The Tax Practitioners Board (TPB) has introduced some transitional arrangements to the requirements for a Board approved course in commercial law for new and renewal tax agent applications lodged between 1 March 2013 and 30 June 2014. The transitional changes only apply to Items 203 and 205 in Sch 2 to the Tax Agent Services Regulations 2009 (TASR). The Board…
The Auditing and Assurance Standards Board (AUASB) today [Mon 30.9.2013] released updated Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds (GS 009). The AUASB said the revised Guidance Statement identifies, clarifies and summarises the existing responsibilities which approved self-managed superannuation fund (SMSF) auditors have with respect to conducting SMSF audit engagements, and provides guidance to…
ASIC on Mon 16.9.2013, released proposed guidance to improve the quality of SMSF advice given to investors. It said its recent review of the SMSF sector found there was a need to improve disclosure information that may influence a decision to establish or switch to an SMSF. As a consequence, ASIC said it has released Consultation Paper…
Speaking at the Institute of Chartered Accountants Australia’s annual National SMSF Conference in Melbourne on Mon 16.9.2013, ATO Deputy Commissioner for Superannuation, Stuart Forsyth, outlined ATO policy and the future of SMSFs. Mr Forsyth said around 85%-95% of SMSF trustees were responsible and compliant. He said in the future, demographic issues would shape ATO policy…
The AAT has confirmed the Commissioner’s decision to impose on a taxpayer (a trustee of a family trust) superannuation guarantee default assessments after finding that the taxpayer’s workers were employees and not independent contractors. The Trust carried on a commercial residential plumbing business and during the relevant period, had approximately 13 employee plumbers and 4…
The AAT has affirmed the Commissioner’s decision to impose on a taxpayer ‘excess contributions tax’ (‘ECT’) in respect of excess non-concessional contributions made in the 2010-11 year. In 2008-09 year, the taxpayer made a personal non-concessional contribution to her fund of $450,000 , triggering the bring forward rule. On 1 July 2010, the taxpayer lodged an Notice…
The AAT has affirmed the Commissioner’s decision to impose super excess contributions tax (ECT) on a taxpayer in respect of the 2010 income year. The taxpayer was a NSW Government employee who as at 30 June 2010, was 66 years old. At that time, he was a member of 2 public sector funds (to which the taxpayer…
The AAT has held that “crew members” of commercial fishing vessels were employees of a taxpayer and were not independent contractors as contended, and therefore the taxpayer was liable to pay superannuation guarantee charge. In the 2010 and 2011 financial years, the taxpayer engaged masters and deckhands (the “crew members”) to crew 4 commercial fishing…
This GST Determination, released on Wed 25.9.2013, states that in the circumstances covered by the Determination, item 32 of the table in subreg 70-5.02(2) of the GST Regulations applies to some extent, to an acquisition by a managed investment fund that is a recognised trust scheme from a Responsible Entity. According to the Determination, in…
In a decision handed down Mon 30.9.2013, the AAT affirmed a decision of the Commissioner denying input tax credits (ITCs) claimed by a taxpayer on the basis that the taxpayer did not carry on an enterprise. The taxpayer contended that she had attempted to conduct a services business that comprised an “enterprise” within the meaning…