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Sladen Snippet: ATO to begin data matching program on cryptocurrency holdings

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Sladen Snippet: ATO to begin data matching program on cryptocurrency holdings

The Federal Commissioner of Taxation (Commissioner) has given notice that the Australian Taxation Office (ATO) will commence a data matching program on cryptocurrency.

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Federal Court reminds us of the complexity of income tax deductibility, and what it means to carry on a business.

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Federal Court reminds us of the complexity of income tax deductibility, and what it means to carry on a business.

In Watson as trustee for the Murrindindi Bushfire Class Active Settlement Fund v Commissioner of Taxation [2019] FCA 228 (Watson), the Federal Court ruled that an investment trust established to hold funds received as compensation for victims of the black Saturday bush fires could not deduct administrative expenses associated with the trust’s operation.  

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ATO Decision Impact Statement on Pintarich – troubling views on when a decision may not be a decision

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ATO Decision Impact Statement on Pintarich – troubling views on when a decision may not be a decision

We previously reported here and here on the Full Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 (Pintarich) and the unsuccessful application for special leave to the High Court.

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ATO releases ruling on when a company carries on a business, providing useful guidance for small business corporate taxpayers

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ATO releases ruling on when a company carries on a business, providing useful guidance for small business corporate taxpayers

The Federal Commissioner of Taxation (Commissioner) has issued Taxation Ruling TR 2019/1 (Ruling) which addresses when a company carries on a business within the meaning of:

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No Discount Capital Gain On The Sale Of Shares - Paule V FCT, Hart v FCT [2019] FCA394

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No Discount Capital Gain On The Sale Of Shares - Paule V FCT, Hart v FCT [2019] FCA394

The Federal Court has ruled, in a decision that the Court itself described as an “unpalatable result”, that the capital gains tax (CGT) discount did not apply to the sale of shares held by a trust.