Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

DomaCom backs down claim of legal victory

domacom/ATO/aussiegolfa/

28 September 2018
| By Hannah Wootton |
image
image image
expand image

Following a declaration earlier this week that its Federal Court matter with the Australian Taxation Office (ATO) had ended, Domacom has been forced to back down after differing interpretations of the High Court Rules 2004 left it open for the ATO to lodge leave to appeal to the High Court.

The fractional property investing company announced the legal action had concluded on the basis that the ATO had until 7 September this year to file an application for special leave to appeal to the High Court. As the ATO had not done so, Domacom presumed the matter closed.

The ATO, however, interpreted the word “judgment” in rule 41.02 of the High Court Rules 2004 to instead mean that it had until 16 October 2018 to file an application, reading it as refering to the judgment date of the Federal Court's appellate division.

Rule 41.02 provided that an application shall be filed within 28 days of the judgment, with the Rules interpreting that judgment as meaning “the judgment from which it is sought to appeal, and in relation to an appeal, means the judgment from which the appeal is brought”.

The crux of the issue was the timing of the judgment to be appealed, after the Federal Court of Appeal upheld an earlier judgment in DomaCom’s favour.

The matter, in which DomaCom was supporting Benson Fund trustee Aussiegolfa, considered the application of superannuation legislation to allow investment in the DomaCom fund by a self-managed superannuation fund where the related party was a tenant in the underlying property.

At the time of printing, DomaCom had not been informed whether the ATO intended to appeal.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 21 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

4 days 15 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND