This TD released on Wed 16.7.2014, states that for the income year that commenced on 1 July 2014, the benchmark interest rate for the purposes of ss 109N and 109E of the ITAA 1936 is 5.95% (down from 6.20% per annum for 2013-14). [LTN 135, 16/7/14]
This Determination, released Wed 9.7.2014, sets out the amounts the Commissioner considers are reasonable for the 2014-15 income year in relation to claims made for: overtime meal allowance expenses – the amount is $28.20; domestic travel allowance expenses. The reasonable amounts are given for: (i) accommodation at daily rates (for domestic travel only); (ii) meals…
This Determination, issued Wed 2.7.2014, states that the exemption in s820-39 of the ITAA 1997 can apply to a special purpose entity (SPE) that seeks finance for a project, which is established as a part of a securitised licence structure used in some social infrastructure Public Private Partnerships (PPPs). It states this is provided that…
This Ruling, released on Wed 30.7.2014, outlines the taxation effect under s 44 of the ITAA 1936 [actual dividends], Div 7A of the ITAA 1936 [deemed dividends], Subdiv 126-A of Pt 3-3 of the ITAA 1997 [CGT rollover on breakdown of marriage], and Div 207 of the ITAA 1997 [franking of dividends and deemed dividends], of private companies…
The ATO on Mon 28.7.2014, issued a Decision Impact Statement on the Full Federal Court’s decision in Kelly v FCT [2013] FCAFC 88. The case concerned whether certain interests in a partnership had been effectively and validly assigned to certain trustees, and whether a superannuation contribution for the directors of a corporate trustee was an…
The ATO Thur 24.7.2014, released Decision Impact Statements on the following cases: FCT v Altnot Pty Ltd [2014] FCA 362 – The case concerned the maximum net asset value test (MNAV) and the CGT small business concessions. In this case, the Federal Court remitted the matter back to the AAT for rehearing and determination in…
The ATO has released a Decision Impact Statement on the Full Federal Court decision in FCT v Fabig & Dickinson [2013] FCAFC 99. In that case, the Court allowed the Commissioner’s appeal and held that the AAT, at first instance, had erred in finding that CGT scrip-for-scrip roll-over relief was available to 2 shareholders in…
The taxpayers have appealed to the Federal Court against the decision in AAT Case [2014] AATA 423, Re Yazbek and FCT. In the case, the AAT dismissed applications from husband and wife taxpayers and found that they were each assessable on dividends of some id=”mce_marker”.8m that they did not return in their assessable income. In…
The Commissioner has announced that he will not seek special leave to appeal to the High Court against the Full Federal Court decision in FCT v Hunger Project Australia [2014] FCAFC 69. The Full Federal Court decision, which now stands, dismissed the Commissioner’s appeal and held that Hunger Project Australia (HPA) is a public benevolent…
The Commissioner has appealed to the Federal Court against the decision in AAT Case [2014] AATA 342, Re Moignard and FCT. The AAT had held that an individual taxpayer who was the controller of several trusts through which he operated a winemaking business, and who was also a beneficiary of the trusts, was not presently…