Taxation

ATO cracks down on companies and individuals

Almost 500 companies and individuals were convicted in the September quarter for taxation and superannuation offences, an increase of 20%, and 12 people were sentenced to jail, for a maximum of five years.

Clean Energy Regulator - Operations Begin from April 2012

The Clean Energy Regulator will be a statutory authority responsible for administering the carbon pricing mechanism and much of the clean legislative energy package, including the National Greenhouse and Energy Reporting Scheme, the Renewable Energy Target and the Carbon Farming Initiative.

Australian Tax Office Rulings: Two New Decision Impact Statements

On 8 November 2011 the Australian Taxation Office (ATO) released Decision Impact Statements (DIS) for the following cases:

Re Mynott and Commissioner of Taxation (DIS 2010/2689-92) [2011] AATA 539
British American Tobacco Australia Services Ltd v Federal Commissioner of Taxation (DIS NSD 80 of 2010) [2010] FCAFC 130

This post provides a short summary of each DIS.

Paul Hogan lashes out at the ATO

Paul Hogan has lashed out at the Australian Tax Office - claiming the organisation is full of bullies that make their own rules.

Branded a tax cheat, the Crocodile Dundee star was accused of using complex offshore structures to avoid paying millions of dollars in tax on income that includes profits from the hugely successful movie franchise.

Does Section 55 of the Australian Constitution render the carbon tax unconstitutional?

The Carbon Tax Legislation (Clean Energy Bill 2011) passed the Senate today and speculation as to the constitutionality of the regime is once again being raised.

Carbon Tax becomes Law

The Senate today has voted to pass the Carbon Tax Legislation by 36 votes to 32.

Australian Tax Office Rulings: 3 New Decision Impact Statements

In the last two days the Australian Taxation Office (ATO) has released Decision Impact Statements (DIS) for the following cases:

Roy Morgan Research Pty Ltd v Commissioner of Taxation (DIS 2010 M177)
The Taxpayer and Commissioner of Taxation (DIS 2010 4083)
Ng v Commissioner of Taxation (DIS 2010-11 0013)

Mount Pritchard & District Community Club Limited v Commissioner of Taxation: Commissioner not bound to its own private rulings

The Full Court of the Federal Court yesterday dismissed the appeal in Mount Pritchard & District Community Club Limited v Commissioner of Taxation [2011] FCAFC 129, ruling that a private ruling by the Commissioner does not restrain him from raising an assessment contrary to the private ruling.

Commissioner of Taxation v Byrne Hotels Qld Pty Ltd: Commission and legal fees are liabilities “just before” the CGT event

The Full Court of the Federal Court has held that legal fees for completed work and a Real Estate Agent’s commission in selling property are liabilities incurred “just before” the CGT event for the purposes of s 152-20(1) of the Income Tax Assessment Act 1997 (Cth).

Byrne Hotels had tried to take advantage of the 50% CGT concession available to small businesses whose assets totalled below $5M.

Tax break too complex: banks

Banks are complaining that a tax break for bank deposits is too complex and unlikely to trigger a meaningful change in saving habits.

In July, the government introduced a 50 per cent tax discount on interest earnings of up to $500, a measure it says will benefit up to 5.7 million Australians and support bank funding.

The policy goes part of the way to implementing the Henry review's call for a 40 per cent cut in taxes changed on interest - which is taxed at the top rate paid by a taxpayer.