Daily Archives: January 13, 2018

SMSF Association – statement on the significance of the $1.6m 2017 super annexation changes – new reporting requirements and effect on estate planning

The SMSF industry is still working through the far-reaching policy and legislative changes that took effect on 1 July 2017, says SMSF Association CEO John Maroney, in a media release issued on 12 January 2018. He says the changes – the most extensive in the past decade – fundamentally altered the superannuation landscape for SMSF…

Decleah Investments v CofT – appeals GST ‘margin scheme’ decision for pre-GST land – AAT held it was not an ‘approved valuation’

The taxpayer has appealed against the decision in Decleah Investments Pty Ltd and Anor as Trustees for the PRS Unit Trust and FCT [2017] AATA 2418. In that case, the AAT ruled that the taxpayer company had not provided an approved valuation for the purposes of the GST Act when applying the margin scheme to…

BXCD v CofT – taxpayer assessed on payments her companies made, purportedly, to gold suppliers that didn’t exist – taxpayer failed to discharge her onus that she received none of this money

The AAT has upheld default assessments totalling $8.9m based on cash withdrawals by the taxpayer from 2 companies conducting a “bogus” gold trading business. The taxpayer held 100% of the share capital in Company 1 and 45% of Company 2 (with the remainder held by her son: Aldo and not, with her other son: Danielle).…

Tyl v CofT – Truck driver’s ‘travel allowance expense’ claims reduced – problems with (difficult) s900-50 ‘reasonable’ substantiation exemption – relevant law explained and also ‘reconstitution’ of the Tribunal (worth a read)

The AAT has found that a truck driver’s work expense claims exceeded the reasonable amounts for the 2012 and 2013 years and he was therefore required to substantiate the expenses, but was allowed some deductions, under the Commissioners s900-195 discretion. It also upheld the Commissioner’s decision to impose a 25% shortfall penalty. In the 2012…