Austrac proposes to increase the threshold value of shares sold for charitable purposes from $500 to $10,000 – but wishes to consult about the AML/CTF risks

AUSTRAC has released for comment draft amendments to Chapter 38 of the ‘Anti-Money Laundering and Counter Terrorism Funding (AML/CTF) Rules regarding ‘Sale of shares for charitable purposes’. Austrac proposes amendments to Chapter 38 of these rules to increase the threshold for the disposal of parcels of shares to charities from $500 to $10,000. They consider that this higher…

Seymour v FCT – AAT’s original decision, that taxpayers’ evidence in Part IVC proceedings could be given by video link, overturned, first by the Federal Court and also on appeal

The Full Federal Court has, by majority (Pagone J dissenting), dismissed a husband and wife taxpayers’ appeal from the 7 April 2015 decision of Buchanan J (in FCT v Seymour [2015] FCA 320) that had set aside an order made by the AAT, which had granted leave to them to give their evidence, by video link, at the hearing of their…

ACNC will be retained by the Government (Earlier announcement reversed)

The Government announced on Friday 4.3.2016, that it will retain the Australian Charities and Not-for-profits Commission (ACNC). Minister for Social Services, Christian Porter, and Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said the decision followed extensive consultation with the sector on the alternative option of repealing and replacing the ACNC. Mr Porter said it is…

Re Zhang and FCT – 216 deposits in the taxpayer’s bank account ultimately treated as director’s income

A taxpayer has been largely unsuccessful before the AAT in arguing that certain amounts, including deposits into his bank account, were not his income. The taxpayer was a director and the controlling mind of a group of companies. The Commissioner determined that the taxpayer had understated his income and issued amended assessments for the 2003…

Taxation and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 – ‘Netflix’ changes to GST etc. – update on passage to legislation

The Taxation and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 was passed by the House of Reps without amendment, on Thursday 3.3.2016. The Bill proposes amendments re GST treatment of digital products and other services and the GST treatment of cross-border transactions between businesses (in the process changing the definition of ‘present establishment’ in Australia).…