The Clean Energy Finance Corporation (Abolition) Bill 2013 [No 2] was introduced in the House of Reps on Thur 20.3.2014. It seeks to give effect to the Government’s commitment to abolish the Clean Energy Finance Corporation (CEFC). The Bill repeals the Clean Energy Finance Corporation Act 2012 (CEFC Act). The Bill contains arrangements to ensure…
The Climate Change Authority (Abolition) Bill 2013 was negatived at Second reading stage in the Senate on Mon 3.3.2014 – the vote was 38:32. The Bill will therefore not proceed. It had proposed to repeal the Climate Change Authority Act 2011 and to abolish the Climate Change Authority. The other 9 Bills in the carbon…
From the ATO website: Register of SMSF messaging providers – The ATO notes that from 1 July 2014, self-managed superannuation fund (SMSF) trustees are required to receive electronic messages and payment associated with employer contributions using the SuperStream data and payment standard. [The Register] contains a list of SMSF messaging service providers. [LTN 59, 27/3/14]
ASIC has fined a SMSF administrator id=”mce_marker”0,200 in relation to allegations that it made potentially misleading statements about the cost of setting up a SMSF. ASIC said its concerns related to an advertisement by the SMSF administrator which allegedly made potentially misleading representations that SMSF set up was free and that pension fund set up…
The Government has released for public consultation an exposure draft for Tax and Superannuation Laws Amendment (2014 Measures No 2) Regulation 2014: Calculating defined benefit contributions – final arrangements from 1 July 2013 and the accompanying explanatory material. The draft Regulation prescribes the methodology for determining defined benefit contributions for Div 293 tax purposes in respect of the…
From the ATO website: GST and property – ATO guide to help taxpayers work out how GST applies to property sales and transactions. [LTN 49, 13/3/14]
A taxpayer which operated (via a unit trust) a business of repairing, maintaining and hiring motor vehicles, has been partly successful in challenging GST assessments. The assessments related to the period from 1 July 2009 to 31 December 2010 and were issued following an audit of the taxpayer’s activity statements. The taxpayer had disclosed taxable supplies totalling id=”mce_marker”.015m, leading…
The Full Federal Court has unanimously upheld the Commissioner’s argument that a supply made by an Australian inbound tour operator to overseas customers was fully subject to GST. At first instance, the Federal Court held that the supply of a promise to provide travel products (such as hotel rooms, airport transfers etc) to non-resident tourists…
The Magistrates Court of Qld (at Brisbane) has held that GST on domestic and imported goods used in a coal seam gas project in Qld is a component of the cost of building and construction work and therefore subject to a building and construction training levy, and long service leave levy and a work health…
The Treasurer has agreed to a request from the States collectively to further explore options around lowering the value at which GST is applied to the importation of goods into Australia. The threshold is currently id=”mce_marker”,000. The Treasurer has also proposed an asset recycling initiative, which he said “could see the Commonwealth offer substantial financial…