ASIC has warned the real estate industry that agents recommending investors use a self-managed superannuation fund (SMSF) to invest in property must ensure they are appropriately licensed to provide the advice. ASIC said it is working with the Real Estate Institute of Australia (REIA) to ensure that real estate agents understand their legal obligations. ASIC…
The SMSF Professionals’ Association of Australia (SPAA) has today [Mon 4.11.2013] called on the Coalition Government to increase the concessional contributions cap to enable Australians to achieve self-sufficiency in retirement. Currently, in 2013-14, a $35,000 concessional contributions cap applies for those who were 59 years or over on 30 June 2013 (instead of the general concessional cap…
Apparently the receivers and managers of Australasian Annuities Pty Ltd (in liq) have appealed against the decision of Almond J of the Victorian Supreme Court in Australasian Annuities Pty Ltd (in liq) v Rowley Super Fund Pty Ltd [2013] VSC 543. The Court had found that the sole director of a family trust company had breached…
In a test case, the Federal Court has upheld the constitutional validity of superannuation contributions surcharge tax assessments issued to commissioned officers of the WA police force (save for the Police Commissioner himself). The taxpayer, Mr Albrecht, was an Inspector in the WA police force from 1997 to 2006. He was a member of the…
The Full Federal Court has upheld the constitutional validity of superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 in respect of the Parliamentary Contributory Superannuation Fund for members of the Victorian Parliament under the Parliamentary Salaries and Superannuation Act 1968 (Vic). The taxpayer claimed that the superannuation contributions surcharge…
The Supreme Court of Western Australia has held that the surviving trustee of a self-managed superannuation fund (SMSF) was not obliged to appoint an executor of the deceased member [his late wife] as a trustee of the SMSF pursuant to s 17A(3)(a) of the Superannuation Industry (Supervision) Act 1993 (‘SIS Act’). Furthermore, the Court ruled that…
The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource…
The Federal Treasurer has advised that on Wed 27.11.2013, he held his first meeting with the State and Territory Treasurers, where a new infrastructure partnership was discussed along with the GST threshold for online purchases. On GST, Mr Hockey said the States were provided with the material they had previously requested on the costs of…
The ATO said it has become aware of some public misinformation regarding Draft GST Ruling GSTR 2013/D2 (Supplies made by an operator of a “moveable home estate”). It said the Ruling is only in draft form and no final decision has yet been made as to the GST treatment of moveable home estates. Specifically, Commissioner…
The ATO on Wed 13.11.2013, released the following Class Rulings: CR 2013/83: GST: the amount of input tax credits for creditable acquisitions made by members of the Waste Contractors & Recyclers Association of NSW in respect of supplies from landfill waste disposal facility managers who are liable entities, in relation to the carbon pricing mechanism,…