Mangat and Commissioner of Taxation (Taxation) [2018] AATA 3012

TAXATION – INCOME – EMPLOYEE SHARE SCHEMES – date of acquisition of beneficial interest in right to acquire shares – whether more than 12 months before cancellation of options – whether capital gains tax discount applies – default assessment – imposition of administrative penalty due to failure to lodge tax return – penalty partially remitted – whether penalty should be further remitted – objection decision regarding income tax affirmed – objection decision regarding remission of penalty set aside and remitted

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