The Full Federal Court has, by majority (Davies J dissenting), dismissed a taxpayer’s appeal and held that payments it made to the State of Victoria re its acquisition of electricity assets were not deductible. The taxpayer had appealed from the decision of Gordon J in SPI PowerNet Pty Ltd v FCT [2013] FCA 924 which had held…
The Full Federal Court has allowed the Commissioner’s appeal against the decision of Edmonds J in Resource Capital Fund III LP v FCT [2013] FCA 363 which had held that a non-resident limited partnership (RCF) was not assessable on a capital gain of $58m it made on the sale of shares in a Australian company, St…
In a test case decision handed down on Thur 3.4.2014, the Full Federal Court has set aside a decision of the AAT that an amount received by a taxpayer was an assessable recoupment and remitted the matter to the Tribunal for re-determination. Four entities collectively formed a partnership, whose business included the acquisition, development and…
The High Court on Wed 2.4.2014, dismissed a taxpayer’s appeal from the decision of the Qld Court of Appeal in Thiess v Collector of Customs & Ors [2013] QCA 54 and held that s 167(4) of the Customs Act 1901 operates to bar all actions for the recovery of duty paid to Customs, irrespective of whether…
On Friday 11/4/14, the High Court refused 2 individuals special leave to appeal against the decision of the Full Federal Court in FCT v Ludekens [2013] FCAFC 100. In that decision, which now stands, the Full Federal Court unanimously allowed the Commissioner’s appeal and held that 2 persons were “scheme promoters” in terms of Div 290…
The High Court Fri 11.4.2014, granted the Commissioner special leave to appeal against the Full Federal Court decision in MBI Properties Pty Limited v FCT [2013] FCAFC 112. The Full Federal Court had overturned an earlier decision and unanimously held that a taxpayer, that had purchased 3 residential apartments which were subject to leases, did…
The Taxation Administration Act 1953 – Pay as you go withholding – Variation to remove requirement to withhold from payments for certain US resident entertainers and sport persons was registered on Thur 3.4.2014. It ensures that withholding is not required from payments made to entertainers and sportspersons who are residents of the USA, when no…
The Acting Assistant Treasurer has gazetted a notice declaring, under s 30-85(2) of the ITAA 1997, that the following funds are developing country relief funds: RACS Foundation – Developing country relief fund; OSIEPE Developing Country Relief Fund; Kind Cuts for Kids Developing Countries Relief Fund; Health Australia & Tanzania (HAT) Inc Gift Fund; Family Planning NSW…
The Government on Thur 10.4.2014, released the Draft Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014. It contains a package of repeal and streamlining amendments to the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 and is designed to reduce compliance costs for business. The proposed amendments include measures to…
M o r g a n’ s T a x M o n t h – April 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…