NSW Amendments designed to feed information to the ATO for data matching and the ‘National Register of Foreign Ownership of Land Titles’

The Taxation Administration Amendment (Collection and Disclosure of Information to Commonwealth) Bill 2016 (NSW) was introduced in the NSW Legislative Council on 10 May 2016. The object of this Bill is to amend the Taxation Administration Act 1996 (NSW) to enable the NSW Chief Commissioner of State Revenue (the Chief Commissioner) to collect, and disclose to the Commissioner of Taxation…

Re: Paul J Castan & Son Pty Ltd atf Castan Investments Unit Trust and FCT – owner of hotel made supplies of commercial residential premises not the operator (which had exclusive control but not ownership)

The AAT has affirmed an objection decision of the Commissioner concerning GST on the supply of accommodation. The taxpayer was a hotel owner and it had a management agreement with an operator. The taxpayer claimed that it had incorrectly accounted for GST and sought a refund totalling $476,610 for the periods between 1 July 2010 and 31 December 2013.…

FCT v Bosanac – taxpayers appeal to the Full Federal Court – conscious maladministration alleged from assessments to both husband ($9.3m) and wife ($5.6m) despite wife having no business experience

The taxpayers have appealed to the Full Federal Court against the decision in FCT v Bosanac [2016] FCA 448. In that case, the Commissioner had been successful in his application for summary judgment against husband wife taxpayers for amounts of $15m for assessments issued to the taxpayers for the 2006 to 2013 income years (being $9.3m for the husband…

FCT v Rawson Finances Pty Ltd – taxpayer appeals Federal Court’s order that a letter of request be sent to the judicial authorities in Israel under the Foreign Evidence Act 1994

The taxpayer has appealed to the Full Federal Court against the decision in FCT v Rawson Finances Pty Ltd (No 2) [2016] FCA 402. The Federal Court had ordered that a letter of request be issued to the judicial authorities of Israel to take or cause to be taken the evidence of the Chairwoman of the Board of Mercantile…

LCG 2015/4-14 – Managed Investment Trusts (MIT) and Attributions MITs (AMITs) – Law Companion Guides updated for Royal Assent of the package of 4 Bills

Following the recent Royal Assent to the package of 4 Bills that establish a new system for taxing Managed Investment Trusts (MITs), the ATO has released the following 12 updated and one new Law Companion Guidelines on Attribution Managed Investment Trusts (AMITs) and MITs: LCG 2015/4 – Attribution Managed Investment Trusts: “clearly defined rights” LCG 2015/5 –…

NSW stamp duty – Perizon Nominees Pty Ltd v Chief Comr of State Revenue – “no double duty” concession (to avoid both contract and transfer being taxed) did not apply as the family trust transferee did not exist at contract time

The NSW Civil and Administrative Tribunal has affirmed the Commissioner’s objection decision refusing a taxpayer’s claim for the “no double duty” concession for a non-conforming transfer under s18(3) of the Duties Act 1997 (NSW). There was a contract of 26 April 2012 for a purchase of a property naming Ms P as the purchaser. The contract was stamped and…

Panama Papers – ICIJ announces searchable database of 300,000 off-shore entities and structures kept secret and the response of various nations

The International Consortium of Investigative Journalists publishes today a searchable database that strips away the secrecy of nearly 214,000 offshore entities created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands. The data, part of the Panama Papers investigation, is the largest ever release of information about offshore companies and the people behind them. This…

Higher Education Loan Program (HELP) repayment rates and thresholds for the 2016-17 financial year

A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2016-17 financial year. This notice (dated 9 May 2016) revokes the previous notice (dated 1 March 2016). The details are: HELP repayment thresholds and rates 2016-17 For repayment income in the range Percentage rate to be applied to repayment income 0 –…

Foreign resident capital gains withholding – amendments to regulations to exempt market transactions on the Chi-X exchange and also to exempt conveyancers’s functions from being ‘tax agent services’

The Tax Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Regulation 2016 was registered on Monday 9.5.2016. It amends the Income Tax Assessment Regulations 1997 and the Tax Agent Services Regulations 2009. The Amendment Regulation prescribes Chi-X Pty Ltd as an approved stock exchange so that transactions that take place on Chi-X fall within the “on-market transaction” exemption from the foreign resident capital gains…