GST – reduced input tax credits (RITCs) – Govt rejects extending system for credit union services to mutual building societies and mutual banks

Under FOI, Treasury has released a policy document indicating that the Government does not support the extension of the GST reduced input tax credit (RITC) scheme for “credit union services” to cover mutual building societies and mutual banks. This follows calls by the Customer Owned Banking Association (COBA) for the RITC scheme, currently available to…

DCT v Lawson – Director Penalties Notice (DPN) liability for SGC upheld – director failed to make out lack of service, or illness defences

The ATO’s claim against the sole director of a company which failed to pay superannuation guarantee charge (SGC) amounts has been upheld. The unpaid SGC amounts were for a number of quarters between July 2013 and March 2015 and totalled just over $550,000. The defendant was potentially liable to pay a penalty equal to each unpaid SGC amount, pursuant…

ACNC – ‘Terms of Reference’ for review released – required, by law, after 5 years in operation

On 20 Dec 2017, the Assistant Minister to the Treasurer (Michael Sukkar MP) released the terms of reference for a review of the legislation governing the national regulator of charities, the Australian Charities and Not-for-profits Commission (ACNC). The Government is required to review operation of the ACNC, under legislation, now that it has been in operation…