The AAT has largely dismissed a taxpayer’s appeal finding that he had not reported and paid GST on taxable supplies, and had understated his taxable income in certain years, although it did find that some transactions should not form part of the taxpayer’s assessable income and GST liability. The taxpayer operated as a sole trader…
Following a 2010 decision of the Federal Court, in DCT v Hua Wang Bank Berhad (No 2) [2010] FCA 1296, to grant summary judgment for some $39m against several companies, including penalties and GIC of over $2m, the taxpayers have been unsuccessful in their application to have the GIC component of the summary judgment dismissed.…
The Federal Court has granted the Commissioner’s application for substituted service of a statement of claim on a taxpayer in relation to a tax liability of $186m for which the Commissioner had obtained judgment. The liability arose from an audit of the taxpayer and her husband and the taxpayer’s ammonia plant business that the taxpayer…
The Federal Court has granted the Commissioner’s application for freezing orders against a taxpayer-company registered in the Cayman Islands that made a capital gain of over $12.7m from the sale of shares it held in a company engaged in mining operations in Western Australia. At the same time, the Court granted the Commissioner’s application for…
The Government has announced details of amendments to the Investment Manager Regime (IMR) designed to improve its operation. The Government has also confirmed its intention to introduce the final element of the IMR into Parliament in the first half of 2013. Upon the introduction of the IMR in June 2012, the Government committed to consult with the…
The Government on Thur 10.1.2013, released for comment exposure draft legislation proposing to amend the TOFA tax rules, contained in Div 230 of the ITAA 1997. The Government said the changes, to clarify and refine the operation of certain aspects of the TOFA regime, are the outcome of ongoing monitoring of the implementation of the TOFA…
The House of Reps Standing Committee on Economics will hold a public hearing on Wed 30.1.2013, at Parliament House in Canberra, into various provisions in the Tax Laws Amendment (2012 Measures No 6) Bill 2012. The hearing will cover 3 schedules in the Bill. Schedule 1 – proposes that native title benefits will not be…
On 21 December 2012, the Government released for comment draft legislation concerning proposed miscellaneous amendments to the taxation laws. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. They include: an amendment to the ITAA 1997 to bring Australian residents within the definition of…
The Australian Charities and Not-for-profits Commission (ACNC) has advised that it is now writing to inform all registered charities that their charity has been transferred from the ATO to the ACNC as of 3 December 2012, and to ensure they are aware that the ACNC is the new independent national regulator of charities. The ACNC is asking…
The Government Thur 31.1.2013, announced that the 2011-12 Budget measure “Better Targeting of NFP Tax Concessions” will now commence from 1 July 2014. The Assistant Treasurer said the extension would enable “further consultation and engagement with the NFP sector on this measure and ensure there is an opportunity for detailed stakeholder input to be provided”. The start…