An applicant has been unsuccessful before the Federal Court in a matter concerning his claimed entitlement to unpaid superannuation contributions (some $4,850) from his then employer. In earlier legal proceedings before the Federal Court (Besanko J in Kronen v FCT [2012] FCA 1463), the applicant had attempted to have the Commissioner (through the Tax Office) enforce…
The Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 was introduced in the House of Reps today. It contains the following amendments: would amend the ITAA 1997 to facilitate the Government’s MySuper reforms by providing income tax relief to superannuation funds where there is a mandatory transfer of default members’…
The Government has confirmed that it will introduce legislation to deliver 2 of its key superannuation reforms. The measures, announced on 5 April 2013, will allow for the withdrawal of excess concessional contributions without penalty and introduce a $35,000 concessional cap for people aged 60 or over. As noted above, the Government has released for comment exposure…
This Draft Determination, issued today Wed 15.5.2013, broadly states that for the purposes of Div 66 of the GST Act, the term “second-hand” takes its ordinary meaning and requires a common sense approach. Therefore, it says goods are second-hand if they have been previously used or are not new. However, the Draft Determination states that goods…
The Full Federal Court has on Fri 10.5.2013 dismissed the taxpayer’s appeal from the decision in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2012] FCA 1052. In so doing, the Full Court upheld the finding that a resolution to distribute a id=”mce_marker”4m capital gain from a family trust was “special income”…
Draft regulations released The Government has released Exposure Draft – SIS Regulations to support the implementation of its trans-Tasman retirement savings portability scheme. From 1 July 2013, it will be possible to transfer retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes under a portability scheme established by the Superannuation Legislation Amendment (New Zealand…
The Government on Mon 6.5.2013, released for public consultation an exposure draft of the legislation to implement a higher concessional superannuation contributions cap of $35,000 for older individuals as announced by the Government on 5 April 2013. For individuals aged 60 and over, the new proposed higher cap will apply from 1 July 2013. Individuals aged 50 and over…
This Draft GST Determination, released on Wed 8.5.2013, 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 Draft…
The ATO on Wed 1.5.2013, issued the following Class Rulings: CR 2013/25: the GST treatment of certain fees and charges imposed by NSW councils. It applies from 1 July 2013. Broadly, the Ruling sets out the GST treatment of supplies made by the NSW Councils in relation to cemetaries, facilities (eg airports, camping grounds, caravan parks, and…
The taxpayers have discontinued their appeal to the Federal Court against the decision of Frost DP in AAT Case [2012] AATA 616, Re Wynnum Holdings No 1 Pty Ltd & Ors and FCT. The AAT decision, which now stands, had held the nominee and bare trustee of a joint venture trust was not carrying on…