Meaning of "income of the trust estate"

Draft Taxation Ruling TR 2012/D1 gives the ATO's views on the meaning of the expression "income of the trust estate" as used in Div 6 of Pt III of the ITAA 1936 and related provisions.


Oil prices fall as Iran tensions ease

Oil was slightly lower Monday as tensions eased over Iran's nuclear program.

Benchmark US crude fell four cents to $US102.79 per barrel in New York. But Brent crude, which is used to benchmark the price of oil produced outside of the US, lost $US2.72 to $US118.49 per barrel in London. Middle East tensions were the primary reason Brent rose 13 per cent this year through Friday.

FBT rates and thresholds for 2012-13

The ATO has released the following determinations dealing with FBT rates, thresholds, and so on for the 2012-13 FBT year (ie the FBT year that commenced on 1 April 2012).


Rental property deductions partly denied

The AAT has partly affirmed the decision of the Commissioner to disallow additional deductions in relation to a rental property as the taxpayer was not able to substantiate some of the claims: AAT Case [2012] AATA 174 (AAT, Ref No: 2011/2025, Ettinger SM, 21 March 2012).



Part IVA did not apply to value shifting scheme

The Full Federal Court has unanimously confirmed that Pt IVA did not apply to a scheme under which the value shifting provisions operated to increase the cost base of the shares held by the taxpayer in one of its subsidiaries by some $83m, with the result that the capital gain made by taxpayer on the sale of the subsidiary was reduced by that amount. The Full Court agreed that no "tax benefit" arose because if the scheme had not been carried out, it would have been reasonable to expect, on the evidence, that the sale would have taken place by way of the sale of the other subsidiary with the same tax outcome: FCT v Futuris Corporation Limited [2012] FCAFC 32 (Full Federal Court, Kenny, Stone and Logan JJ, 19 March 2012).


Member of super fund, so resident of Australia

The AAT has affirmed that a taxpayer who lived and worked in the Philippines for the 2009-10 and 2010-11 years was a resident of Australia for tax purposes as he was a member of a Commonwealth superannuation scheme: AAT Case [2012] AATA 168, Baker and FCT (AAT, Ref Nos: 2011/4680-4681, Webb M, 16 March 2012).


Building and construction industry ATO reporting requirements

The Taxation Administration Amendment Regulation 2012 (No 1) has been made and amends the Taxation Administration Regulations 1976 to give effect to the Government's 2011-12 Budget announcement to introduce a reporting regime requiring certain businesses in the building and construction industry to report annually to the ATO the details of payments made to contractors in the industry.


Tax agent exemption from PI insurance denied

The AAT has affirmed a decision of the Tax Practitioners Board to deny a tax agent's request for an exemption from the requirement that he maintain Personal Indemnity (PI) insurance as a condition of his registration as a tax agent: AAT Case [2012] AATA 134, Re Lengyel and Tax Practitioners Board (AAT, Ref No 2011/4154, Allen SM, 2 March 2012).



Deductions for property expenses denied

The AAT has held a taxpayer had failed to discharge the onus of proof in relation to the deductibility of expenses incurred in buying, renovating, and selling properties for the income years ended 30 June 2003 and 30 June 2004: AAT Case [2012] AATA 180, Re Sobel Investments Pty Ltd and FCT (AAT, Ref Nos: 2010/5449-5450, Hughes M, 26 March 2012).

Shares acquired within 12 months, so no CGT discount

The Federal Court has held that a beneficiary of a trust was assessable on a capital gain of $14m that arose from the sale of shares had previously been transferred to the trust. In doing so, the Court ruled that the taxpayer was not entitled to the CGT 50% discount as the trust had acquired the shares within 12 months of their sale pursuant to the acquisition rules that apply for CGT event E2 on the transfer of an asset to a trust: Healey v FCT [2012] FCA 269 (Federal Court, McKerracher J, 23 March 2012).


Super excess contributions tax affirmed
The AAT has affirmed the Commissioner's decision to impose an excess contributions tax assessment and deny a taxpayer's request for excess contributions amounts to be reallocated to a previous financial year pursuant to s 292-465 of the ITAA 1997: AAT Case [2012] AATA 179, Re Chantrell and FCT (AAT, Ref No: 2011/4100, Hughes M, 23 March 2012).



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