In a decision handed down on Tue 29.10.2013, the Federal Court has granted judgment to the Commissioner concerning outstanding tax debts of a taxpayer. The taxpayer controlled several transport companies. He alleged he sold 2 of the companies to an individual, which explained a number of payments to those companies and to the taxpayer. The…
A company that is being sued in relation to the alleged breach of its contract to purchase shares in the business of another company has been unsuccessful in its interlocutory application to seek discovery of documents from the vendor company relating to the tax consequences of its subsequent sale of the shares to another purchaser…
In the ongoing Hua Wang Bank Berhad litigation, the Federal Court has granted an application for a suppression order to prohibit disclosure of the fact that the applicant gave evidence under compulsory examination to the Australian Crime Commission (“the ACC”), the contents of that evidence or any information that might enable the witness to be…
The Federal Court has granted 2 witnesses a certificate under s 128(5) of the Evidence Act 1995 (the Act), in relation to the evidence they gave in the Hua Wang Bank Berhad litigation, about their personal tax affairs to prevent that evidence being subsequently used against them in any later trial on the basis that it…
The Federal Court has granted the Commissioner’s application to use the affidavits of several persons that had been served on the Commissioner in other tax proceedings that were ultimately settled in the Hua Wang Bank Berhad litigation. In finding that the circumstances were sufficiently “special” to grant the Commissioner’s application the Court took into account…
The Federal Court has dismissed the taxpayers’ arguments and found that documents obtained by the Commissioner from the Cayman Islands Tax Information Authority (“CITIA”), and on which the Commissioner based assessments issued to the taxpayers, totalling some $40m, from the sale of Australian shares, had not been improperly obtained. This was the case even though…
The Federal Court has refused the applicant’s application for an order under s 37AG(1)(a) of the Federal Court of Australia Act 1976 that the contents of an annexure in an affidavit sworn 30 September 2013 not be published or otherwise made available. The applicant argued that the receipt by the Commissioner of the annexure would give him a…
The Full Federal Court has refused Macquarie Bank Ltd leave to appeal against the decision of Edmonds J in Macquarie Bank Limited & Anor v FCT [2013] FCA 887. Edmonds J refused to review a decision of Commissioner and his delegate to refuse to apply his view of the law on the allocation of Offshore Banking Unit…
The Full Federal Court has unanimously dismissed the taxpayer’s appeal from the decision in AAT Case [2012] AATA 557, Re Murray and FCT (No 3) in which the AAT affirmed amended assessments issued to a taxpayer for the 1999 to 2007 income years which increased his assessable income by some $25m and imposed shortfall penalties…
In a decision handed down on Tues 22.10.2013, the Full Federal Court has unanimously allowed the Commissioner’s appeal and held that s 255 notices requiring a company to retain out of Canadian currency sufficient funds to meet a taxpayer’s Australian income tax liability were effective. The taxpayers (RCF IV and RCF V) were limited partnerships formed…