SNSV v Commissioner of Taxation – carried on a business TAXATION – allocation of matters to Small Business Taxation Division – where applicant denied he carried on a business – whether a “small business taxation decision” – matter allocated to Taxation and Commercial Division [2022] AATA 4047 (29 November 2022); Senior Member R Olding …
The AAT has found that various activities in relation to the remediation of a underground coal gasification (Underground) site were “supporting R&D activities” for the purposes of the R&D tax offset. The facts were these. In or about 2006, the taxpayer set out to develop an Underground facility, comprising a gas processing plant and…
On 20 October the Law Institute of Victoria (LIV) made a submission to Board of Taxation as part of its consultation on the appropriate tax treatment of digital assets in Australia. This Submission is attached and the text which follows is extracts from the submission. Digital Concepts and Terms The LIV notes that those in the…
In August 2022 the Board of Taxation issued a Paper providing the basis on which it would consult with the public on what the proper treatment ought be, for digital assets, such as crypto currency. This was to further the reference the Government made, to the Board, in March 2022. The Consultation Paper is attached…
On 21 March 2022, the former Government released the Terms of Reference for a review to be undertaken by the Board of Taxation (the Board) into the appropriate policy framework for the taxation of digital assets and transactions (i.e. crypto assets) in Australia. The reference is in line with the Government’s commitment to improve transparency in our…
Directors often have some understanding that they can become liable for their company’s debts – for instance for allowing a company to incur ‘unpayable’ debts. However, there are some less well understood and, arguably, nastier tax provisions, that make directors personally liable for certain of their company’s tax related liabilities. This is under the so…
Lawyers advising on tax matters have been shut out of the ATO advice service, that they provide to ‘tax agents’ – a thing which the compulsory ‘first layer’ insurer for lawyers, in Victoria: Legal Practitioners Liability Committee (LPLC) thinks is retrograde. They wrote an email (in Aug 2022) to the Law Institute of Victoria (LIV),…
On Monday 7.11.2022, Treasury issued a consultation paper on the Government’s far reaching proposal to implement a public registry of beneficial ownership, which will show who ultimately owns, controls, or receives profits from a company or legal vehicle. This could be one of the biggest regulatory developments in years and be massively intrusive. This will…
The AAT has refused to direct the ATO to produce external legal advice quoted in an audit report. Prompted by a referral from the Criminal Assets Confiscation Taskforce (Confiscation Taskforce), the ATO conducted a covert audit of the taxpayer. This resulted in amended assessments for the 2006-2009 and the 2011-2013 income years being issued. In these proceedings,…
On 11 Nov 2022, the AAT found that a taxpayer was unable to show that he was carrying on an enterprise and was therefore not entitled to a GST refund received from the ATO. In his BAS for the quarter ended 31 December 2021 (allegedly in his business’ first year of operations), the taxpayer recorded purchases of goods…