Written by TaxCounsel Pty Ltd
The following points highlight important federal tax developments that occurred during June 2019.
Each month, these developments are considered in more detail in the 'Taxing Issues' column of Taxation in Australia, the Institute's member journal.
The Commissioner has released a final ruling which considers the deductibility of penalty interest and the treatment of penalty interest for CGT and depreciation purposes (TR 2019/2).
Business continuity: similar business
The Commissioner has issued a final law companion ruling that provides guidance on what the carrying on a similar business means in the context of the recently enacted business continuity test provisions (LCR 2019/1).
GST property decision tool
The Commissioner has released a GST property decision tool which is designed to assist users to determine the GST implications for property-related transactions.
TPB decision: stay refused
The AAT has refused an application for a stay of a decision of the Tax Practitioners Board to cancel the registration of a tax agent (Gould and Tax Practitioners Board  AATA 1056).
Individual was a resident
The AAT has affirmed a decision of the Commissioner that an individual taxpayer was a resident of Australia (within the meaning of that term as defined in s 6(1) ITAA36) for tax purposes in the 2013 income year (Handsley and FCT  AATA 917).
Div 7A amalgamated loan: relieving discretion
The AAT has considered the operation of the relieving discretion that the Commissioner has under s 109Q ITAA36 where there has been a failure to make the minimum annual repayment in respect of a Div 7A amalgamated loan (VCJN and FCT  AATA 968).
Derivation of income
The AAT has affirmed an amended assessment of an employee on the total amounts received from her employer during the 2017 income year which were partly in respect of a period of employment at the close of the 2016 income year (Roszkiewicz and FCT  AATA 931).
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