On Tuesday 1.11.2016, the Qld Court of Appeal allowed an appeal by 2 company directors against summary judgments made on 1 April 2016 for an aggregate $1.8m in Directors Penalty Notice (DPN) liabilities. It overturned the decision of Bond J, at first instance, in the Queensland Supreme Court in DCT v Rablin; DCT v Shaw [2016] QSC…
T a x T e c h n i c a l – M o n t h l y N e w s – November 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2016 which aims to be relevant to tax practitioners.[i] Compiled By F John…
On Mon 31.10.2016, AUSTRAC published the first money laundering and terrorism financing (ML/TF) risk assessment into Australia’s superannuation sector. The Minister for Justice, Michael Keenan, said the assessment was developed in close partnership with the superannuation industry and identified a range of opportunities for the sector to further harden itself against threats. AUSTRAC identified higher than…
The Commissioner has lodged an application for special leave to appeal to the High Court against the Full Federal Court decision in FCT v Jayasinghe [2016] FCAFC 79. The Full Federal Court had by majority dismissed the Commissioner’s appeal from an AAT decision which had found that a taxpayer was exempt from his earnings as the…
Conveyancers may have clients that are impacted by new rules, in place since July 2016, that now apply to vendors disposing of certain taxable Australian property under contracts. Chair of the Tax Practitioners Board (TPB), Mr Ian Taylor, has advised conveyancers that they may need to register with the TPB, when assisting clients to meet new requirements under the foreign resident…
As part of the National Innovation and Science Agenda, the Government is taking steps to make it easier for employers to provide incentives to their employees through Employee Share Schemes (ESS). In particular, the Government has committed to: limit the requirement for disclosure documents given to employees under an eligible ESS and lodged with the…
Overview – Crowdfunding is the practice of using internet platforms, mail-order subscriptions, benefit events and other methods to find supporters and raise funds for a project or venture. As the industry expands and new developments arise, we will review and update the information. If you’re involved in crowdfunding – regardless of your role – you…
On Wed 26.10.2016, the Commissioner issued the following Class Rulings: CR 2016/81: Asciano Limited – Scheme of Arrangement and Special Dividend. It applies from 1 July 2016 to 30 June 2017. CR 2016/82: the “Ward McKenzie Early Retirement Scheme 2016”. It applies from 26 October 2016 to 31 December 2016. CR 2016/83: the “Henwood Downs Early Retirement Scheme 2016”. It applies from 26 October 2016…
On Wed 26.10.2016, the Commissioner released Draft Practical Compliance Guideline PCG 2016/D16 relating to the meaning of ‘fixed entitlements’ in ‘fixed trusts’ as defined in the trust loss provisions. This affects not only the requirements for a trust to carry forward losses but also a large number of provisions in income tax law, which are…
What this draft Guideline is about 1. This draft Guideline outlines the factors that the Commissioner will consider when deciding whether to exercise the discretion to treat an entitlement as being a fixed entitlement, which results in a trust being treated as a fixed trust under the trust loss provisions. The Commissioner must determine whether to exercise…
