Greenwoods and Freehills Weekly Tax Highlights - Week Ended 12.6.09
ATO Documents
Released 10.6.09
Class Rulings
CR 2009/30: Income tax: Allco Equity Partners Limited: proposed return of capital
Product Rulings
PR 2009/40: Income tax: Film Investment - 'Hell for Leather'
PR 2009/41: Income tax: Film Investment - 'Show Ring'
PR 2009/42: Income tax: 2009 AIL Red Ironbark Project
Taxpayer Alert
TA 2009/16: Circumvention of in-house asset rules by self-managed superannuation funds using related party agreements
Tax Cases
FCT v Edgewater Estates Ltd & Ors [2009] FCA 611, 4 June 2009: The Federal Court has ordered that the assets of several companies be frozen. The Commissioner had sought the ruling, claiming that the companies were engaged in share trading activities in Australia without declaring any of the income derived from those activities. The Court found that the Commissioner had an arguable case and that the assets currently held in Australia by the companies could be readily dissipated and sent offshore. The order was to run from 4.6.09 - 10.6.09 at which time the matter was to be listed for an early directions hearing.
FCT v Bargwanna [2009] FCA 620, Federal Court, 12 June 2009: The Federal Court has set aside a decision of the AAT and concluded that a fund was not entitled to be endorsed as exempt from income tax under Subdivision 50-B of the ITAA 1997. The Court found that the trustees of the fund had appropriated a sum of money from the fund's cash management account in order to pay off a personal liability. The Court found that the subsequent payment by the fund's accountant of a sum of money into the fund's bank account, in order to offset the shortfall did not remedy the misapplication of the fund's money. The Court ruled that the fund was not established for a charitable purpose and allowed the Commissioner's appeal.
Progress of Legislation
As at 12.6.09 Bill Explanatory Memorandum Intro House Passed House Intro Senate Passed Senate Date of Royal assent / Act Number Description 27.8.08 13.10.08 14.10.08 3.2.09 Removes Tax Deductibility of Political Donations, GST 13.11.08 11.2.09 12.2.09 12.3.09 26.3.09/13 Introduces a new legislative regime for Tax Agents Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008 4.12.08 11.2.08 12.2.09 11.3.09 26.3.09/15 Division 230. Stages 3 and 4 of TOFA, these being hedging and non-hedging rules 3.12.08 25.2.09 10.3.09 12.3.09 26.3.09/14 Scrip for Scrip, International Tax collection, Superannuation Offsets 13.2.09 13.2.09 12.2.09 12.2.09 18.2.09/5 Tax Bonus for Working Australians Tax Bonus for Working Australians (Consequential Amendments) (No.2)Bill 2009 13.2.09 12.2.09 12.2.09 18.2.09/6 Tax Bonus for Working Australians 13.2.09 12.2.09 12.2.09 18.2.09/4 Various Bonuses for Household Situations 12.2.09 18.3.09 19.3.09 19.3.09 26.3.09/27 PAYG Instalments, Temporary Resident's Superannuation, Income Test. Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 13.3.09 13.5.09 14.5.09 14.5.09 22.5.09/31 Temporary Income Tax Deduction for New Investment in Tangible Depreciating Assets 19.3.09 27.5.09 CGT Concessions, Urban Water Tax Offset, Deductible Gift Recipient List, Fuel Tax Credits Regime 19.3.09 Tax Information Exchange Agreement: British Virgin Islands and Isle of Man 14.5.09 27.5.09 GDP Adjustment, GST, PRRP, Deductible Gift Recipient List Carbon Pollution Reduction Scheme (Consequential Amendments) Bill 2009 14.5.09 Carbon Production Reduction Scheme, Income Tax And GST Treatment 27.5.09 Superannuation Contributions, Foreign Income Exemption, GDP, PAYG Instalments, Deductible Gift Recipients, The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2009 28.5.09 Medicare Levy and Medicare Levy Surcharge
.
.
.
.
.
13.2.09
.
13.2.09
.
.
.
.
.
.
.
.
.