The Federal Court has held that a taxpayer who owned land in Melbourne, and who transferred it to a “joint-venture trust” established for that purpose in the 1999 income year (together with other adjacent land-holders who did likewise for the purpose of the commercial development of the parcels of land), was liable for CGT made…
The Federal Court has dismissed a taxpayer’s appeal and upheld a 2012 AAT decision in AAT Case [2012] AATA 815, Re Watsford and FCT that a taxpayer was required to include as assessable income a discount from the market value of shares he acquired on the exercise of options under an employee share scheme (ESS)…
The Federal Court has ordered that a company be wound up in insolvency concerning a tax debt of around $90,000, despite its claim that it proposed to commence proceedings in the AAT that, if successful, would mean that it owed no tax debt. The Deputy Commissioner had applied under the Corporations Act 2001 for an…
Minister for Social Services Kevin Andrews has reiterated the Government’s intention to abolish the Australian Charities and Not-for-profit Commission (ACNC). Speaking at an Australian Institute of Company Directors NFP Lunch, he said the Government considers the ACNC “imposes an unnecessary and ponderous compliance burden on the sector”. The Minister said the Government was looking to…
The Assistant Treasurer on Thur 30.1.2014, announced that 1 July 2015 will be the start date for the reforms to the Offshore Banking Unit (OBU) regime that were originally announced in the 2013-14 Budget. As part of the 2013 Federal Budget, the previous Government had announced that it would amend the OBU regime “to better target genuine…
The US Republican National Committee (RNC) on 24 January 2014 called for the repeal of the US FATCA law, siding with critics of the Obama administration statute. Reuters said that at its Winter meeting in Washington, the RNC approved by voice vote a resolution in favour of abolishing the 2010 Foreign Account Tax Compliance Act (FATCA), set…
The Government has said it is committed to addressing the concerns that have been raised by startups in relation to Employee Share Schemes. It said it will commence direct consultations with interested stakeholders for 2 weeks commencing 28 January 2014. Consultations will be conducted in Melbourne and Sydney, with the option to hold teleconferences with those otherwise…
The Federal Government has released further details on its election proposal to streamline employer superannuation reporting and cut red tape by transferring the running of the Small Business Superannuation Clearing House from Medicare to the ATO. Under the proposal, small businesses would report superannuation payments to the agency that already collects their PAYG payments, and…
The Government on Fri 31.1.2014, released a further exposure draft of legislation for the 3rd and final element of the Investment Manager Regime (“IMR”). The draft legislation will amend the ITAA 1997 to include a new Subdiv 842-I to set out rules about the taxation of certain foreign funds (known as IMR foreign funds) that…
The Taxation Administration Act 1953 -PAYG withholding – Occasional payroll donations to deductible gift recipients No 4 was registered on 2 January 2014. The instrument enables a variation to the amount of withholding required by a payer under the PAYG withholding system for payees who make occasional donations to a deductible gift recipient under an occasional workplace…