The AAT has upheld a superannuation excess contributions tax assessment after finding that there were no “special circumstances” under s 292-465 of the ITAA 1997 to enable the Commissioner to disregard the excess non-concessional contributions. The taxpayer had made a personal superannuation contribution of $400,000 in the 2008-09 year. In doing so, she triggered her $450,000…
The AAT has upheld the Commissioner’s decision to disallow an application for waiver of the applicant’s disqualified status under the SIS Act. The applicant claimed there were exceptional circumstances that supported his case, but the Tribunal disagreed. The case turned on its facts but illustrates the high standard required to meet the “exceptional circumstances” test.…
The Tax and Superannuation Laws Amendment (2014 Measures No 2) Regulation 2014 was registered on Fri 16.5.2014. It makes the following amendments to the Income Tax Assessment Regulations 1997 and the Superannuation (Unclaimed Money and Lost Members) Regulations 1999: Method for calculating the amount of defined benefit contributions – Division 293 tax applies to high…
Following the Government’s announcement to defer aspects of the implementation of the SuperStream contribution data standards to 1 July 2015 (see above), on 27.5.14 the Tax Office registered the Superannuation Data and Payment Standards (Contribution Transitional Arrangements) Amendment 2014. The Standard amends the contribution transitional arrangements contained in Sch 1 to the Superannuation Data and Payment Standards 2012…
The Government announced on Mon 26.5.2014, that it will provide more flexibility for superannuation funds in receiving contributions as it continues to make the necessary changes to implement the SuperStream contributions data standards. The Acting Assistant Treasurer, Senator Mathias Cormann, said that superannuation funds will have up to 1 July 2015 to meet the new standards. Senator…
Acting Assistant Treasurer Senator Mathias Cormann on Mon 5.5.2014, announced that the Government has decided to defer the start date for the choice product dashboard and the introduction of a portfolio holdings disclosure regime to 1 July 2015. The choice product dashboard is intended to enable greater comparability of superannuation products, while the introduction of a portfolio…
The ATO on Fri 2.5.2014, released a new Interim Decision Impact Statement on the Full Federal Court decision in ATS Pacific Pty Ltd v FCT [2014] FCAFC 33. In that case, the Full Federal Court unanimously upheld the Commissioner’s argument that a supply made by an Australian inbound tour operator to overseas customers was fully…
A taxpayer has been mostly unsuccessful before the AAT in claiming input tax credits (ITCs) for vehicles purchased in a car sales business. The AAT also affirmed the 25% penalty imposed by the Commissioner for failing to take reasonable care. The taxpayer carried on activities as a one-man business of selling motor vehicles. From 2004…
The AAT has affirmed the Commissioner’s ruling regarding whether a legal settlement was a taxable supply. The taxpayer was a financial services business established in 2010 by an individual after his termination from another financial planning firm. As part of the individual’s employment contract with his ex-employers, he had agreed to not canvass, solicit, or…
A taxpayer has been mostly unsuccessful before the Administrative Appeals Tribunal in a matter concerning claims for GST input tax credits. The Commissioner had denied the taxpayer’s claims for certain input tax credits relating to monthly tax periods ending 31 January 2008 to 30 September 2011 (inclusive). The Commissioner also imposed a penalty at 50% of the shortfall amounts…