Category Archives: Tax Month – August 2012

RCI Pty Ltd v FCT – Pt IVA did not apply to a scheme carried out by the James Hardie Group to reduce the capital gain before transferring shares to a related US company [40]

The ATO on Mon 27.8.2012, released Decision Impact Statements on 2 Pt IVA cases – the first being: – in that case, the Full Federal Court held that Pt IVA did not apply to a scheme, which reduced a capital gain made by an Australian company on the transfer of its shares to a related…

Soong v DCT – reversed effect of Meredith for service of DPN’s, but new Div 269 and retrospective operation of amendments, re-instated Meredith [39]

The ATO Wed 22.8.2012, released a Decision Impact Statement on the decision in Soong v DCT [2011] NSWCA 26. That case involved the former s 222AOE of the ITAA 1936 and the NSW Court of Appeal (with a 5 member bench) unanimously held that the 14-day period within which a director was required to take…

CGT maximum net asset value test: ATO interim view on Byrne Hotels case [38]

The ATO on Thur 9.8.2012, released an Interim Decision Impact Statement on the decision in FCT v Byrne Hotels Qld Pty Ltd [2011] FCAFC 127. In that case, the Full Federal Court by majority confirmed that for the purpose of accessing the CGT small business concessions, a real estate agent commission incurred on the sale…

Esso Australia Resources case – statement about FFC decision disallowing PRRT deductions, pending the taxpayer’s appeal to the High Court [37]

The ATO has issued a Decision Impact Statement on the Full Federal Court’s decision in Esso Australia Resources Pty Ltd v FCT [2012] FCAFC 5. The Full Federal Court had unanimously overturned a decision at first instance and held that Esso Australia Resources Pty Ltd was not entitled to a deduction for contract payments made…

Messenger Press Proprietary Limited & Ors v FCT – Commissioner appeals to Federal Court decision that 18 News Corp group companies were entitled to over $2bn in deductions for foreign exchange losses [36]

The Commissioner has appealed to the Full Federal Court against the decision of Perram J in Messenger Press Proprietary Limited & Ors v FCT [2012] FCA 756. The Federal Court had held that some 18 News Corp group companies were entitled to over $2bn in deductions for foreign exchange gain losses in the 2001 and…

Re Yazbek and FCT – taxpayer appeals to Federal Court from decision the he was relevantly a ‘beneficiary’ under s170(1), item 1, para (d) for the purposes of giving the Commissioner 4 years in which to amend [35]

The taxpayer has lodged a notice of appeal to the Federal Court against the decision of Deutsch DP in AAT Case [2012] AATA 477, Re Yazbek and FCT. The AAT had held in an interlocutory matter that a taxpayer was at all relevant times a beneficiary of a trust estate and that an amended assessment…

Gashi & Anor v FCT – both taxpayer(s) and Commissioner to appeal to the Full Federal Court regarding a decision on default assessments decided on ‘onus’ [33]

The taxpayers (husband and wife) and the Commissioner have lodged notices of appeal to the Full Federal Court against the decision of Jessup J in Gashi & Anor v FCT[2012] FCA 638. It would also appear that the Commissioner has lodged a notice of objection to the competency of the husband’s appeal. The Federal Court…

Collection Point Pty Ltd v FCT – FOI Applicant appeals decision denying it access to unclaimed money [34]

The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Marshall J in Collection Point Pty Ltd v FCT [2012] FCA 720. The Federal Court had denied the taxpayer’s request to the ATO under the Freedom of Information Act 1982 for information concerning unclaimed superannuation on the basis…

Re Sanctuary Lakes Pty Ltd and FCT – Taxpayer and Commissioner appeal to Federal Court [33]

The taxpayer and the Commissioner have both lodged notices of appeal to the Federal Court against the decision in AAT Case [2012] AATA 404, Re Sanctuary Lakes Pty Ltd and FCT. The AAT had confirmed that the taxpayer was not entitled to deductions for over $18m in relation to a range of outgoings incurred in…

FCT v Rawson Finances Pty Ltd – taxpayer against decision that it failed to discharge its onus of showing deposits not income [32]

The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Edmonds J in FCT v Rawson Finances Pty Ltd [2012] FCA 753. The Federal Court had allowed the Commissioner’s appeal and held that the taxpayer had not discharged the onus of proving that amounts of over $4.75m deposited…