CofT v Resource Capital Fund IV LP – Comr wins Full Federal Court appeal – US partners in Bermudian limited partnership liable to tax on profit on Australian mining shares

The Full Federal Court has allowed the Commissioner’s appeal against the decision of Pagone J in Resource Capital Fund IV LP v FCT [2018] FCA 41. The Federal Court had allowed an appeal by 2 US private equity limited partnerships in relation to the proper tax treatment of substantial profits made on the sale their shares…

Independent Review of the Tax Practitioners Board (TPB) – Submission on the interface with State and Territory regulation of ‘legal practice’

Overview:   I made the following submission to the Independent Review of the Tax Practitioners Board (TPB) and of the Act it regulates: the Tax Agents Services Act 2009 (headed by Mr Keith James). It submits that the ‘public interest’, in having suitable consumer protection, in all aspects of tax practice, will be best served…

Labor announces ‘build to rent’ MIT changes and defers reduction of CGT discount and ‘negative gearing’ restrictions

Key News Summary:  Shadow Treasurer announces 6 month deferral of the start date for their proposal to restrict negative gearing and reduce the CGT discount. He also foreshadowed changes to the Managed Investment Trust tax law to professional investors into the ‘build to rent’ sector. [Tax Month – Jan-April 2019]   Comprehension (CPD) questions When,…

High Court ‘Special Leave’ applications – Commissioner applies in Harding and taxpayer’s dismissed in Living & Leisure

Key News Summary: The High Court dismissed the taxpayer’s application for ‘special leave to appeal’ in  a Victorian duty case: Living and Leisure and the Commissioner has applied for special leave to appeal in the income tax case: Harding.   The High Court has dismissed the taxpayer’s application for special leave to appeal from the decision…

Sleeping giants & silent killers – Changes to accounting standards and the omnipresence of accounting on tax matters (March 2019)

At The Tax Institute’s March 2019 National Convention, in Hobart, Tracey Rens and Melanie Earl, both of the accounting firm, Deloitte, presented their paper, entitled: Sleeping giants & silent killers – Changes to accounting standards and the omnipresence of accounting on tax matters   EXTRACT 1 Introduction The presence and focus on accounting and tax reporting practices…