Assessable income increased by $25m following Liechtenstein bank info

The AAT has affirmed amended assessments issued to a taxpayer for the 1999 to 2007 income years which increased his assessable income by some $25m and imposed shortfall penalties of some $11m. The information on which the amended assessments were based was on illegal information obtained from a former employee of a Liechtenstein bank which indicated that the taxpayer had established a "Foundation" account at the bank in which he originally contributed US$3m and which he controlled from Australia, and of which he was the primary beneficiary: AAT Case [2012] AATA 557, Re Murray and FCT (No 3) (AAT, Ref Nos 2009/4786, 2009/5888-5894, 2011/5622, Hack DP, 24 August 2012).

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Status of tax and BAS agents when renewing registration

The Tax Practitioners Board has reminded those BAS and tax agents who have submitted their renewal applications on time that they remain registered until the Board has made a decision and notified them of the outcome in writing.

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ATO statements on Pt IVA cases

The ATO has released Decision Impact Statements on the following cases.

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GST apportionment decision making guide for financial supply providers
This guide provides a model for you to consider in making choices of apportionment methods. It also helps you record evidence and your reasons for decisions.

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Reduction in tax concession for high income earners
From 1 July 2012, individuals with income greater than $300,000 will have the tax concession on their contributions reduced from 30% to 15% (excluding the Medicare levy).

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Excess concessional contributions refund offer
July 2012 your clients may receive a once-only offer to have their excess concessional contributions refunded. If they decide to accept this offer, their excess concessional contributions will be:

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ATO can garnishee directors' bank accounts

With the Tax Laws Amendment (2012 Measures No 2) Bill 2012 and Pay As You Go Withholding Non-compliance Tax Bill 2012 receiving Royal Assent on 29 June 2012, the legislative changes which make directors personally liable for their company's unpaid superannuation guarantee amounts have come into force.

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ATO admin of penalties for false or misleading statements

The Tax Office has released the following two Practice Statements dealing with the administration of penalties for making false or misleading statements.

 

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Strengthening director obligations
On 29 June 2012, changes were made to the tax laws to reduce the scope for companies to engage in fraudulent phoenix activity or to escape liabilities and payments of employee entitlements.

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ATO warns of exploitative GST arrangements using inflated valuation of intangibles
The Australian Taxation Office (ATO) today issued a taxpayer alert warning people to be cautious about non-commercial arrangements where large input tax credits are claimed on acquisitions of intangible items (such as rights) at grossly inflated values. The arrangements feature uncommercial vendor finance agreements where payments are contingent on future events.

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Lodgment alert for overdue documents
On 16 August 2012 we will send lodgment alert letters with a list of your clients who have overdue lodgment obligations, excluding large business clients.

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