September 14, 2018
Federal Court refuses to remit case to AAT for review on new grounds of objection
In Wu v FCT  FCA 1339, the Federal Court rejected an application of the Taxpayer to remit the case back to the Administrative Appeals Tribunal (AAT) for the purposes of considering whether the Commissioner of Taxation had correctly assessed the Taxpayer in relation to deposits received in the Taxpayer’s account (which the Taxpayer contended were savings he had accumulated from overseas).
August 7, 2018
Taxpayer denied deductions for share losses and legal fees
In the decision of the Federal Court in Greig v Federal Commissioner of Taxation  FCA 1084, Justice Thawley held that the Taxpayer was not entitled to deductions under section 8-1 of the Income Tax Assessment Act 1997 (Cth) (ITAA 97) for losses incurred in relation to the compulsory transfer of shares in Nexus Energy Limited (Nexus) in the amount of $11.85 million and expenditure of $507,198 in legal fees arising from litigation involving the voluntary administration of Nexus.
June 4, 2018
A slight diversion!
In Hart v FCT  FCAFC 61, the Full Federal Court unanimously dismissed an appeal against a Part IVA determination that had the effect of including part of the earnings of a law firm in the Taxpayer’s assessable income. The Taxpayer entered into two arrangements with others called the ‘New Venture Income Scheme’ (NVI Scheme). The effect of the scheme was to divert two classes of earnings away from the Taxpayer, or entities he controlled, and into the hands of a company with carried forward tax losses. Then, following a series of gifts and subscriptions for capital, the earnings were paid to the Taxpayer in the form of loans. The Commissioner assessed the earnings as taxable income in the Taxpayer’s hands.
May 11, 2018
Federal Budget announcements
On Tuesday 8 May 2018, the Federal Budget was released. Treasurer Scott Morrison announced a series of tax reforms including: