disposal of a property. In the year ended 30 June 1989, the taxpayer acquired 14.508 hectares of unimproved land, zoned “Rural”, situated in Wanneroo in Western Australia (Property) with the intention of developing it for use as…
In a case involving the calculation of losses carried forward under Subdiv 36-A of ITAA 1997, the AAT has confirmed that a net exempt loss of a year of income cannot be carried forward to a future year but rather is lost. Under s 36-10 of ITAA 1997, a tax loss arises in any income…