On 20 December 2019, the AAT held that a taxpayer was entitled to ‘input tax credits’ on the purchase of an Audi R8, because he had acquired it, at least partly, for a creditable purpose. See below for a summary of the case. [Tax Month – December 2019]
On 23 December 2019, the AAT (McCabe DP) held that the sale price of shares could not be reduced to take account of non-competition clauses included in the contract of sale. See below for a summary of the case. [Tax Month – December 2019]
On 23 December 2019, the AAT (O’Loughlin DP) held that shortfall penalty imposed at the rate of 25% on the basis of a lack of reasonable care was not excessive and there were no grounds for its remission. See below for a summary of the case. [Tax Month – December 2019]
On 23 Dec 2019, the AAT (Britten-Jones DP) held that an amount transferred from a company, to the taxpayer, was a deemed dividend, as the Commissioner contended, and a shortfall penalty was correctly imposed. See below for a summary of the case. [Tax Month – December 2019]
On 23 December 2019, the AAT (O’Loughlin DP) held that Section 99A assessments issued to a trustee on the basis that beneficiaries had effectively disclaimed their entitlement to trust income were upheld, even though the disclaimers were found to be ineffective. See below for a summary of the case. [Tax Month – December 2019]
On 24 Dec 2019, the Federal Court (Logan J) held that an emigrant from Zimbabwe, who left family in Australia but worked in Thailand (and later other countries) for a long time, was not taxable in Australia on his foreign salary, under the Thai DTA. See below for a further summary of the case. [Tax…
On 12 December 2019, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 received Royal Assent as Act No 129 of 2019. As a result, clumsily and controversial measures, to deny foreign residents access to the CGT main residence exemption, are now law. See below for a summary of this new Act and…
On Friday 13.12.19, the Commissioner issued draft GST Determination GSTD 2019/D1, addressing the GST consequences of arrangements, between government agencies, and private developers, in the context of land development in the ACT. See below for a summary of the draft determination. [Tax Month – December 2019]
On 12 December 2019, the ATO released an updated version of Practical Compliance Guideline PCG 2018/9, its guidance to foreign-incorporated companies on applying the ‘central management and control’ (CM&C) test in Ruling TR 2018/5. See below for a summary of the PCG. [Tax Month – December 2019]
On Fri 13.12.2019, the Commissioner released Taxation Determination TD 2019/14 which addresses the question: Will a trust split arrangement of the type described in this Determination cause a new trust to be settled over some but not all assets of the original trust with the result that CGT event E1 in s 104-55(1) of the Income Tax…