The AAT has confirmed that a taxpayer who carried on a business of trading in coal and mineral exploration permits was assessable on $2.5m and the value of 40,000,000 shares as ordinary income under s 6-5 of the ITAA 1997 from the sale of mining tenements in the 2010 year. The taxpayer argued among other things,…
The AAT has rejected a taxpayer’s appeal and held that he was not entitled to the dependant spouse tax rebate in the 2011 year in respect of his fiancé. The Tribunal had to decide whether the taxpayer was entitled to claim the dependant spouse tax rebate under s 159J of the ITAA 1936 in his tax…
The AAT has dismissed a taxpayer’s application to be released from a tax debt of some $52,000 that accrued over 4 income years and of which some id=”mce_marker”3,000 comprised GIC. The taxpayer argued that serious financial hardship would otherwise result and that bankruptcy would be a conceivable outcome and that, furthermore, there were no prospects…
The AAT has rejected a taxpayer’s appeal against the disallowance of many expenses he claimed concerning his work as a relief teacher and a photography tutor. During the income year ended 30 June 2011, the taxpayer worked as a relief teacher on a mostly casual basis at 5 primary schools. He derived a salary of $43,295 in…
The Federal Court has issued asset freezing orders against several taxpayers in respect of which the Commissioner had issued amended assessments totalling almost $33m in tax debts, including penalties. The Deputy Commissioner sought orders freezing the assets of the first respondent (Mr Vasiliades) and against his wife, the second respondent (Ms Vasiliades), in respect of…
The ATO has advised that Tax Commissioners from the Asia-Pacific will meet 24-27 November 2014, to agree on a regional plan to tackle multinational profit shifting and drive greater tax transparency and cooperation. Mr Jordan will host the 44th meeting of the Study Group on Asian Tax Administration and Research (SGATAR) in Sydney. SGATAR will bring together 16…
As part of the OECD’s work to improve the timeliness of processing and completing mutual agreement procedure (MAP) cases under tax treaties and to enhance the transparency of the MAP process, the OECD makes available to the public, via its website, annual statistics on the MAP caseloads of all its member countries and of Partner…
The OECD has released a discussion draft which deals with follow-up work mandated by the Report on Action 6 (Prevent the granting of treaty benefits in inappropriate circumstances) of the BEPS Action Plan. Paragraph 5 of the Report on Action 6 indicated that follow-up work would be done on certain aspects of the Report: “……
Tax Commissioners from the Asia Pacific will establish a regional taskforce to share compliance tactics, increase tax transparency and help countries to tackle base erosion and profit shifting. This is the outcome of the 44th meeting of the Study Group on Asian Tax Administration and Research (SGATAR) held in Sydney from 24 to 27 November 2014, which…
A group of institutional asset owners and managers have jointly called for comprehensive transparency and disclosure to be adopted as core principles in reform of the international taxation system to be put before the G20 Leaders Summit in Brisbane on 12-14 November 2014. The group, including the £150bn UK Local Authority Pension Fund Forum (LAPFF), Quebec fund…