The taxpayer has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 239, Re IOOF Holdings Limited and FCT. In that case, the AAT confirmed that, for the purposes of undertaking its review of the Commissioner’s deemed disallowance of the taxpayer’s objection against the Commissioner’s failure to make a private ruling (in relation to its claim for a deduction under s 716-405 of the ITAA 1997 re rights to future income), it was not open to the AAT to apply the provisions of Pt 3-90 before the relevant amendments were made that modified the consolidation tax cost setting and rights to future income rules adversely to the taxpayer’s interests.
[LTN 94, 17/5/13]
Interlocutory question in [2013] AATA 239
On 19 April 2013, Senior Member O’Loughlin ruled “No” on the following interlocutory question:
For the purposes of undertaking its review of the Respondent’s deemed disallowance of the Applicant’s objection against the Respondent’s failure to make a private ruling concerning its claim for a deduction under section 716-405 in Part 3–90 of the Income Tax Assessment Act 1997 (Cth) (1997 Act), is it open to the Tribunal to apply the provisions of Part 3-90 of the 1997 Act before the amendments contained in the Tax Laws Amendment (2012 Measures No 2) Act 2012 (Cth)?
Key words in [2013] AATA 239
TAXATION – Private Rulings – whether Applicant entitled to a ruling based on law that has been amended – whether the Applicant had an accrued right to a ruling based on law that has been amended – whether any accrued right abrogated by the terms of the amending legislation.