The ATO has advised that in April 2013, it will be sending information directly to employer clients of tax agents with super guarantee obligations to remind them of a range of super reforms being implemented from 2013 to 2019. According to the ATO, this includes the increase in super guarantee payments (from 9% to 9.25% from 1 July 2013)…
ASIC announced on Tue 19.3.2013, that it has obtained further court orders as part of its ongoing investigation into 2 Queensland-based self-managed superannuation fund (SMSF) advice companies. ASIC has alleged that Royale Capital Pty Ltd (Royale) (now known as ACN 143 832 053) and ActiveSuper Pty Ltd (ACN 125 423 574) (ActiveSuper) raised $4.75m from…
ASIC has released a consultation paper proposing reforms to assist superannuation fund trustees in providing retirement estimates. Consultation Paper 203 Age pension estimates in superannuation forecasts: Updates to RG 229 (CP 203) proposes updates of ASIC’s original guidance issued in December 2011. CP 203 proposes reforms which: allow super funds to include the Age Pension as part…
In its SuperUpdate March 2013, the Tax Office has reminded APRA regulated superannuation funds that they must start complying with the new SuperStream data and e-commerce Standard for rollovers from 1 July 2013. To help funds get ready for processing rollovers in the Standard, there is a transition-in period from 1 July to 31 December 2013. The Tax Office says each APRA-regulated fund…
The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 49, Re Dowling and FCT. The AAT had set aside the Commissioner’s decision and ordered that a non-concessional super contribution for the 2009 year, and the related penalty that was assessed, be disregarded and not…
The Federal Court has refused an application by 4 related companies for the adjournment of winding-up applications brought by the Commissioner. The matter related to an earlier finding of the AAT in AAT Case [2013] AATA 40, Re Bayconnection Property Developments Pty Ltd and Ors and FCT that the companies were not carrying on an…
The AAT has held that a taxpayer was carrying on an enterprise during the relevant period and therefore set aside the Commissioner’s decision cancelling his GST registration. However, the AAT denied the taxpayer’s input tax credit claims, and therefore affirmed the Commissioner’s assessments of the taxpayer’s net amounts for the relevant period. The Tribunal said…
The NSW Court of Criminal Appeal has dismissed a taxpayer’s appeal against the severity of the sentence handed down by the NSW District Court concerning his lodgment of false BASs claiming GST refunds of just over $500,000. The District Court (Flannery DCJ) found that between 9 July 2004 and 4 January 2006, the taxpayer lodged 27 BASs on behalf…
The AAT has affirmed the Commissioner’s decision that a sale of various properties (“the land”) by a taxpayer was not a GST-free supply of a going concern but rather, was a “taxable supply” for GST purposes. It did not accept that statutory declarations made by the taxpayer and the purchaser constituted an agreement in writing…
In a recent speech, the Assistant Treasurer indicated that the Government was not in a position to lower the current id=”mce_marker”,000 “Low Value Import Threshold” for GST and duty. In its Interim Response to the Low Value Parcel Processing Taskforce’s Report, the Government announced that consistent with the recommendations of the Taskforce, it would begin…