The Supreme Court of South Australia has dismissed a taxpayer’s appeal against his conviction for failing to lodge income tax returns for the years ending 30 June 2003 to 30 June 2011 inclusive. The taxpayer had been provided with a Final Notice to lodge the returns and, on failing to do so, a Magistrate’s Court subsequently found that the…
The ATO has advised that the general interest charge (GIC) rate, shortfall interest charge (SIC) and related rates, for the second quarter of the 2016-17 income tax year (1 October 2016 to 31 December 2016) is as follows: GIC rate is 8.76% ie 90 day BAB rate 1.76% + 7% uplift factor. GIC daily compounding rate is 0.02393443%. SIC…
On Fri 9.9.2016, the Victorian Supreme Court held there was no jurisdictional error by the Commissioner in issuing land tax reassessments for the 2009 to 2011 assessments years. The taxpayer sought judicial review of assessments made by the Commissioner for land tax payable by her in respect of a property for the 2009, 2010 and…
In a majority decision (Philippides JA dissenting), the Qld Court of Appeal affirmed that an appellant (lessee) was liable to pay land tax pursuant to a lease. The appellant was the lessee, and the respondent the lessor, under a sub-lease of a property entered in August 2006 for a 70 year term. Clause 11.2 of the head lease required the lessee to pay…
Ireland’s Government has won strong backing from the Irish Parliament for its appeal against a €13-billion back tax bill the European Commission ordered it to collect from Apple, following 12 hours of debate on 7 September. Reuters said Ireland’s fragile coalition overcame initial misgivings from independent members of cabinet to join Apple in fighting the…
Re DTMP and FCT – Grounds expansion requests: primary tax denied, but penalty allowed A taxpayer has been largely unsuccessful before the AAT in seeking to expand her grounds of objection against income tax assessments and associated penalties. The taxpayer was issued with an amended income tax assessment within time allowed by s 170(1) of the…
On 7 September 2016, the AAT affirmed the Commissioner’s objection decision and rejected a taxpayer’s claim to input tax credits (ITCs) on 91% of the cost of acquisitions for the construction of Stage 1 of a retirement village. The case concerned the extent to which acquisitions made in the course of the construction of the…
On 7 September 2016, the Treasurer released Australia’s first report from the Agricultural Land Register, delivering on the Government’s commitment to increase scrutiny and transparency in Australian agriculture. The Land Register shows foreign investors hold just 13.6 per cent of all Australian agricultural land. The United Kingdom is Australia’s principal source of investment in agriculture with…
A brief summary of the facts – [2016] FCA 577 The taxpayer, AP Energy Investments Pty Ltd (AP Energy), is a non-resident of Australia for taxation purposes. AP Energy (over the period December 2006 to January 2008) had purchased shares in Abra Mining Limited (Abra) an ASX listed base metals exploration and development company. On…
The measure – The Government will remove the tax exempt status of income from assets supporting TRIS. These earnings will now be taxed concessionally at 15 per cent. Individuals will also no longer be allowed to treat certain superannuation income stream payments as a lump sum for tax purposes. [Treasury website – Super Changes] The issue –…