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Monthly Archives: November 2010
Don’t count your turtles
The ATO’s recent media release sought to remind taxpayers that they need to be aware of the endless definitional battle ground between a business and a hobby. The release aimed to make taxpayers aware of tax avoidance penalties by referring to a recent case where selling turtles turned into a $100,000 business. While guidance is appreciated by taxpayers, a $100,000 annual turnover from the sale of turtles would seem to be a relatively clear example of when a hobby is … Continue reading
You can run but can’t hide
Anti-avoidance is continuing to occupy most tax news these days. In a recent address to a conference organised by the Taxation Institute of Australian the Commissioner of Taxation has reiterated the importance of Part IVA in tax administration. Hot on the heels of the consultation paper on reform of Part IVA (see my blog “GAAR- Change is in the air”), the Commissioner keeps the spotlight firmly on tax avoidance. The report in the Australian Financial Review of 26 November 2010 … Continue reading
GAAR- Change is in the air
Nothing gets taxpayers and their advisers more hot and bothered than the mention of Part IVA, the general anti-avoidance rule (GAAR). It gets even heavier when the government announces that it intends to tinker with it to make it more effective in combating tax avoidance. A consultation paper was released this month to examine the GAAR against the backdrop of existing and emerging risks. The rules have existed for nearly 3 decades with no substantial examination to see whether they … Continue reading
Flip side of income-deductible expenses
A long running case of whether expenses incurred by a student undertaking University studies could be deducted has been finally been settled by the High Court in favour of the student – Commissioner of Taxation v Anstis [2010] HCA 40 (11 November 2010). Youth allowance received by the student is assessable income and expenses incurred to maintain eligibility for the allowance are deductible. In this case the student was enrolled in a full time teaching course She was employed part … Continue reading
A small victory?
Yesterday’s High Court decision in FC of T v Anstis was a surprise to many who felt that the High Court tended to consider the public interest in passing a large threat to revenue when ruling in the big deduction cases. However unlike in Hart’s case the taxpayer was successful and a deduction window is now open for the taxpayer and a large number of other students. The case would seem to be a pandora’s box for claiming self-education expenses … Continue reading
Posted in Deductions, education expenses, High Court
Tagged Anstis, High Court, self education
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Quote for the day
The more laws are enacted and taxes assessed, the greater the number of lawbreakers and tax evaders
Moth to a flame – Tax defiance and frivolous arguments
Do we have a good “tax morale”? Most of us do. What drives most people is the mutual trust between the taxpayers and the government. Governments trusting that the taxpayers will pocket out their fair share of taxes and the taxpayers betting their bottom dollar that the government will ensure that fellow taxpayers do the right thing and not shirk their responsibilities. There are two broad types of people who are not enamoured with taxation as it exists today: those … Continue reading
