Greenwoods and Freehills Weekly Tax Highlights - Week Ended 20.2.09

ATO Documents

Released 17.2.09

Taxpayer Alerts
TA 2009/4: Land owner's use of a registered associate to maximise input tax credit entitlements and reduce Goods and Services Tax (GST) payable under the margin scheme 
TA 2009/5: Use of an associate to obtain Goods and Services Tax (GST) benefits on construction of residential premises for lease

Released 18.2.09

Class Ruling
CR 2009/4: Income tax: off-market share buy-back: Aconex Limited
CR 2009/5: Income tax: early retirement scheme - University of Canberra

Released 20.2.09

Interpretative Decision
ATO ID 2009/10: Definition of beer: hops

The stimulus package of Bills received Royal Assent on 18.2.09 passing both Houses of Parliament without amendment. The Bills which received Royal Assent are Household Stimulus Package Bill (No 2) 2009; Tax Bonus for Working Australians Bill (No 2) 2009 and Tax Bonus for Working Australians (Consequential Amendments) Bill (No 2) 2009.  

Decision Impact Statement

Released 20.2.09

Nitram Consulting Pty Ltd and FCT:  The Tax Office has said that it accepts the decision of the AAT to reduce the shortfall penalty imposed by the Commissioner on a corporate taxpayer for failing to take reasonable care in lodging its amended BAS due to the circumstances of the case. However, the Tax Office has cautioned taxpayers against lodging activity statements on a speculative basis.

South Steyne Hotel Pty Ltd & Ors v FCT [2009] FCA 13: The taxpayers have appealed to the Full Federal Court. The Federal Court had held that certain lease agreements for individual strata titled apartments, when used together as a serviced apartment business, were input taxed supplies and that the sale of the individual apartments is a taxable supply.