CPA Australia on Tue 15.10.2013, released a guide focussed on helping Australian charities meet new financial reporting obligations. CPA Australia chief executive Alex Malley FCPA said the new guide, Charities – A guide to financial reporting and assurance requirements, provides charities with a detailed explanation of the new requirements established following commencement of the Australian…
The Government on Thur 24.10.2013, released for comment draft legislation – the Exposure Draft Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 – to repeal the Minerals Resource Rent Tax (MRRT) and related tax measures. The Draft Bill proposes to remove the MRRT with effect from 1 July 2014. The Bill would also discontinue or…
The Government on Tue 15.10.2013, released the draft carbon tax repeal Bills for public consideration. In line with its election commitment, the Prime Minister said the Government’s first item of parliamentary business will be the legislation to abolish the carbon tax. He said that, while the carbon tax will be gone, the household assistance already…
The Tax Office has issued an SMSF News Alert reminding trustees of their obligations if they become a “disqualified person” under s 120 of the SIS Act. The Tax Office notes that if a trustee of an SMSF (or a director of the corporate trustee of an SMSF) becomes a “disqualified person”, the person is not…
ASIC has warned consumers about advertising that promotes the use of self-managed super funds (SMSFs) to invest in residential properties through the National Rental Affordability Scheme (NRAS). That Scheme is run by the Federal Government in partnership with the states and territories to promote investment in affordable rental housing. The Scheme offers direct payments and…
ATO Assistant Commissioner, Superannuation, Matthew Bambrick recently spoke at the 5th Annual 2013 SISFA SMSF Forum and discussed issues of concern to the ATO regarding the SMSF sector. Mr Bambrick noted that over the past few years, the proportion of SMSFs reported to the ATO by approved auditors has remained “fairly stable at 2%”. However,…
The Victorian Supreme Court has found that the sole director of a family trust company had breached fiduciary duties owed to the company by facilitating the making of contributions to a super fund on behalf of individual members of the super fund. The director had arranged for the company to borrow some $2.5m to make…
ASIC on Tue 15.10.2013, registered Class Order [CO 13/1275] to exempt APRA registrable superannuation entity (RSE) licensees from the new trustee remuneration disclosure obligations until 1 July 2014 (deferred from 31 October 2013). The class order amends Class Order [CO 13/830] which had previously deferred the original start date from 1 July 2013 to 31 October 2013. In deferring the start date again…
This Draft GST Determination, released on Wed 9.10.2013, states that taxpayers can object to private rulings that the Commissioner makes on the way in which s 105-65 of Sch 1 to the TAA applies or would apply, but only if the Commissioner has not made an assessment of the net amount for the tax period in which…
This GST Determination, released on Wed 2.10.2013, states that the consideration the supplier provides for acquiring assets that diminish in value over time can be taken into account in determining whether a supply in that period is GST-free under s 38-250(2)(b)(ii) of the GST Act, to the extent the consideration provided reasonably relates to that supply.…