*GSTD 2013/1 – GST: Reimbursement of a dishonor fee (failed payment fee) is not consideration for the underlying supply if these conditions are met [50]

Tax Month - February 2013

This Determination (not previously released in draft form and issued Wed 27.2.2013, states that the payment of a failed payment fee is not consideration for a supply in circumstances “when a payment for a supply fails”. However, the Determination states this will only occur where a range of conditions are satisfied, including the following: there…

Professional Administration Service Centres Pty Ltd v FCT – GST assessments: matter unjustly dismissed – ATO Decision Impact Statement [52]

Tax Month - February 2013

The ATO Thur 7.2.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in Professional Administration Service Centres Pty Ltd v FCT [2012] FCAFC 180. In that decision, the Court unanimously allowed a taxpayer’s appeal from a Federal Court decision in which the Court summarily dismissed the taxpayer’s appeal against various GST assessments.…

ATO ID 2013/9: GST – representative of an incapacitated entity that is neither registered nor required to be registered, cannot be registered itself [53]

Tax Month - February 2013

The ATO on Fri 15.2.2013, issued ATO ID 2013/9 (GST and registration of a representative of an incapacitated entity when the incapacitated entity is neither registered nor required to be registered). It says the representative of an incapacitated entity cannot register, under s 23-10 of the GST Act, in its capacity as the representative of the…

Committee recommends amendments to Superannuation Bill with last tranche of the ‘MySuper’ changes [54]

Tax Month - February 2013

The report of the Parliamentary Joint Committee on Corporations and Financial Services on the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 has been tabled in Parliament. The Committee made 9 recommendations, including amendments concerning notices in writing about complaints re TPD claims, non-death benefit complaints, penalties for certain offences, APRA guidance re…

CR 2013/12-14 – Capital proceeds; GST and developer contributions; GST and dentists [35]

Tax Month - February 2013

The ATO Wed 20.2.2012 released the following Class Rulings: CR 2013/12: CGT: special dividend and capital proceeds from the sale of Norton Gold Fields Limited shares pursuant to off market takeover. It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that CGT event A1 happened when shareholders disposed of their shares and…

*PS LA 2011/5 amended – Recovery of administrative overpayments [37]

Tax Month - February 2013

The ATO on Thur 7.2.2013, amended Practice Statement PS LA 2011/5, which deals with the recovery by the ATO of administrative overpayments, and outlines the circumstances and risk factors that will determine how and when the ATO will take action to recover administrative overpayments. The amendments add new paragraphs concerning for example reinforcing tax officers’…

AUSTRAC information to the ATO: guidelines released for disseminating bulk information [38]

Tax Month - February 2013

AUSTRAC has released guidelines governing its release of bulk information to the ATO and designated agencies. This guidance is to assist the AUSTRAC Chief Executive Officer in considering requests for the disclosure of bulk AUSTRAC information from: the Commissioner of Taxation or any taxation officer (ATO official); or an appropriately authorised official of a designated…