M o r g a n’ s T a x M o n t h
– February 2012 Developments –
This is a collection of developments in Australian tax law and practice that occurred in February 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
ACTS, BILLS AND ANNOUNCEMENTS
Acts & Bills
Mining tax Bills introduced in the Senate [A1]
Tax Bill (No 9) passes Reps [A2]
Means testing private health insurance rebate – Bills pass Reps by one vote [A3]
Corporations Amendment (Phoenixing and Other Measures) Bill introduced [A4]
Draft legislation on Commissioner’s ability to retain refunds: Multiflex decision [A5]
TOFA and tax hedging provisions – discussion paper released [A6]
Announcements
Reform of transfer pricing rules: Treasury releases submissions made [A7]
*Trust law rewrite – public consultation about to start [A8]
Compensation to flow to Trio collapse victims [A9]
*Charitable fundraising – consultation paper released [A10]
*Shipping industry tax reforms: Govt seeks comment on draft legislation [A11]
CASES AND APPEALS
High Court
*High Court special leave results [C1]
Full Federal Court
Federal Court
Federal Magistrates Court
Administrative Appeals Tribunal (AAT)
Re Ma and FCT – Income from business derived partly by taxpayers, and partly by their children [C5]
Other Courts
Appeals
COMMISSIONER’S PUBLICATIONS
Decision Impact statements
*Syttadel Holdings Pty Ltd and FC of T – claimed income tax concessions found inapplicable [R1]
Rulings
*GSTD 2012/1 and GST 2012/2 – Sale of residential and commercial premises subject to leases [R2]
*GSTR 2012/D1 – Meaning of “residential premises” and “commercial residential premises” [R3]
Determinations
*TD 2007/28 – Erratum to Taxation Determination on ‘present legal obligation’ [R4]
*TD 2012/D2 – CGT trust streaming: “reasonably expected to receive net financial benefit” [R5]
Class Rulings
CR 2012/6-9 – Returns of capital: Centro group [R6]
CR 2012/10 Bonus share plan: investment company [R7]
CR 2012/11-12 – Return of capital; equity incentive plan [R8]
CR 2012/14 – Off-market share buy-back and return of capital [R9]
ATO Interpretive Decisions (ATOIDs)
Practice Statements
Tax Alerts
Other Commissioner news
GST DEVELOPMENTS
Legislation (GST)
*GST treatment of property in possession of mortgagee – draft legislation released [G1]
Cases (GST)
Rulings & Other things (GST)
GSTR 2012/D2 – Exit payments by retirement village residents generally input taxed [G3]
SUPERANNUATION DEVELOPMENTS
Legislation (Super)
SuperStream data and payment standards – draft legislation released [Su1]
*Super pension drawdown relief for 2012-13: SIS Regs amended [Su2]
*Super borrowing arrangements to be financial products: draft regs released [Su3]
*Pay slip reporting of superannuation contributions – draft legislation released [Su4]
*Tax Office disclosure of superannuation information – draft legislation released [Su5]
*New superannuation trustee duties and prudential standards: Bill introduced [Su6]
Cases (Super)
*Re Strasser and FCT – Excess contributions tax: ATO letter not misleading [Su9]
Rulings (Super)
Announcements etc (Super)
SMSF audit compliance update: ATO speech [Su12]
CARBON TAX
MINERALS & PETROLEUM RENT RESOURCE RENT TAX
Scope of AASB 112 and MRRT and PRRT bills: AASB agenda decisions
BOARD OF TAXATION
INSPECTOR-GENERAL OF TAXATION
TAX PRACTITIONERS BOARD & LEGISLATION
Renew tax agent and BAS agent registrations – time is running out! [has now run out…]
STATE TAXES
Legislation (State)
Cases (State)
O’Brien v Comr of State Revenue – WA land tax: primary residence exemption denied [St5]
Rulings (State)
Other (State)
OTHER DEVELOPMENTS
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