Newsletter
March 2014 Newsletter
Local government payments in ATO sights
The ATO has previously sought from local government council and shire authorities throughout New South Wales, Victoria, Queensland, and Tasmania details of entities who provided contractor services in the 2011 and 2012 financial years.
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Tax bill for transfer of land to joint development trust
A taxpayer (the trustee of a trust) has been unsuccessful before the Federal Court in arguing against a capital gains tax bill following a transfer of land it owned to a “joint venture trust”. The transaction took place in August 1998 and the amount in dispute totalled some $7.6 million.
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Forestry managed investment scheme losses refused
An individual has been unsuccessful before the Administrative Appeals Tribunal (AAT) in a matter concerning losses claimed in tax returns for the 2006 and 2007 income years.
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Property rental deduction claims mostly refused
An individual has been mostly unsuccessful before the AAT in challenging the Tax Commissioner's decision to refuse a variety of deductions relating to rental properties. The individual, who worked full-time as an industrial chemist, owned rental properties with her husband and had done so for many years. In the 2003, 2004 and 2005 income years, they owned nine rental properties.
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Brothers in business together, but not a partnership
The Supreme Court of Western Australia has found that two brothers were not in a partnership. The two brothers had spent some 30 years in business together – their businesses included an accounting practice, property development, share dealings, corporate consulting and farming.
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Daughter found to be puppet director of company trustee
A married couple has been successful before the AAT in a matter concerning access to the capital gains tax concessions for small businesses. The key issue in dispute concerned a trust (in respect of which the couple were beneficiaries) and the trust’s entitlement to the concessions in connection with a capital gain made on the sale of assets by the trust in the 2008 income year.
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