ATO wins! British American Tobacco faces tax bill of $89m

By
taxabull
Published: December 29, 2009Tags: , , , , , , , , ,
ATO says NO SMOKING..!!

ATO says NO SMOKING..!!

 

The ATO has won a Federal Court case against British American Tobacco and is looking to reap a tax bill of $89m.

The $89m comprises of $42m capital gains tax liability plus $11m of penalties and $36m of interest.

The Federal Court case relates to the sale of nine cigarette brands in 1999 as part of the worldwide merger of British American Tobacco plc and Rothmans International BV.

Justice Arthur Emmett confirmed that the asset sale fell foul of Part IVA (Anti-tax avoidance provision) because the arrangement was predominatly designed to gain a tax benefit.  Read more...

50% Business Tax Break ends this MONTH!!

By
taxabull
Published: December 21, 2009Tags: , , , ,
Fun & Games!!

Income tax can't be treated like a game - photo by Alan Cleaver

 http://www.flickr.com/photos/alancleaver/ / CC BY 2.0

 Don’t want to rush you…………..

But, if you want to take advantage of the ATO’s 50% business tax break, you only have SEVEN WORKING DAYS left..!!

If you buy a new eligible asset for your business by the 31 December 2009, you will be entitled to an immediate 50% tax deduction of the cost PLUS the normal depreciation deductions.

We covered this in detail as part of our Federal Budget 2009 review in our previous reincarnation as Austax.  Read more...

ATO vs Symone Anstis case dispute continues..!!

By
taxabull
Published: December 21, 2009Tags: , , , , ,
Justice will be served..!!

Justice will be served..!!

 

This is our continued coverage of this tax case regarding the deductibility of self-education expenses against Youth Allowance income……

The full Federal Court found in favour of Symone Anstis on 4 November 2009.

However, the ATO has once again lodged an application on 2 December 2009 for special leave to appeal against this decision to the High Court.

This should be final rung in the ongoing dispute, so until then, the ATO’s existing non-deductible view stands.

Keep those tax receipts though as we think that Symone has a very strong case to argue.  Read more...

Its official!! The results are out for Federal Commissioner of Taxation vs Symone Antis!!

By
taxabull
Published: November 18, 2009Tags: , , , , , ,

We have been covering this tax case with interest from Day One….

FINAL CONCLUSION

The Symone Antis v. FC of T case confirms that education expenses should be allowaed as deductions against Youth Allowance income.

This is a massive win for tertiary students around Australia earning Youth Allowance income!!

From a revenue perspective, the court ruled that Youth Allowance is assessable income as per s 6.5. It doesn’t fall under educational scholarships which is exempt income as per s 6-20.

In fact, it is specifically mentioned in s 51-35 that,  Read more...

NSW Young Lawyers form Tax Sub-Committee

By
taxabull
Published: October 30, 2009Tags: , ,

The NSW Law society has Young Lawyers Society which is for lawyers with less than 5 years experience or less than a certain age. The Young Lawyers Society also has  Business Committee which introduced a Tax Sub-Committee. According to the website:

“The  Tax Sub-committee discusses recent tax developments, reviews proposed amendments to tax law and will make submissions where appropriate and organises social and networking events.

Joining the Tax Subcommittee is an excellent opportunity to keep up to date and meet other lawyers who are share an interest in tax law and work in the area.  The Tax Law Subcommittee has members from a diverse range of professional backgrounds – law firms, accounting firms, corporate and the ATO.  Read more...

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