Daily Archives: November 26, 2016

Superannuation reform bills – ‘objectives’ of superannuation; the $1.6m cap; lower $25k cap; 5 year ‘catch up’; lower Div 293 threshold to $250k; remove the 10% employment income rule; remove TRIS & ‘anti-detriment’ etc.

The 3 following superannuation Bills were introduced into the House of Reps on Wed 9.11.2016, 2 of which have received Royal Assent as noted below. Superannuation (Objective) Bill 2016 (Referred to Committee (10/11/2016): Senate Economics Legislation Committee; Report due 14/02/2017). Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 (Royal Assent on 29 Nov 2016 as…

What ‘justified trust’ means to the ATO and how they use it to reduce the ‘gap’ between what they do collect and what they should (hoping to encourage voluntary compliance)

On 8 November 2016, the ATO put the following article on its website on the (I think) deliberately ambiguous notion of ‘justifiable trust’. It is ambiguous in that it is dressed up as the public having ‘justified trust’ in the ATO (that there is no ‘gap’ between what they do collect and what they ought).…

Re Tomker Pty Ltd (In Liquidation) – the 4 year rule in s105-50 affects the existence of an unpaid GST debt, not just recovery – effect of this in insolvent trading action against a director

This case effectively holds that the 4 year limit, on the Commissioner of Taxation recovering unpaid GST, extinguishes the liability itself, rather than just barring recovery. [The 4 year limit is to be found in s105-50(1) of the Taxation Administration Act 1953 First Schedule (‘TAA1’).] The issue arose in the context of a liquidator pursuing…