GST – Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 – now Act No. 52 of 2016 with amendments to the ‘cross-border’ provision to allow ‘resident agents’ to continue being liable for ‘non-residents’ GST

Tax Month - May 2016

The Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 was passed with 4 Government amendments and the House of Reps for approved those amendments, with Royal Assent as Act No. 52 of 2016. The amendments seek to allow non-residents and their resident agents to agree that the resident agent will be the liable entity for GST…

Charara v FCT – AAT erred in exercising its s42A(5) power to dismiss his GST review application of self represented taxpayer for failure to prosecute it (denied procedural fairness etc.)

Tax Month - May 2016

The Federal Court has held that the AAT erred in dismissing a self-represented taxpayer’s application before it under s 42A(5) of the Administrative Appeals Tribunal Act 1975 (which allows the AAT to dismiss a matter before it if the taxpayer fails to proceed with their application). In this case the taxpayer refused to proceed with the…

Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 – Act No. 54 – tax incentives for investing in ‘early stage innovation companies’: 20% offset; capital treatment; 10 year CGT exemption

Tax Month - May 2016

The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 received Royal Assent as Act No. 54 of 2016. This act effects the following amendments: It would amend the ITAA 1997 to encourage new investment in Australian early stage innovation companies with high growth potential by providing investors, who invest in such companies, by providing tax incentives.…

Vic land tax: Kameel Pty Ltd v Comr of State Revenue – Vendor taxpayer wins appeal; purchaser in possession is deemed the owner of land under s15

Tax Month - May 2016

The Court of Appeal of the Supreme Court of Victoria has unanimously allowed the taxpayer’s appeal from the decision in Comr of State Revenue v Kameel Pty Ltd [2015] VSC 229 in which the Court held that the taxpayer, as vendor of a parcel of commercial property was liable for land tax in the 2010 to 2012…

FCT v Bosanac – Summary judgment for $15m; claim of “conscious maladministration” fails; tax still relevantly ‘contestable’ even if bankrupted 

Tax Month - May 2016

The Commissioner has been successful in his application for summary judgment against husband wife taxpayers for amounts of $15m for assessments issued to the taxpayers for the 2006 to 2013 income years. The taxpayers sought to oppose the Commissioner’s application on the basis that the assessment process was “infected” by “conscious maladministration” on the part…

Tax Laws Amendment (Tougher Penalties for Country-by-Country Reporting) Bill 2016 [No 2] – Private members Bill to increase C-b-C reporting penalties up to 1500 units ($270k at present)

Tax Month - May 2016

On Monday 2.5.16 (on the eve of the Federal Budget, the Shadow Assistant Treasurer: Mr Andrew Leigh, introduced the Tax Laws Amendment (Tougher Penalties for Country-by-Country Reporting) Bill 2016 [No 2] into the House of Representatives, as a private members bill. An overview of this bill (extract from the Explanatory Memorandum) In 2015 Parliament passed the Tax…