ASIC Thur 18.4.2013, released a report, SMSFs: Improving the quality of advice given to investors (REP 337), outlining its findings from a review into the quality of advice provided in the self-managed superannuation fund (SMSF) sector. The review by ASIC’s SMSF taskforce covered over 100 investor files that were identified as being “higher risk”, eg…
APRA has on Tue 23.4.2013, released for consultation a draft reporting form for the collection of data from APRA-regulation superannuation funds to assist with the benchmarking and evaluation of the SuperStream reforms. In a letter to RSE licensees, APRA noted that the success of SuperStream in improving the efficiency of the superannuation back-office function will…
APRA Mon 22.4.2013, released a letter to RSE licensees setting out its expectations around compliance with the new SuperStream requirements and reduced time limits for completing rollover transactions from 1 July 2013. APRA notes that RSE licensees will generally need to complete superannuation rollover transactions within 3 business days from the date of receipt of a complete…
Treasury on Wed 17.4.2013, issued a proposals paper seeking comments on a proposal to update a number of tax and superannuation thresholds to reflect changes made by the Australian Bureau of Statistics (ABS) to the frequency of reporting average weekly ordinary time earnings (AWOTE). Last year, the ABS decided that it will only issue AWOTE…
ASIC has announced that it has banned a NSW accountant from providing financial services for 6 years following an ASIC investigation. ASIC said it found the accountant had engaged in dishonest conduct and misleading or deceptive conduct between 2 March 2009 to 29 June 2010 by: making dishonest statements to a client about where their money was to be…
The Federal Court (Logan J) has granted the Commissioner a stay of certain orders made in the Full Federal Court’s August 2012 decision in Unit Trend Services Pty Ltd v FCT [2012] FCAFC 112 until the determination by the High Court of the Commissioner’s application for special leave to appeal, and if special leave to appeal is granted,…
The Federal Court has held that supplies provided by a taxpayer, an Australian travel agent, to non-resident travel agents were subject to GST, as they did not fall within the scope of s38-190 of the GST Act, because the supplies were ultimately provided to non-resident tourists who travelled to Australia. However, the Court held that…
The AAT has affirmed the Commissioner’s private ruling that a taxpayer was not entitled to a decreasing GST adjustment as a consequence of it no longer being registered, or required to be registered, for GST. The taxpayer was registered for GST and acquired land and developed a retirement village in 2000. It then deregistered for…
The Qld Court of Appeal has held that a taxpayer was not entitled to recover a mistaken payment of import duty and GST from the Collector of Customs on the importation of a yacht. The taxpayer imported a yacht in 2004 for “home consumption” within the meaning of the Customs Act 1901. Upon importation, his…
The Commissioner has been successful before the AAT in a matter concerning the quantum of “consideration” for GST purposes received by a taxpayer on a taxable supply of land to a third party. The matter centered on the Commissioner’s amended assessment of a GST net amount of $59,283 for the December 2007 quarter on the sale of…