M o r g a n’ s T a x M o n t h
– April 2012 Developments –
This is a collection of developments in Australian tax law and practice that occurred in April 2012 and which aims at being of relevance to tax lawyers.*
F John Morgan
A member of the Victorian Bar (www.FJMtax.com)
Table of Contents
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ACTS, BILLS AND ANNOUNCEMENTS
Acts & Bills
*Health Insurance means testing and related legislation gets Royal Assent [A1]
Car expenses – rates per km for 2011-12 – Income Tax Regulation registered [A2]
*Tax concession entities and “in Australia” conditions: revised draft legislation released [A3]
Consolidation tax cost setting and TOFA rules: draft legislation released [A5]
Nil withholding re low income minors – variation made [A6]
Announcements
*Australia signs new tax info exchange agreements with Guernsey, Cook Islands, Samoa and Aruba [A8]
Higher Education Loan Program (HELP): 2012-3 income thresholds and repayment rates gazetted [A10]
*Carry-back of tax losses: Business Tax Working Group report released [A11]
CASES AND APPEALS
High Court
Full Federal Court
Federal Court
*Sent v FCT – Managing director assessable on accrued bonus amounts [C7]
Kelly v FCT – Partner partly unsuccessful in claiming assignment of partnership interest [C8]
Federal Magistrates Court
Administrative Appeals Tribunal (AAT)
*New appointments to the AAT with Tax Expertise – including Fiona Alpins in Melbourne [C9]
Other Courts & Tribunals
Appeals
COMMISSIONER’S PUBLICATIONS
Decision Impact statements
Rulings
*MT 2012/1-2 – Tax and GST consequences re transfer of farm-out arrangements [R2]
Determinations
Class Rulings
CR 2012/22-23 – Demerger relief available; football umpires payments are not assessable [R4]
CR 2012/24 – Early retirement scheme [R5]
ATO Interpretive Decisions (ATOIDs)
Practice Statements
*PS LA 2012/1 – principles guiding the management of high risk technical issues [R8]
Tax Alerts
Other Commissioner news
Project Wickenby results update [R9]
*Wickenby: man charged; $40m in assets restrained [R10]
ATO writes to charities re updating details [R11]
GST DEVELOPMENTS
Legislation (GST)
GST: deferred transfer farm-out arrangements – legislative instrument under Div 29 registered [G2]
Cases (GST)
Rulings & Other things (GST)
GSTD 2012/4 – GST-free supply of hospital treatment [G6]
GST Announcements (Other)
4 Year GST Compliance Program (from 2010 Federal Budget) – ATO updates details [G8]
SUPERANNUATION DEVELOPMENTS
Legislation (Super)
MySuper and transparency measures – draft legislation released [Su1]
Cases (Super)
Rulings (Super)
Announcements etc (Super)
*CGT relief for superannuation fund mergers – law to be amended [Su3]
*APRA releases 11 draft prudential standards for superannuation [Su4]
CARBON TAX
MINERALS & PETROLEUM RENT RESOURCE RENT TAX
*Mining tax to be challenged on constitutional grounds by Fortescue Metals Group Ltd
*ATO administration of MRRT and PRRT: early guidance
BOARD OF TAXATION
INSPECTOR-GENERAL OF TAXATION
ATO compliance activities re SMEs: Tax Inspector-General’s report released
TAX PRACTITIONERS BOARD & LEGISLATION
*Financial Planning Association recognised by Tax Practitioners Board
STATE TAXES
Legislation (State)
*NSW: State Revenue Legislation Amendment Bill now law [St2]
*Vic: landholder duty model draft Bill released [St3]
Cases (State)
Rulings (State)
Other (State)
OTHER DEVELOPMENTS
ABS releases Taxation Revenue, Australia 2010-11 [O1]
ATO Taxation Statistics 2009-10 [O2]
*Financial planners get extended exemption from tax agent regime [O3]
THE END
*NB: I have gathered these articles from various sources for the purposes of study and teaching and I have acknowledged the sources. None of this publication should reproduced in breach of copyright belonging to the acknowledged source. The headings to the articles are often mine (and shouldn’t necessarily be attributed to the publisher).
Source Abbreviations: ‘EDTN’ = Electronic Daily Tax News, published by CCH; ‘LTN’ = Latest Tax News published by Thomsons; and ‘Taxvine’ is the weekly publication by the Tax Institute of Australia; Greenfields = Greenfields Financial Services; TaxBar = Melbourne Tax Bar Association Newsletter at www.vicbar.com.au/ Members / Bar Associations / Tax