Tag Archives: Tax

Talking Tax – Issue 124

Case law

NSW Transfer Duty – Rubino Investments P/L as trustee for the Rubino Family Trust v CCSR [2018] NSWCATAD 133 (Rubino Investments)

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Talking Tax – Issue 123

Case law

NSW Payroll Tax: appeal dismissed in Cessnock Tyres P/L v CCSR [2018] NSWCATAP 147

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A small step forward – the ATO’s new practice statement on fraud or evasion

On 17 May 2018, the Commissioner issued an updated version of Practice Statement Law Administration PS LA 2008/6 ‘Fraud or Evasion’ (2018 Statement). The practice statement was previously updated in 2012 (2012 Statement).

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Talking Tax – Issue 122

Case law

Decleah Investments Pty Ltd and Prince Removal and Storage Pty Ltd as Trustees for the PRS Unit Trust v FCT [2018] FCA 717

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Talking Tax – Issue 121

Case law

A slight diversion!

In Hart v FCT [2018] 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.

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Talking Tax – Issue 120

Case law

Caratti v FCT

In Caratti v FCT (No 2) [2018] FCA 568, Mr Caratti (Taxpayer) failed to receive orders from the Federal Court for interim injunctions restraining the ATO from taking recovery action against him for outstanding tax debts of approximately $11 million. The ATO agreed to refrain from undertaking recovery action in exchange for securities and guarantees given by the Taxpayer and his guarantors, under a Deed of Agreement (Deed), however, there was a dispute as to the value of the assets under the Deed which led to the matter being heard in the Federal Court.

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Financial Services in Focus – Issue 3

Funds and financial products

Legislation introduced regarding the second and final phase of ASIC fee-for-services industry funding model

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US citizens – President Trump’s tax reform US estate and gift tax

Since our article US citizen – who me? Beware the dreaded US estate and gift tax was published, we have seen President Trump sign the ‘Tax Cuts and Jobs Act’ into law on 22 December 2017 and we are still seeing Australian senators who are not sure about their citizenship. In the last few days, the High Court ruled Labor senator Katy Gallagher was ineligible to sit in parliament which also triggered four more members of parliament resigning.

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Talking Tax – Issue 119

ATO updates

Still waiting for guidance

The ATO has updated its online guidance on ‘Assessing the Risk: Allocation of profits within professional firms guidelines’ and ‘Everett Assignments’ (Guidelines), following the initial suspension of the Guidelines in December 2017.

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2018 Federal Budget insight

With a modest surplus of $2.2 Billion predicted for 2019-20, and tax cuts totalling $140 Billion, Scott Morrison’s third budget is a strong indication of an imminent election.

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