Category Archives: Tax Month – October 2012

TD 2012/D8 – Reasonable food and drink amounts for LAFHA recipients (50)

This Draft TD, released late on 28 September 2012, sets out the amounts the Commissioner considers reasonable under s 31G of the FBT Assessment Act for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit in the period 1 April 2013 to 31 March 2014. In addition, a transitional arrangement…

*TD 2012/22 – ‘Proportionate approach’ to the calculation of a beneficiary’s assessable income from a trust (49)

This TD, issued on Wed 24.10.2012, provides the Commissioner’s views on whether a beneficiary’s share of net income is worked out by reference to the proportion of the income of the trust estate to which the beneficiary is presently entitled. The TD states that to determine the share of net income of a trust estate…

*TD 2012/21 – No CGT event E1 or E2 if trust changed under a valid power unless trust terminates (48)

This TD, released Wed 24.10.2012, provides that CGT event E1 or E2 in the ITAA 1997 does not happen if the terms of a trust are changed pursuant to a valid exercise of a power contained within the trust’s constituent document, or varied with the approval of a relevant court unless either: (a) the change…

LVR (WA) Pty Ltd case – ATO Decision Impact Statement – AAT copied ATO’s submissions without attribution (47)

The ATO on Fri 12.10.2012, issued a Decision Impact Statement on the decision of the Full Federal Court in LVR (WA) Pty Ltd & Anor v AAT and FCT [2012] FCAFC 90. In that case, the Full Court allowed the taxpayers’ appeal from a 2011 Federal Court decision concerning their applications for review of the…

Re Boyn and FCT – Taxpayer appeals ETP decision to Federal Court (46)

The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2012] AATA 660,. In that case, the AAT held that the Commissioner had incorrectly calculated the tax payable on the taxable component of an employment termination payment (ETP) by not allocating deductions and prior year losses in…

SCCASP Holdings as trustee for the H&R Super Fund v FCT – Trustee appeals decision to treat trust distribution as ‘special income’ (45)

The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Logan J in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2012] FCA 1052. The Federal Court had held that a resolution to distribute a $14m capital gain from a family trust was “special income”…

*Fowler v FCT – Taxpayer appeals from Federal Court decision that he acquired employee share scheme shares about 2 months later than he contended (44)

The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Kenny J in Fowler v FCT [2012] FCA 1040. The Federal Court had held that, for the purposes of the former ITAA 1936 employee share scheme (ESS) provisions (Div 13A), a taxpayer acquired a right with respect to…

Re: Bell and FCT – taxpayer appeals Small Business CGT case again – to Full Federal Court (43)

The taxpayer on Thur 11.10.2012, lodged a notice of appeal to the Full Federal Court against the decision of Gordon J in Bell v FCT [2012] FCA 1042. The Federal Court had dismissed the taxpayer’s appeal from the decision in AAT Case [2012] AATA 45, Re Bell and FCT in which the AAT found that…

*Australia and New Zealand Banking Group Limited v Konza – taxpayer will not be seeking leave to appeal from decision that s264 gave right to Vanuatu details (42)

Thomson Reuters has confirmed that the taxpayer will not be seeking special leave to appeal to the High Court from the decision of the Full Federal Court in Australia and New Zealand Banking Group Limited v Konza [2012] FCAFC 127. The Full Court had unanimously confirmed that notices issued by the ATO under s 264…

Re Nelson and FCT – taxpayer appeals AAT decision that he was not carrying on primary production business and not entitled to deductions (41)

The taxpayer has appealed to the Federal Court against the decision in AAT Case [2012] AATA 579, Re Nelson and FCT. The AAT had affirmed that the taxpayer was not carrying on a business of primary production during the 2004 to 2009 years of income on his 500 acre property in Queensland and that therefore…