Daily Archives: March 1, 2017

*Superannuation – intra-fund consolidation on inactive accounts under $1,000 – draft legislation released [Su2]

The Government has released exposure draft legislation proposing to require superannuation trustees to consolidate multiple inactive accounts (less than $1,000) within their fund on an annual basis. The proposed amendments to the SIS Act will require trustees to establish and publish rules setting out a procedure for consolidating a member’s inactive accounts. An “inactive superannuation…

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 – Parliamentary reporting date extended [Su1]

The due date for reporting on the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 by the Parliamentary Joint Committee on Corporations and Financial Services has been extended to 19 March 2012. The Bill contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms.  [LTN 50, 14/3]

*PS LA 2012/1 (GA) – GST and bad debt adjustments for an incapacitated entity on paying a dividend to creditors of less than 100 cents in the dollar [G5]

The ATO on Wed 28.3.2012, issued Practice Statement Law Administration PS LA 2012/1 (GA) concerning the calculation of input tax credits and bad debt adjustments when a dividend is paid to creditors. It applies to representatives of an incapacitated entity who pays a dividend of less than 100 cents in the dollar to creditors towards…

*GSTR 2006/5 Addendum – meaning of Commonwealth, State or Territory may include local government [G4]

The ATO on Wed 28.3.2012, issued an Addendum to GST Ruling GSTR 2006/5 (Meaning of “Commonwealth, a State or a Territory”) to amend the Ruling to broadly explain that a local government may be a State or Territory. [LTN 60, 28/3]

GST classification of food and beverage items – Draft Practice Statement [G3]

The ATO Thur 15.3.2011, issued for comment Draft Law Administration Practice Statement PS LA 3541 (GST classification of food and beverage items). The Draft applies to manufacturers and other suppliers that rely on GS1net and the GS1 Australia database to determine the GST classification of food and beverage items supplied. The Draft outlines the procedures…

*GSTD 2012/3 – Adjustments for M&A-related acquisitions [G2]

This GST Determination, released on Wed 7.3.2012, outlines the circumstances where a Div 129 adjustment may, or may not, arise for services acquired in relation to a proposed merger and acquisition (M&A) transaction that does not eventuate, or proceeds in a different manner to that contemplated. The Determination illustrates the application of its conclusions in…

*Indirect Tax Laws Amendment (Assessment) Bill 2012 – self-assessment for GST – passes all stages [G1]

The Indirect Tax Laws Amendment (Assessment) Bill 2012 was passed by the House of Reps, on Tue 13.3.2012, without amendment and now moves to the Senate. Among other things, the Bill proposes to amend the TAA, the GST Act and other taxation Acts to harmonise the current self-actuating system that applies to GST, the luxury…

*Australian Business Register (ABR) – now amalgamated with state business names registers and also upgraded for tax agents to make applications [R14]

The ATO has advised that from Wed 28.3.2012, the Australian Business Register (ABR) will be upgraded to improve functionality for registered tax agents. It says the upgrade will enable registered tax agents to log in and complete ABN applications on behalf of their clients. Further, the ATO says the ABR will now link to a…

ATO releases its annual prosecution figures 2011 [R13]

The Commissioner on Wed 14.3.2012, released the ATO’s annual 2011 prosecution figures for tax and super offences. He said the ATO’s use of data matching technology to cross check personal and business records such as car registrations and supply orders for businesses has lead to the identification of those exploiting the tax and super systems.…

*Project Wickenby results update released by ATO (as at 31.1.12) [R12]

The ATO has released the most recent Project Wickenby results. It said as at 31 January 2012 the taskforce has resulted in: $1.26bn in tax liabilities raised; $287.44m in tax collected; 65 people charged with serious offences; 22 people convicted of serious offences; 12 criminal investigations currently in progress; $105.25m in assets restrained; and $307.6m…