The ATO on Fri 28.9.2012, released a Decision Impact Statement on the Federal Court decision in ECC Southbank Pty Ltd as trustee for Nest Southbank Unit Trust & Anor v FCT [2012] FCA 795. The Federal Court held that a sub-lease of student accommodation was a supply of commercial premises and that supplies of accommodation…
The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: – In those cases, the AAT affirmed the Commissioner’s objection decisions disallowing the taxpayer’s objections to private rulings denying GST input tax credit (ITC) claims for second-hand aircraft acquired before 1 July 2000. Broadly, the ATO said in its that AAT Case [2012] AATA…
The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: AAT Case [2011] AATA 766, Re National Jet Systems Pty Ltd and FCT;MTAA Superannuation Fund (R G Casey) Building Property Pty Ltd v FCT [2012] FCAFC 89 – In those cases, the Tribunal and the Full Federal Court respectively, denied claims of the taxpayers…
The AAT has held a taxpayer was not carrying on an enterprise in relation to the purchase of a property. In addition, it also held that the property purchased was not “commercial residential premises” under s 195-1 of the GST Act. Accordingly, it affirmed the Commissioner’s disallowance of input tax credits in relation to the…
In its 2 July 2012 decision in AAT Case [2012] AATA 409, re A.P. Group Limited and FCT, the AAT had held that certain “incentive” payments by motor vehicle manufacturers and distributors were not consideration for a supply, with the result that overpayments of GST had been made by the taxpayer. Since the AAT therefore…
ASFA on Tue 18.9.2012, released its submission to Treasury on the draft legislation proposing to amend the GST Act and the TAA relating to refunding of excess GST. ASFA agreed the law surrounding GST refunds required clarification, but considered the draft legislation in its current form was “overly restrictive and significantly reduces the ability of…
The Government’s Taskforce on Low Value Parcel Processing on Thur 6.9.2012, released its report into the concerns surrounding the current GST and other revenue arrangements of imported goods valued at or below $1,000. The final report stated that potential solutions warranting future consideration were: the collection of duty and/or GST by financial intermediaries; and the…
The A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No 4) was Mon 3.9.2012, registered on the Federal Register of Legislative Instruments. It amends the GST regs to expand the definition of “credit union” to also include those that were listed by APRA as a credit union at 1 July 2011, and…
The Government on Fri 14.9.2012, announced the appointment of Mr Geoff Leeper as a full-time ATO Second Commissioner for a 7-year period. Mr Leeper starts his appointment early next month and replaces Mr David Butler who had resigned from his position earlier this year. Mr Leeper is currently Deputy Secretary at the Department of Regional…
The Commissioner has announced that the ATO had successfully prosecuted around 2,000 individuals and companies for fraud, tax and super offences in the 2011-12 financial year. Of the individuals and companies prosecuted, Mr D’Ascenzo said: 39 individuals were prosecuted for offences including attempting to hide income and assets overseas, and individuals using stolen identities to…