The Prime Minister has announced that a National Anti-Gang Taskforce will be established to fight gang-related crime across Australia. The Taskforce will be made up of 70 members from the Australian Federal Police and State Police forces and will also include officers from the Australian Crime Commission, Australian Customs and Border Protection, the Department of…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 4th quarter of the 2012-13 financial year (ie 1 April 2013 to 30 June 2013) are as follows: GIC annual rate is 9.95%; GIC daily compounding rate is 0.02726027%; SIC annual rate is 5.95%; and SIC daily compounding rate is…
In his first speech as Commissioner of Taxation, Chris Jordan on Thur 14.3.2013, said that while it was still early days and he was not yet ready to present his “fully formulated strategy for change”, he wanted to share some of his early thinking about what he wanted to achieve at the ATO. Mr Jordan gave his…
In a recent speech, Deputy Commissioner Large Business and International, Mark Konza, spoke about the ATO’s compliance approach to large taxpayers. He spoke of 3 initiatives the ATO has been undertaking to increase compliance and minimise risk including: pre-lodgment reviews (PCRs); use of the reportable tax positions schedule; and increased guidance on information gathering and…
The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Creditable Acquisition by a Lessee or Sub-Lessee Following a Sale of a Reversion in Commercial Premises) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013. It provides that an input tax credit for a creditable…
Waiver when a partner supplies or acquires on behalf of a partnership and the ABN the Partnership is recorded The following Legislative Instruments were registered on the Federal Register of Legislative Instruments on Fri 22.3.2013. A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Acquisitions from or Acquisitions by a Partnership)…
ASFA says the second round of exposure draft legislation regarding the circumstances where the Commissioner will refund an overpayment of GST is an improvement on the previous draft. However, in its submission to Treasury, ASFA said it was concerned that the draft continues to prevent taxpayers from seeking refunds of GST in legitimate circumstances. Among…
The NSW Court of Appeal has allowed the Crown’s appeal and ordered the setting aside of a permanent stay of any proceedings on indictments against 2 men concerning alleged false tax deductions claimed regarding whisky distillation schemes. That stay had been granted in the 17 August 2012 decision of the NSW Supreme Court in R v Seller;…
The NSW Supreme Court has held that s 60(1) of the Partnership Act 1892 (NSW) did not limit the liability of 2 partners (the taxpayers) to an RBA deficit debt, including the GIC, of a limited partnership. The Commissioner established a Running Balance Account (RBA) in the name of the 3 members of the limited partnership,…
The District Court of South Australia has dismissed an appeal from the decision of a Master of the Court which upheld the validity of a Director’s Penalty Notice (DPN) which contained 2 “horizontal” errors in a DPN issued to the directors. The mistakes occurred in the “horizontal” lines of the notice which set out 6…