The High Court has refused taxpayers special leave to appeal against the decision in Seymour v FCT [2016] FCAFC 18. The Full Federal Court had 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…
A taxpayer has been unsuccessful before the AAT in relation to deduction claims for work-related car expenses and for work-related travel expenses (ie meals and accommodation) for the 2011-12 income tax year. The taxpayer contended he was entitled to the deductions under s 8-1 of the ITAA 1997 on the basis that he was an itinerant…
In the 2016-17 Federal Budget, the Government announced that from 7:30pm (AEST) on 3 May 2016, there will be a lifetime cap of $500,000 on non-concessional superannuation contributions. The cap will take into account all non-concessional contributions made on or after 1 July 2007. The ATO says the lifetime cap will be indexed to the Average Weekly Ordinary Time…
On Wed 20.7.2016, the ATO issued the following Class Ruling: CR 2016/54: AMP Capital Infrastructure Equity Fund – creating a new stapled security.It applies from 1 July 2015 to 30 June 2016. [LTN 138, 20/7/16] [Link to income tax law – Income Tax Assessment Act 1997; Income Tax Assessment Act 1936] Subdivision 126-G of the ITAA97 126-220 Object of this Subdivision The object…
On Wed 20.7.2016, the ATO issued the following Class Ruling: CR 2016/53: APN News & Media Limited – demerger of NZME Limited. It applies from 1 July 2015 to 30 June 2016. LTN 138, 20/7/16] [Link to income tax law – Income Tax Assessment Act 1997; Income Tax Assessment Act 1936] Extract from Class Ruling Class of entities 3. The class of entities to…
On Wed 20.7.2016 issued the following Class Ruling: CR 2016/52: Westpac Banking Corporation – Westpac Capital Notes 4 (‘WCN 4‘). It applies from the income year ended 30 June 2016 until the end of the term of the Capital Notes 4. [LTN 138, 20/7/16] [Link to income tax law – Income Tax Assessment Act 1997; Income Tax Assessment Act 1936] Extract…
The NSW Supreme Court has granted a Deputy Commissioner’s application to strike out amended defences of various taxpayers and enter judgment for the Commissioner for debt recovery action in relation to the issuing of amended assessments to them in connection with their tax affairs, which also involved the Commissioner obtaining information from the Cayman Islands.…
On Thursday 14.7.2016, the NSW Supreme Court gave a judgment in favour of a Deputy Commissioner for a director’s penalty notice (DPN) in the sum of $1,965,485, which was the amount the company deducted from employees salary and wages (PAYG withholding) and failed to remit to the Commissioner. The Commissioner has the power though, to recover the…
On Wed 13.7.2016, the ATO issued the following Class Ruling: CR 2016/51: Return of Capital and Scheme of Arrangement – Unity Mining Limited. It applies from 1 July 2015 to 30 June 2016. Extract from ruling Ruling Return of capital is not a dividend 30. The ROC paid by Unity to the Unity Scheme Shareholders is not a dividend as defined in…
The ATO today [Wed 13.7.2016] issued the following Class Ruling: CR 2016/51: Return of Capital and Scheme of Arrangement – Unity Mining Limited. It applies from 1 July 2015 to 30 June 2016. Extract from ruling Ruling Return of capital is not a dividend 30. The ROC paid by Unity to the Unity Scheme Shareholders is not a dividend as…