A taxpayer has been unsuccessful before the Victorian Civil and Administrative Tribunal in a matter concerning the land rich provisions under the Duties Act 2000 (Vic). The background facts were complex. Among other things, the Tribunal heard moneys were given by a sister to her brother and the taxpayer company was incorporated to purchase an investment property.…
In Re Ogden and FCT [2016] AATA 32 the AAT found that the taxpayer, a salesman, had significantly over claimed deductions in the 2001 and 2012 income years which reduced his taxable income by some 30%. The AAT has now ruled that the taxpayer should be subject to administrative shortfall penalties that reflected the Commissioner’s claim that 50%…
On 17 August 2017, the Tasmanian Treasurer introduced the Duties Amendment (Landholder and Corporate Reconstruction and Consolidation) Bill 2016 was introduced into the Tasmanian House of Assembly. The Bill will amend the Tasmanian Duties Act to replace their ‘land-rich’ provisions with ‘landholder’ provisions and also to introduce their ‘corporate reconstruction’ exemptions into the Act (rather than have…
On 17 August 2016, the Commissioner issued a class ruling on the Royal Dutch Shell plc takeover of BG Group plc, so far as it affected the Australian resident employees who held ESS interests under the BG Group employee share scheme (Participants). Broadly, these Participants had their ESS interests in the BG Group replaced by…
On 17 August 2016, the Commissioner issued draft Determination TD 2016/D3, which is about a technical point to do with the employee share scheme (ESS) provisions in Div 83A of the Income Tax Assessment Act 1997 (ITAA97) and the Income Tax (Transitional Provisions) Act 1997 (Transitional Act). The draft determination asks the question: in what circumstances does a…
The Federal Court has granted a taxpayer’s application for a stay of the execution of summary judgment previously granted in favour of the Commissioner in FCTv Bosanac [2016] FCA 448 for $9.3m. In doing so, it found that there were special circumstances to grant a stay on the basis of “extreme personal hardship”. In particular, the Court…
On 15 August 2016, the Commissioner uploaded the following statement about the consultation he is carrying out on gathering ‘general purpose financial statements’ from ‘significant global entities’ under the 11 December 2015 insertion of s3CA of the Taxation Administration Act 1953. [ATO website – s3CA of the TAA consultation] [LTN 156, 15/8/16] Provision of general…
On 12 August 2016, the Commissioner issued a Decision Impact Statement of the Full Federal Court decision in Rigoli v Commissioner of Taxation [2016] FCAFC 38. Brief Summary of Facts – During the 1994 to 2001 income years, the taxpayer carried on business in partnership. The partnership did not keep business records. The taxpayer did not…
On 9 August 2016, the Victorian Civil and Administrative Tribunal decided largely against a taxpayer seeking the primary production land tax exemption for various properties over a number of years. The taxpayer was a land developer and lessor of land. At relevant times, the taxpayer owned land at Lyndhurst and Clyde North, Victoria. The taxpayer…
On Thursday 11 August 2016, the Victorian Court of Appeal unanimously dismissed a taxpayer’s appeal against an earlier decision which had refused the taxpayer’s duty exemption claim on 2 vehicles under s231(2)(a) of the Duties Act 2000 (Vic). The above section (s231) provides an exemption from the imposition of duty on the registration of a motor vehicle,…
