Tax Month – August 2014

M o r g a n’ s   T a x   M o n t h

– August 2014 Developments –

This is a collection of developments in Australian tax law and practice that occurred in August 2014 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

Repeal of tax provisions; definition of Australia; etc: draft leg released [1]

 

Announcements

Small Business and Family Enterprise Ombudsman: Govt update [2]

 

 

CASES AND APPEALS
High Court

High Court special leave results [3]

 

Full Federal Court
Federal Court

Oswal v FCT – No grounds to appeal from ex-parte decision that found CGT event E1 applies [4]

 

Federal Circuit Court
Administrative Appeals Tribunal (AAT)

Re LNNB & Ors and FCT – Family taxpayers fail to prove that ‘asset betterment’ assessments were excessive [5]

Re Pope and FCT – Trust distributions: bad debt deduction refused [6]

Re CDPJ and FCT – Lump sum payment not a transitional termination payment [7]

Re The Taxpayers and FCT – Income tax and GST assessments, and Div 7A issues: AAT rehearing [8]

Re ZBVK and FCT – Deduction claims made after returns lodged mostly refused [9]

Re Roesch and FCT – Asset betterment method: excessive assessment not demonstrated [10]

 

Other Courts & Tribunals

DCT v Haritos & Ors – Commissioner obtains declaration that transfer of shares void re debt recovery matter [11]

 

Appeals

 

COMMISSIONER’S PUBLICATIONS & NEWS
Decision Impact statements

Re Dempsey and FCT – robust AAT decision on not being ‘resident’ accepted [12]

Moodie’s case – ATO liable for liquidator’s costs [13]

FCT v Hunger Project Australia – Commissioner accepts that a ‘public benevolent institution’ does not need to directly provide relief [14]

Howard v FCT – correct entity to be taxed on damages and distributions from non-resident trust [15]

 

Rulings

TR 2014/D5 – Special conditions for not-for-profit entities with exempt income [16]

 

Determinations

*Bitcoin – income tax, GST and FBT treatment: ATO Draft Determinations, GST Ruling and Guidance Paper [17]

 

Class Rulings & Product Rulings

Class Rulings [18]

 

 

ATO Interpretive Decisions (ATOIDs)
Tax Alerts
Other ATO news or statements

Improving ATO services for small businesses: Commissioner [19]

Dividend washing ATO compliance program enters next phase – deadline per next letter or 22 September 2014 [20]

ATO focus on rental property deductions [21]

Big businesses need to lodge and pay electronically: ATO reminder [22]

Banking capital adequacy: APRA position on tax event call provisions [23]

Offshore bank accounts; Govt grants, music royalties: ATO data-matching programs [24]

 

 

GST DEVELOPMENTS

Legislation & Announcements (GST)

Cases (GST)
Rulings, Determinations & Other things (GST)

Re Davsa Forty-Ninth Pty Ltd as Trustee for the Krongold Ford Business Unit Trust and FCT – ‘enterprise’ but input tax credits denied for other reasons [25]

GSTD 2014/D3 – GST: transport by sea and “destination outside Australia” [26]

 

SUPERANNUATION DEVELOPMENTS

Legislation, Announcements etc. (Super)

Verification of SMSF details; time frames for rollovers; etc – SIS regs amended [27]

Cases (Super)

Rulings & Other things (Super)

More than $14bn in lost super waiting to be claimed: ATO [28]

ATO ID 2014/26 – Superannuation and deduction for loss re traditional securities [29]

APRA super funds generally compliant, but tax compliance focus remains: ATO [30]

 

 

CARBON TAX & EMISSIONS REDUCTION FUND

 

MINERALS & PETROLEUM RENT RESOURCE RENT TAX

 

AUSTRALIAN CHARITIES & NOT-FOR-PROFITS (ACNC) SECTOR

ACNC revokes status of 246 missing charities [31]

 

BOARD OF TAXATION

 

EXTERNAL SUPERVISORS – IGoT; OMBUDSMAN, JCPAA & ANAO

 

TAX PRACTITIONERS BOARD & LEGISLATION

Confidentiality of client information: TPB final information sheet released [32]

Tax and BAS agent associations accredited by the TPB [33]

Tax (financial) advisers – Australian tax law and commercial law requirements: TPB [34]

 

STATE TAXES
Legislation & Announcements (State)

ACT: payroll tax and land tax changes: Amendment Bills awaits notification [35]

Tasmanian Budget 2014-15 handed down [36]

NSW: State Revenue Legislation Further Amendment Bill update [37]

SA: Budget Bill update [38]

WA: Taxation Legislation Amendment Bill update [39]

Cases (State)

Rulings & Other (State)

 

OTHER DEVELOPMENTS

SA Govt announces business loan program and tax reform commitment [40]

Deferred tax assets re unrealised losses: AASB Exposure Draft released [41]

Migrant settlement records linked to personal income tax data: ABS study [43]

FoFA refinements Bill passes Reps with Govt amendments [44]

FoFA amendments: disallowance motion on Regulation to be considered by Senate [45]

 

THE END
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