The ATO on Wed 15.10.2014, released the following Class Rulings: CR 2014/85: Macquarie Atlas Roads International Limited Return of Capital; CR 2014/86: Macquarie Bank Limited – Macquarie Bank Capital Notes; and CR 2014/87: Challenger Limited: Challenger Capital Notes. The ATO has also issued an Addendum to GST Determination GSTD 2013/1 (When a payment for a…
The ATO on Wed 8.10.2014, released the following Class Rulings: CR 2014/81: Demerger of OMI Holdings Limited by Donaco International Limited; CR 2014/82: Dell Australia Pty Limited Restricted Stock Units; CR 2014/83: Bendigo and Adelaide Bank Limited – allotment of convertible preference shares; and CR 2014/84: The Imperial Tobacco Australia Limited Voluntary Early Retirement Scheme…
The ATO on Wed 1.10.2014, issued the following Class Rulings: CR 2014/74: Employer clients of Emerchants Payment Solutions Limited (Emerchants) who are subject to the provisions of either s 57A or s 65J of the FBTAA and make use of the Emerchants’ Meals and Entertainment Card facility; CR 2014/75: Employer clients of Emerchants Payment Solutions Limited (Emerchants)…
The ATO on Wed 29.10.2014, released Draft Taxation Determination TD 2014/D17, which states that duties of the employment of an employee of a government body are exclusively performed in, or in connection with, a public hospital or a “non-profit hospital” for the purposes of para 57A(2)(b) of the FBTAA when those duties satisfy one of…
The ATO Thur 9.10.2014, issued a Decision Impact Statement on AAT Case [2014] AATA 572, Re The Taxpayers and FCT. The AAT was required to make findings in relation to: an agency issue; superannuation expenses, interest expenses, carried forward tax losses, quantum of remuneration received from contracts, Div 7A deemed dividends, and penalties. Broadly, the AAT…
The ATO on Wed 1.10.2014, released a Decision Impact Statement on the decision of the Full Court of the Family Court in FCT & Darling and Anor [2014] FamCAFC 59. In that case, Full Court of the Family Court ruled that the Court at first instance in FCT & Darling and Anor [2013] FamCA 118 wrongly applied its discretion to prevent the…
The taxpayer has discontinued his appeal to the Federal Court against the decision in AAT Case [2014] AATA 210, Re Thorpe and FCT. In that case, the AAT allowed some deductions claimed by the taxpayer in relation to a property investment, but refused other deductions. It also affirmed the 50% penalty for recklessness. [LTN 195,…
The High Court has refused the taxpayers’ applications for special leave to appeal in the following cases: ATS Pacific Pty Ltd v FCT [2014] FCAFC 33. The Full Federal Court had unanimously upheld the Commissioner’s argument that a supply made by an Australian inbound tour operator to overseas customers was fully subject to GST. Akers…
The High Court has refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in FCT v Resource Capital Fund III LP [2014] FCAFC 37. In that case, the Full Court unanimously allowed the Commissioner’s appeal and held that the taxpayer, a non-resident limited partnership, was assessable on a capital…
The WA Court of Appeal has dismissed a company director’s appeal and upheld the validity of 2 director’s penalty notices (DPNs) that required him to pay over $88,000 which had been withheld by the company but not remitted to the Tax Office. The director argued, re the first DPN, that there was no evidence the…