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…
On Wed 13.7.2016, the ATO issued the following Class Ruling: CR 2016/50: AMP Capital Community Infrastructure Fund – capital reallocation. It applies from 1 July 2015 to 30 June 2016. Extract from Class Ruling Class of entities 3. The class of entities to which this Ruling applies is the unit holders of the AMP Capital Community Infrastructure Trading Trust (TT)…
On Wednesday Wed 13.7.2016, the ATO released the following Law Companion Guideline: LCG 2016/3: Small Business Restructure Roll over: genuine restructure of an ongoing business and related matters. It explains the meaning of the term “genuine restructure of an ongoing business” in Subdiv 328-G of the ITAA 1997. Extract from ATO’s Law Guideline What this Guideline is about 1.…
On Wed 13.7.2016, the ATO released the following Law Companion Guideline: LCG 2016/2: Small Business Restructure Roll over: consequences of a roll over. It explains the tax consequences and adjustments that occur when the transferor and transferee choose to apply the small business restructure rollover (‘SB Restructure Rollover‘) in Subdiv 328-G of the ITAA 1997. Extract from Subdiv…
On Tuesday 12.7.2016, the Full Federal Court unanimously allowed a taxpayer’s appeal and held that the orders of the primary judge (which provided for the issue of a draft letter of request to a foreign bank) should be set aside. The letter of request had been sought by the Commissioner to be issued to the judicial…