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…
20/10/2016 – Today, as a further step to implement the OECD Common Reporting Standard (CRS), the first series of bilateral automatic exchange relationships were established among the first batch of jurisdictions committed to exchanging information automatically as of 2017. With still a year to go before the first exchanges of information on financial accounts pursuant to…
20/10/2016 – Today the OECD released key documents, approved by the Inclusive Framework on BEPS, that will form the basis of the Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the BEPS Action Plan. The Action Plan on Base Erosion and Profit Shifting identified 15 actions to address BEPS in a…
The AAT has found that the Wine Equalisation Tax (WET) and the related GST liability of an Australian importer of New Zealand wine was to be recalculated on the basis that the Commissioner had adopted the wrong methodology in calculating the taxpayer’s WET liability in the circumstances. In arriving at its decision, the AAT essentially found that the taxpayer’s approach…
