Four couples (the taxpayers) have been successful before the WA State Administrative Tribunal in a matter concerning a private residence construction land tax exemption. In July 2008, 4 couples purchased a property (Lot 29) intending to develop 4 new apartments. In October 2011, a partial exemption under s24A of the Land Tax Assessment Act 2002 (WA) was granted on the condition…
The Federal Court has dismissed appeals by an individual and a company (of which he was the sole director) from the decision in Re Delis and Tax Practitioners Board [2015] AATA 820, effectively affirming the decisions of the TPB to refuse their renewal of registration as tax agents. The individual and the company were registered tax…
On Wednesday 25.5.2016, the Federal Court dismissed the Commissioner’s appeal from the decision in AAT Case [2013] AATA 626, Re AP Energy Investments Limited and FCT, effectively holding that the taxpayer company (a Chinese company) was not liable for CGT on sale of shares it held in an Australian mining company. The AAT had ruled that…
The Full Federal Court has unanimously dismissed the Commissioner’s appeal from the decision of Bennett J in Seven Network Limited v FCT [2014] FCA 1411, effectively holding that payments made by Seven Network Limited [Seven] to the IOC for broadcasting rights to the Olympic Games were not royalties under Article 12(3) of the Australia-Switzerland DTA, and that it was…
On Wednesday 25.5.2015, the ATO issued the following Class Rulings: CR 2016/31: FBT: employers who use the mTrax GPS system for car log book records and for odometer records. It applies from 29 February 2016. CR 2016/32: FBT: employer clients of Australia and New Zealand Banking Group Limited (ANZ) who are subject to the provisions of s 57A of…
On Wednesday 25.5.2016, the ATO issued Taxation Ruling TR 2016/2 which sets out the Commissioner’s views on the operation of s230-120 of the Income Tax Assessment Act 1997. Section 230-120 modifies the manner in which the accrual/realisation provisions in Subdiv 230-B of the TOFA rules apply to certain “notional principal” arrangements like swaps. The Ruling notes that…
On Monday Mon 23.5.2016, the Appeal Panel of the NSW Civil and Administrative Tribunal dismissed a taxpayer’s appeal against an earlier decision which had denied him the concession for unoccupied land intended to be the owner’s principal place of residence (PPR) (contained in clause 6 of Sch 1A of the Land Tax Management Act 1956 (NSW)). The taxpayer…
Two taxpayers have been unsuccessful before the Victorian Supreme Court in seeking an exemption from duty in respect of a transfer of property under s33(3) of the Duties Act 2000 (Vic). The taxpayers developed 2 townhouses through a partnership and their family trust. When the development was completed the land was transferred to them. The Commissioner assessed…
The ATO set out its timetable for implementation of banks and other financial institutions reporting accounts, held by non-residents, under the common reporting standard or ‘CRS‘ (implemented in Australia under the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016). There is an equivalent obligation to report accounts held by residents of the USA under…
The requirement to lodge annual returns is created, under the relevant provisions, by the Commissioner making a Legislative Instrument No. 1 and he registered that instrument on Thursday 19.5.2016 for the 2016 tax year. The provisions cited as relevant are set out in the extract from the legislative instrument below. The instrument establishes due dates for lodgment…
