Newsletter
October 2013 Newsletter
Beware of artificial trust arrangements to avoid tax
The ATO has issued an alert to warn taxpayers that it is aware of arrangements where a discretionary trust is used to effectively funnel large capital gains to a newly incorporated company that is then wound up to avoid paying taxes.
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Extra 15% super contributions tax for high income earners
The superannuation law has recently been amended so that the effective contributions tax for certain concessional contributions (up to the concessional cap)
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Individual found to be an Australian tax resident
An individual has been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that he was not a resident of Australia for tax purposes during the relevant years. The individual was a mechanical engineer and worked overseas in the 2007 and 2008 income years.
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A share investor, not a share trader
The AAT has held that an individual was a share investor, and not a share trader as claimed, during the relevant years.
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GST bill following hotel apartment purchases
The AAT has confirmed a decision of the Tax Commissioner that a husband and wife partnership (which was registered for GST) had an increasing adjustment resulting in a GST payable amount following the purchase of two apartments in a hotel complex.
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No relief from excess super contributions tax bill
The AAT has affirmed the Tax Commissioner's decision to impose excess non-concessional contributions tax on an individual in relation to excess super contributions he had made in September 2009.
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Departure from private ruling results in FBT assessments
The AAT has held that the Tax Commissioner was no longer bound by a private binding ruling that he had issued to a taxpayer company, because the taxpayer had implemented the scheme differently to the private ruling.
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Tax man refuses tax debt compromise deal
An individual has been unsuccessful before the Federal Circuit Court in seeking a review of the Tax Commissioner's decision to refuse a tax compromise deal. The individual had taken over his father's jewellery business, but said he was not aware of the financial mismanagement of the business until unpaid creditors began calling.
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GST and adjustment notes
The ATO has issued a GST ruling that sets out the requirements for adjustment notes under the GST law. An adjustment note reflects the adjustment to the amount of GST charged on a taxable supply as a result of an adjustment event.
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