The Commissioner has appealed to the Full Federal Court against the decision in Normandy Finance Pty Ltd v FCT [2015] FCA 1420. The Federal Court had held that payments of around $4m made from a foreign company to its Australian subsidiary and another related company over several years were genuine loans, and not “shams”. [LTN 19, 1/2/16]
A professional sales commission agent has been largely unsuccessful before the AAT in claiming deductions for work-related expenses, including home office expenses, various grocery items and overtime meal allowances. The taxpayer had similar deductions disallowed by the AAT in Re Odgen and FCT [2014] AATA 385 in respect of a different income year. In the current proceedings,…
T a x T e c h n i c a l – M o n t h l y N e w s – February 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in February 2016 and which aims at being of relevance to tax practitioners.[i] Compiled…
On 11 December 2015 the Board released its consultation paper on the tax transparency code. This paper includes the Board’s preliminary findings and recommendations to Government. It is intended to facilitate additional consultation. Background – As part of the 2015 Budget, on 12 May 2015 the Treasurer wrote to the Board of Taxation to ask it…
The AAT has rejected a tax agent’s appeal and upheld the Tax Practitioners’ Board decision not to re-register her as a tax agent as she did not meet the “fit and proper person” test. The Tribunal said the agent was a trustee of a self-managed super fund (SMSF) and the ATO had in October 2012 determined she…
Australian financial services (AFS) licensees and representatives who provide tax (financial) advice services for a fee or other reward must now be registered with the Tax Practitioners Board (TPB) [as of 1 Jan 2016]. They can no longer rely on a disclaimer to provide these services while unregistered. The TPB Chair, Ian Taylor, advises that…
The Commissioner of ACT Revenue has been successful before the Appeals Tribunal of the ACT Civil and Administrative Tribunal in setting aside a previous decision to reduce penalty tax imposed on a taxpayer for a payroll tax default. At first instance, the ACT Civil and Administrative Tribunal was satisfied that, due to the ill health…
Two corporate taxpayers have been unsuccessful before the NSW Civil and Administrative Tribunal in a payroll tax grouping matter. The Commissioner had grouped the taxpayers with another corporate entity for payroll tax purposes. The dispute concerned revised assessments for the financial years 2009 to 2013 for payroll tax, penalty tax and interest, which amounted to…
Two taxpayers have been unsuccessful before the Victorian Civil and Administrative Tribunal in seeking exemptions under either sections 34 (property vested in apparent purchaser) or 36 (property passing to beneficiaries of a fixed trust) of the Duties Act 2000 (Vic) in relation to a property purchased in the names of the parents of the first…
Tax Technical – Monthly News – January 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2016 and which aims at being of relevance to tax practioners.* Compiled By F John Morgan A member of the Victorian Bar (www.FJMtax.com) Liability limited by a scheme approved…