The ATO monitors the SMSF industry continuously to ensure that funds are paying the correct tax and that their sole purpose is to meet members’ retirement income objectives. At an address in Sydney Thur 17.7.2014, ATO Assistant Commissioner SMSFs, Matt Bambrick, said areas of concern to the ATO for this year include: The use of…
ASIC has announced a $3 increase in the SMSF auditor registration and competency exam fees, as well as a id=”mce_marker” increase in the lodgment of an SMSF auditor annual statement. From 1 July 2014, the SMSF auditor registration is id=”mce_marker”03, SMSF auditor competency exam (id=”mce_marker”03) and SMSF auditor annual statement ($51). Approved SMSF auditors must be registered…
A taxpayer has been unsuccessful before the AAT in seeking the Commissioner’s discretion under s 292-465 of the ITAA 1997 to disregard or re-allocate to another financial year all or part of her excess non-concessional contributions to super in the 2010-11 financial year. The case involved a husband and wife who had re-organised their superannuation accounts…
This GST Determination, issued Wed 30.7.2014, states that payments made to a purchaser of real property, by a vendor, when the rent received falls below the rental yield guaranteed by the vendor of the real property for a specified period, give rise to an adjustment event for the purposes of Div 19 of the GST Act…
This Draft GST Ruling, issued on Wed 30.7.2014, outlines the GST treatment of fees payable for ATM services, surcharges imposed on credit card transactions, and surcharges imposed on debit card transactions. It includes 8 examples which considers various scenarios and outlines the GST treatment of the scenarios. DATE OF EFFECT: When the final Ruling is…
The A New Tax System (Goods and Services Tax) (Tertiary Courses) Determination 2014 was registered Mon 28.7.2014. It specifies part-time tertiary courses to be tertiary courses for the purposes of the GST Act with the effect that GST is not payable on the supply of those courses. The Determination is taken to have commenced on…
The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the June quarter 2014 increased 0.5 from the March 2014 quarter to 105.9. The Australian Bureau of Statistics (ABS) said inflation was running at 3.0% through the year to 30 June 2014 (up from 2.9% through the year…
In an address in Melbourne on Fri 4.7.2014, Treasury Revenue Group Executive Director Rob Heferen gave his perspective on the opportunities that globalisation and the digital age have created, and in particular the implications for Australia’s corporate tax system and the tax system as a whole. Some of the points he made included: International commerce…
The ATO has released details of the lodgment program for 2014-15 for tax agents and BAS agents. The program details the concessional lodgment due dates registered agents receive during the 12 months ending 30 June 2015. Where a due date falls on a weekend or public holiday, the ATO says lodgment or payment may be made on the next…
The ATO on Mon 28.7.2014, issued Taxpayer Alert TA 2014/1 which describes arrangements where property developers use trusts to return the proceeds from property development as capital gains instead of income on revenue account. ATO Deputy Commissioner Tim Dyce said the ATO has “begun auditing property developers who are carrying out activities which conflict with…