The Queensland Supreme Court has held that a death benefit nomination form completed by a member of a self-managed superannuation fund (SMSF) was not a binding nomination. Accordingly, the trustees of the SMSF were not required to pay the benefit on death of the member in accordance with the nomination. Facts – In 2004, Mr…
In a preliminary matter, the AAT has found that it has jurisdiction to review the Commissioner’s decision not to make a determination under s292-465 of ITAA 1997 that a taxpayer’s excess non-concessional contributions be disregarded. In November 2012, the Commissioner issued a notice of assessment of excess non-concessional superannuation contributions tax for the 2010/11 year…
On 27 February 2015, the ATO issued an Interim Decision Impact Statement on Albrecht & Ors v FCT [2014] FCAFC 176. In the case, the Full Federal Court partly allowed appeals by commissioned officers of the Western Australian police force against superannuation contributions tax assessments. The ATO is seeking comment saying further consultation is required to confirm…
The Commissioner issued a ruling [on 25.3.15] that explains his view on the meaning of the terms “passed on” and “reimburse” for the purposes of Div 142 of the GST Act. Generally, Div 142 operates so that a supplier is not entitled to a refund of an amount of excess GST where the supplier has…
The AAT has held that a taxpayer was not entitled to “revise” earlier business activity statements (BAS) to claim input tax credits for acquisitions made more than six years previously. Facts – The taxpayer was registered for GST and lodged its BAS for the tax periods ended 31 March 2005, 30 June 2005 and 30…
In Anderson and Commissioner of Taxation [2015] AATA 167 the Tribunal found that the trustee of a family trust, was liable for GST in respect of the sale of property by the trust where the trust was in financial trouble and the proceeds of the sale were paid directly to the mortgagee. The contract of sale was entered…
The ATO says it continues to focus on “higher risk cash economy industries”. The ATO intends to visit or phone around 400 restaurants, cafes, takeaways and mobile food vendors in the Adelaide CBD. The visits will cover registration, record-keeping, super obligations and lodgment history. The ATO also plans to run 2 information sessions for business…
Treasury [on Mon 16.3.2015] issued a proposal paper seeking comments on possible options identified in the Multiple Entry Consolidated (MEC) group tripartite review. Following the recommendations of the review, in the 2014-15 Budget, the Government asked Treasury to consult on a possible amendment to improve the integrity of the tax system by extending a modified…
The ATO has released a consultation paper for comment on proposed administrative arrangements for reporting entity information as required by the tax secrecy and transparency measures in the Taxation Administration Act 1953. The law was amended in 2013 via the Tax Laws Amendment (2013 Measures No 2) Act 2013 to require the Commissioner to publish…
The ATO has advised that Shane Reardon, Deputy Commissioner – Public Groups recently announced his retirement from the ATO after a career which spanned 38 years. The Commissioner has temporarily appointed current Chief Tax Counsel, Jeremy Hirschhorn to the role. Mr Hirschhorn has over 20 years of experience in taxation. He joined the ATO in August 2014 as…