Reading RoomOn 19 March 2012 the Full Court of the Federal Court of Australia (Kenny, Stone and Logan JJ) handed down judgment in Commissioner of Taxation v Futuris Corporation Ltd [2012] FCAFC 32. This case is the most recent example of the Federal Court grappling with the application of the anti avoidance provisions in Part IVA of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936) and represents …
The last 15 years has seen a dramatic change in the ATO’s approach toward Australia’s self-assessment system. 2012 promises to be the year that the ATO’s risk differentiation framework will take full flight.
Are you well-informed? Are you prepared? Most importantly, are you at risk of being placed at the top of the ATO audit hit list?
To find out more please …
The Federal Court has again sent a very clear signal to businesses: they will not succeed in avoiding statutory obligations by the disguise of employment relationships.
On 13 April 2011 the Federal Court (Bromberg J) dismissed an appeal by On Call Interpreters and Translators Agency Pty Ltd (On Call) against an objection decision by the Commissioner that On Call was liable …
This week the Australian Tax Office (ATO) indicated that company boards will in future be expected to be responsible for identifying tax positions that are 'contestable' and therefore susceptible to challenge by the ATO. This effectively co-opts directors into the frontline of the ATO's information gathering capability and represents a seismic shift in the manner …
Australia's compliance system and collection of tax operates under the concept of "self assessment". Currently, a company need only provide the basic details of its taxable income in its annual company tax return form (Form C). Using the company …
The reach and scope of the general anti-avoidance provisions in Part IVA is often underestimated. The Commissioner has a good track record in Part IVA litigation – see Peabody, Spotless and Hart, and the latest decision continues …
The Commissioner recently released his Compliance Plan for 2010-11.
Directors, CFOs, group accountants and tax managers would be well advised to read its 47 pages as it highlights the Commissioner's focus areas for the coming year and what …