The taxpayer has lodged a notice of discontinuance on the seeking of an extension of time in which to lodge an appeal against the decision in AAT Case [2012] AATA 655, Re Fraser and FCT. The AAT had upheld the Commissioner’s decision to disallow a deduction for personal superannuation contributions made in the 2007 income…
The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill [2012] 2013 received Royal Assent on Wed 26.6.2013 as Act No 61 of 2013. It contains the 4th and final tranche of the MySuper and governance measures as part of the Government’s Stronger Super reforms. The Bill had been amended in the House of…
The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 was registered on Mon 17.6.2013. It amends the Banking Regulations 1966, Corporations Regulations 2001, First Home Saver Accounts Regulations 2008, Life Insurance Regulations 1995 and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to specify how to work out the interest payable by the…
The ATO on Thur 27.6.2013, released a Decision Impact Statement on the Federal Court’s decision in Yacoub v FCT [2012] FCA 678 (2012) 83 ATR 722. In that case, the Federal Court dismissed appeals by taxpayers concerning the Commissioner’s decision to disallow an objection to a notice of assessment for the payment of GST regarding…
The following Bills were passed by the Senate on Mon 24.6.2013, without amendment and now effectively await Royal Assent: Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 – The Bill, which had passed the House of Reps without amendment, contains the following amendments: (i) proposes to increase the concessional…
The taxpayer has lodged an application for special leave to appeal to the High Court against the Full Federal Court decision in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2013] FCAFC 45. The Full Federal Court had upheld an earlier finding that a resolution to distribute a id=”mce_marker”4m capital gain from…
The Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Amendment Regulation 2013 (No 1) was registered Thur 13.6.2013. It amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991 and the Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999 to increase the amount of the SMSF supervisory levy payable for the 2013-14 income…
The ATO on Wed 19.6.2013, released a Decision Impact Statement on the decisions in AAT Case [2012] AATA 616, Re Wynnum Holdings No 1 Pty Ltd & Ors and FCT and AAT Case [2011] AATA 296, Re Wynnum Holdings No 1 Pty Ltd and FCT. In relation to Case 616, the AAT held a taxpayer…
The Tax Commissioner will appear before the Federal Parliamentary Joint Committee on Public Accounts and Audit in Canberra tomorrow [Wed 26.6.2013]. Tax Commissioner Chris Jordan will be joined by the Auditor-General, the Inspector-General of Taxation, and the Commonwealth Ombudsman in a broad-ranging discussion on the present and future of tax administration. Committee Chair Rob Oakeshott said annual…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 1st quarter of the 2013-14 financial year (ie 1 July 2013 to 30 September 2013) are as follows: GIC annual rate is 9.82%; GIC daily compounding rate is 0.02690411%; SIC annual rate is 5.82%; and SIC daily compounding rate is…