Legal news
Part IVC of the Taxation Administration Act 1953 gives taxpayers statutory avenues to argue, in the Administrative Appeals Tribunal (AAT) or Federal Court, that the substantive liability imposed by an assessment is excessive through a review or appeal of an objection decision. Where an assessment is found to be excessive, the Commissioner must amend the assessment.
This final part of our 3 part series on the decision of Razzy Australia Pty Ltd & Anor v Commissioner of State Revenue [2021] VSC 124 looks at the requirement under the super fund to super fund duty exemption (as contained in section 40 of the Duties Act 2000 (Vic) (Act)) that a person ceases to be a member of a complying superannuation
In this part 2 of our series on the decision of Razzy Australia Pty Ltd & Anor v Commissioner of State Revenue [2021] VSC 124 we look at whether the exemption in section 40 of the Duties Act 2000 (Vic) (Act) includes transactions other than transfers.
The recent Supreme Court of Victoria decision of Razzy Australia Pty Ltd & Anor v Commissioner of State Revenue [2021] VSC 124 is a seminal decision as it provides much sought clarification on the application of various aspects of Chapter 3 of the Duties Act 2000 (Vic) (Act)
We have previously discussed the Full Federal Court decision in Addy v FCT [2020] FCAFC 135 here. In this case, the court held that Ms Addy, a working holiday maker, was not entitled to benefit from the tax-free threshold as she was not an Australian tax resident. The so-called ‘backpacker tax’.
As previously discussed here, the definition of non-arm’s length income (NALI) under the Income Tax Assessment Act 1997 was amended in mid-2018 to include non-arm’s length expenses or NALE. NALE includes not just an expenditure, but also a loss or outgoing that is lower than an arm’s length amount, and also includes where there is a nil amount (ie, no expenditure).
As discussed here, as part of the ATO COVID-19 administrative concessions, the ATO announced that temporary repayment relief could be offered for limited recourse borrowing arrangements (LRBA) loans. The repayment relief must reflect similar terms to what commercial banks offered for real estate investments loans as a result of COVID-19.
On 11 March 2021, the Australian Taxation Office (ATO) released Draft Taxation Ruling TR 2021/D2 on the operation of personal services income (PSI) rules and the personal services business (PSB) tests.
The NSW Chief Commissioner of State Revenue’s (Commissioner) application to the High Court for special leave to appeal the NSW Court of Appeal’s decision in Chief Commissioner of State Revenue v Downer EDI Engineering Pty Ltd [2020] NSWCA 126 has been denied, the High Court finding the appeal “would have insufficient prospects of success”.
On 1 March 2021, the Australian Taxation Office (ATO) released Draft Practical Compliance Guideline PCG 2021/D2 Allocation of professional firm profits – ATO compliance approach (Draft PCG) that sets out the ATO’s proposed compliance approach to the allocation of profits by professional firms.
