The ATO on Wed 1.2.2012, issued the following Class Rulings: Class Ruling CR 2012/6: Return of capital, acquisition of new interests and stapling of securities to form a new stapled security: Centro Australia Wholesale Fund; Class Ruling CR 2012/7: Return of capital, acquisition of new interests and stapling of securities to form a new stapled…
The Tax Office on Wed 1.2.2012, released this Draft TD which states the ATO view that it is possible for a beneficiary of a trust estate to be reasonably expected to receive a share of the net financial benefit referable to a capital gain for the purposes of s 115-228(1)(a) of the ITAA 1997, despite…
The ATO on Wed 1.2.2012, issued an Erratum to Taxation Determination TD 2007/28 (What is a “present legal obligation” of a private company for the purposes of s 109Y(2) of Div 7A of Pt III of the ITAA 1936?) to among other things, correct the distributable surplus formula. [LTN 20, 1/2]
This Draft GST Ruling, released on Wed 22.2.2012, sets out the Commissioner’s views on the meaning of “residential premises”, “commercial residential premises” and “accommodation in commercial residential premises” for the purposes of Subdiv 40-B (residential rent), Subdiv 40-C (residential premises) and Div 87 (long-term accommodation in commercial residential premises) of the GST Act. The 82-page…
GSTD 2012/1 – residential premises This GST Determination, released on Wed 22.2.2012, deals with the GST consequences following the sale of residential premises that are subject of a lease. It states there is a continued supply of the premises by way of lease, which remains an input taxed supply. Consequently, the purchaser of residential premises…
The taxpayer sold a marina in August 2006 for $8.9m. It claimed entitlement to concessional CGT treatment under Division 152 of the Income Tax Assessment Act 1997 , contending that the $5m maximum net asset value test was satisfied as the market value of the marina was $4.5m. The Commissioner did not accept that contention…
The taxpayer has appealed to the Federal Court against the decision in AAT Case [2012] AATA 45, Re Bell and FCT. The AAT ruled that the taxpayer beneficiary of a trust failed the maximum net asset value test for the purposes of accessing the CGT small business concessions in relation to a capital gain of…
In a Project Wickenby case, the NSW Court of Criminal Appeal has unanimously allowed an appeal by the Commonwealth DPP and increased the sentences that had been imposed on 2 men by Finnane DCJ in the NSW District Court in July 2011 and September 2011. The Court said each man had pleaded guilty to 2…
The AAT has affirmed income tax assessments and penalties imposed by the Commissioner in respect of a taxpayer for the 2002, 2003, 2005 and 2006 income years. The taxpayer arrived in Australia in 1995 and since then had purchased a property to house his wife and children, and investment properties. The taxpayer was a director…
Two taxpayers, a husband and the wife of his deceased estate, have been partly successful before the AAT in arguing that amended assessments issued to them were excessive on the basis that some of the payments made into their bank account from a business operated by a family company was not their income, but that…