The AAT has held that, in a tax avoidance scheme case, the income of a family trust, purportedly distributed between husband and wife taxpayers, was in fact income to which the husband alone was presently entitled. It also upheld penalties that had been imposed on the husband. The taxpayers are farmers and the Tribunal said…
The AAT has affirmed the Commissioner’s disallowance of a deduction claimed by a taxpayer for losses incurred in his investment in an NBL basketball team. The taxpayer had invested in an NBL basketball team by way of acquiring shares and by way of what he described as a loan. In his income tax return for…
The AAT has remitted in full a 25% penalty imposed on a taxpayer for claiming PAYG withholding credits in his tax returns which were not withheld by his employer for the 2009 and 2010 income years. The taxpayer worked for a company in the relevant income years, during which he moved from being an independent…
The AAT has set aside a decision of the Commissioner to disallow a taxpayer’s claim for rental deductions for the year ended 30 June 2008 in relation to 2 properties on the basis that the tenancies were non-commercial arrangements. The taxpayer owned 2 residential properties with her 2 sons as joint tenants. For part of the relevant…
The Full Federal Court has unanimously allowed a taxpayer’s appeal from the Federal Court decision in Professional Administration Service Centres Pty Limited v DCT [2012] FCA 278 in which the Federal Court summarily dismissed the taxpayer’s appeal against various GST assessments. The matter had been dismissed essentially on the basis there had been “significant default”…
In a decision handed down on Tue 11.12.2012, the Full Federal Court has unanimously allowed the taxpayer’s appeal from an adverse objection decision and held that dividends of id=”mce_marker”83m paid to the taxpayer by companies incorporated in Luxembourg were excluded from assessable income by virtue of being non-assessable, non-exempt (NANE) income pursuant to s 23AJ of…
The High Court on Wed 5.12.2012, unanimously allowed the Commissioner’s appeal from a decision of the Full Federal Court (in Consolidated Media Holdings Limited v FCT [2012] FCAFC 36) and upheld an assessment that Publishing and Broadcasting Ltd (“PBL”) (later called “Consolidated Media Holdings Ltd”) made a capital gain when shares it held in Crown…
In November 2012, the Assistant Treasurer announced that he had asked Treasury to develop a scoping paper, to be led by the head of the Revenue Group, Rob Heferen to examine the perceived risks to the sustainability of Australia’s corporate tax base from multinational tax minimisation strategies and to identify potential responses. The review by Treasury is…
The Government on Mon 17.12.2012, released for public consultation a paper on draft governance standards for charities registered with the Australian Charities and Not-for-profits Commission (ACNC) and draft regulations on the new ACNC financial reporting framework. The Assistant Treasurer said the draft governance standards are intended to reflect a minimum set of basic governance outcomes…
The Assistant Treasurer on Mon 10.12.2012, officially launched the Australian Charities and Not-for-profits Commission (ACNC). The ACNC will be responsible for registering and regulating charities, while also working with the sector to provide information and assistance. At the Commonwealth level, the ACNC will administer a Charity Passport underpinned by a “report-once, use-often reporting framework”. Mr…