The County Court of Victoria has granted judgment to the ATO for a Directors’ Penalty Notice after finding that the director had not established adequate defences against the ATO claim. The penalties related to PAYG amounts withheld but not remitted to the ATO by the company in question. The director did not dispute the debt…
The Commissioner of State Revenue (Vic) has applied for special leave to appeal to the High Court against the decision in ACN 005 057 349 Pty Ltd v Comr of State Revenue [2015] VSCA 332. The Victorian Court of Appeal had held that overpaid land tax could be recovered by the taxpayer by a proceeding for mandamus. [LTN 94,…
The High Court has granted the taxpayer special leave to appeal against the decision in Blank v FCT [2015] FCAFC 154. In a majority decision, the Full Federal Court dismissed the taxpayer’s appeal and confirmed that payments of US$160m he received in instalments following his termination from a company were assessable to him as ordinary income in the income…
On Wed 18.5.16, the ATO issued the following Product Rulings: PR 2016/4 – W.A. Blue Gum Project 2016. It applies to Growers that enter into the scheme from 18 May 2016 until 30 June 2016. PR 2016/5 – AgriWealth 2016 Softwood Timber Project. It applies to Growers that enter into the scheme from 18 May 2016 until 30 June 2016. [LTN 94, 18/5/16]
On Wednesday 18.5.15, the ATO issued the following Class Rulings: CR 2016/29: FBT: employer clients of Community Sector Banking Pty Ltd who are subject to the provisions of either s57A (exempt benefits for PBI’s, hospitals etc.) or s65J (about rebatable employers) of the FBTAA that make use of a B-Entertained MasterCard debit card facility. It applies from 1 April 2016…
On Wednesday 18.5.16, the ATO released the FBT car parking threshold and the luxury car tax threshold: Taxation Determination TD 2016/7 – which specifies $8.48 as the threshold commercial car parking rate that is required before an employer providing car parking is subject to FBT under s39A of the Fringe Benefits Tax Assessment Act. Luxury Car Tax Determination…
The Deputy Prime Minister and Minister for Agriculture and Water Resources: Barnaby Joyce announced that a re-elected Turnbull-Joyce Government would not enact the ‘backpackers tax’ retrospectively back to 1 July 2016 (the date it was announced to commence). [The so-called “backpacker tax” is the Government’s 2015-16 Budget proposal to remove the tax-free threshold for overseas working holidaymakers in Australia with…
On Monday 16.5.16, the High Court unanimously held that the Bell Group Companies (Finalisation of Matters and Distribution of Proceeds) Act 2015 (WA) (the “Bell Act“) is invalid in its entirety by the operation of s109 of the Constitution because of inconsistency between its provisions and provisions of the Income Tax Assessment Act 1936 and the Taxation Administration Act…
The Australian Greens have announced that they oppose the so-called “backpacker tax” (ie removing the tax-free threshold for overseas working holidaymakers in Australia with effect from 1 July 2016), saying it would unfairly impact on farmers and growers. Australian Greens spokesperson on Agriculture Senator Rachel Siewert said that “growers rely on working holiday makers for key seasonal work, such…
The WA Treasurer, on Thursday 12.5.2016, handed down the WA Budget 2016-17. Dr Nahan said there will be no increases to land tax noting some property owners had faced significant increases in their land tax assessments last year. He also noted that while the WA Government was not in the position to immediately reduce rates, it…