The Federal Court has held that a resident taxpayer, who was entitled to a deferred payment over 5 years of USid=”mce_marker”60m following his retirement from a global international commodity trading businesses, was assessable on the payment as ordinary income in the income year in which the right to the payment arose. The payment to the taxpayer was…
The Federal Court has held that, where an assessment has not been issued, s 254 of the ITAA 1936 does not require retention of monies by a liquidator upon the mere happening of a CGT event (ie a disposal of property) and payment of those monies to the ATO. The taxpayer company had been placed into…
The Federal Court has dismissed a taxpayer’s appeal from the decision in AAT Case [2012] AATA 579, Re Nelson and FCT in which the AAT confirmed the taxpayer was not carrying on a business of primary production during the 2004-2009 years of income on a 500 acre property in Queensland he purchased and that therefore…
The Federal Court has held that licensing payments by an Australian distributor to a Canadian software supplier were royalties under the Australia/Canada DTA. The taxpayer is the Australian distributor of working papers software that was developed by a Canadian resident entity. The taxpayer pays annual fees to the Canadian company under its licensing arrangements with…
The Federal Court has imposed civil penalties in relation to 2 mass-marketed managed investment schemes that were implemented in a way that was “materially different” from that described in ATO Product Rulings in contravention of s 290-50(2), Sch 1 of the TAA. Barossa Vines Ltd was the responsible entity of managed investment schemes conducting a viticultural business.…
The High Court has refused a taxpayer special leave to appeal from the Full Federal Court decision in FCT v Fabig [2013] FCAFC 99. That decision involved 2 taxpayers, Matthew Dickinson and Janina Fabig. In that case, the Court had allowed the Commissioner’s appeal and held that the AAT, at first instance, had erred in finding…
The High Court on Fri 14.2.2014, refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2013] FCAFC 45. The Full Federal Court had dismissed the taxpayer’s appeal from the decision in SCCASP Holdings as trustee for the…
The High Court on Fri 14.2.2014, unanimously allowed a taxpayer’s appeal from a decision of the NSW Court of Criminal Appeal in Milne v R [2012] NSWCCA 24 which had upheld his conviction for money laundering under s 400.3(1) of the Criminal Code (Cth). The High Court said Mr Milne was the sole director and shareholder…
Allowing people to claim a tax deduction on financial advice will ensure better retirement outcomes and keep advice accessible and affordable, according to the Institute of Public Accountants (IPA). The Institute believes there is a strong case to support the tax deductibility for the costs associated with financial planning advice. “We understand the tight fiscal…
US Secretary of the Treasury Jack Lew announced at a press conference during the G20 summit in Sydney that the United States and Australia had completed a FATCA (US Foreign Account Tax Compliance Act) agreement “in substance, and we plan to sign it very soon”. Mr Lew said he was “pleased that the G20 is expected…