The Treasurer has affirmed that the Government will provide assistance to Queensland to rebuild after the recent flood disasters, but will do so without a flood levy. Although acknowledging the severity of the disaster, the Treasurer said it was not on the same scale as the disasters of 2011, and that the Government will account…
The Assistant Treasurer on Thur 28.2.2013, released a consultation paper on the Government’s proposal (announced in the MYEFO on 22 October 2012) for 3-year process to reform the timing of company tax payments by large companies. The consultation paper sets out the proposed implementation and design details for how to better align the timing of PAYG instalments…
The Full Federal Court has unanimously allowed a company taxpayer’s appeal and held that decision of the Court at first instance (Kenny J) in DCT v Hua Wang Bank Berhad (No 2) [2010] FCA 1296 had miss-carried (that decision was to grant summary judgment for $9.7m in tax debts against the company and to deny it…
The Full Federal Court has unanimously dismissed the Commissioner’s appeal from the decision in Macquarie Bank Limited v FCT [2011] FCA 1076. In that case, the Federal Court had held there was no “dominant purpose” of seeking to obtain a “tax benefit” under Pt IVA of the ITAA 1936 from the sale of shares by…
The Federal Court has dismissed a taxpayer’s appeal from the decision in AAT Case [2012] AATA 477, Re Yazbek and FCT in which the AAT held that the taxpayer was at all relevant times a beneficiary of a trust [for the purpose of qualification (d) to s170(1), item (1) of the ITAA36]. The taxpayer argued…
The Federal Court has granted a taxpayer an interlocutory injunction to prevent the Commissioner from making use of certain information obtained without the taxpayer’s consent. The taxpayer engaged a law student and a firm of lawyers that was associated with the law student to provide advice relating to his personal and family financial matters. The…
The Federal Court has dismissed a taxpayer’s application for interlocutory injunctive relief that sought to restrain, until further order, the Commissioner from issuing amended assessments to the taxpayer. The taxpayer claimed that the Commissioner was going to apply, retrospectively, a changed view on the law relating to Overseas Banking Unit expense allocations. The Court said…
Bills Pass Lower House – All Three The following Bills were all passed by the House of Reps on Wed 6.2.2013, without amendment and now move to the Senate: International Tax Agreements Amendment Bill 2012 – The Bill proposes to give the force of law in Australia to the Protocol to amend the DTA between…
The House of Reps Standing Committee on Economics has completed its inquiry into the proposed amendments to the tax treatment of in-house fringe benefits, limited recourse debt and rebates for medical expenses, among other changes, contained in the Tax Laws Amendment (2012 Measures No 6) Bill 2012. The Bill is currently before the House of…
The Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 was introduced in the House of Reps, on Wed 13.2.2013. It contains the following amendments: of the ITAA 1936 to ensure its effective operation as the income tax general anti-avoidance provision. The Government said some recent decisions of the Full Federal Court…