December 2013 Newsletter
Tax changes following carbon tax and mining tax repeal
The Abbott government has introduced into Parliament proposed legislation to repeal the carbon tax and the mining tax.
Importantly, the Bill to remove the mining tax also proposes to repeal or revise a number of tax and superannuation measures. Key changes include:
No GST following purchase of leased apartments
A taxpayer has been successful before the Full Federal Court in a matter concerning a GST assessment following the purchase of three residential apartments. The taxpayer (a company) had purchased the apartments in a hotel complex from the vendor on a GST-free basis as supply of a going concern.
Individual not a tax resident of Australia
An individual taxpayer has been successful before the Administrative Appeals Tribunal (AAT) in arguing that he was not an Australian resident for tax purposes for the relevant years.
Legal expense deductions to fight ASIC charges refused
A stockbroker has been unsuccessful before the AAT in arguing that legal expenses he had incurred in the 2011 income year were deductible.
Tax debt release based on serious hardship refused
The AAT has affirmed the Commissioner’s decision to refuse to release an individual from his tax liability based on serious hardship grounds. Under the Taxation Administration Act, the Commissioner has a discretion to release an individual from paying a tax liability (in whole or in part) if satisfying the liability would cause that person serious hardship.
GST refund request made too late
An individual taxpayer has been unsuccessful before the AAT in seeking a review of the Commissioner’s decision to refuse a GST refund in relation to the June 2004 quarter. The Commissioner had refused the refund on the basis that the taxpayer’s application was made after the four-year cut-off date for the June 2004 quarter (that is, 28 July 2008).
Christmas closing times
The M.A.S office we will be closed from 1pm, Friday 20th December 2013 and will re-open in the new year on Monday 6th January 2014.