The ATO Wed 19.9.2012, issued an Addendum to Miscellaneous Taxation Ruling MT 2010/1 (Restrictions on GST refunds under s 105-65 of Sch 1 to the TAA) to reflect the Federal Court’s decision in International All Sports & Anor v FCT (2011) 81 ATR 607. In that case, the Federal Court held that the global GST…
The Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and Superannuation Auditor Registration Imposition Bill 2012 were introduced into the House of Reps on Wed 19.9.2012. Key amendments proposed by the Bills include: Merging superannuation funds – the Bills will reinstate the temporary loss relief and asset roll-over in Div…
The Government on Tue 18.9.2012, released draft legislation proposing to establish a trans-Tasman superannuation portability scheme to permit the transfer of retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes from 1 July 2013. The draft legislation implements the tax treatment of superannuation transferred under the proposed scheme. Currently, Australians and New…
Treasury has released for comment draft regulations which propose to amend the SIS regs and the RSA regs to support the operation of an electronic portability request scheme for superannuation benefits. Broadly, under the proposed amendments, superannuation fund members and RSA holders will be able to electronically request the roll-over or transfer of their benefits…
The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 received Royal Assent on 8 September 2012 as Act No 117 of 2012. It had passed all stages without amendment and contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms. [LTN 176, 11/9]
The ATO on Fri 28.9.2012, released a Decision Impact Statement on the Federal Court decision in ECC Southbank Pty Ltd as trustee for Nest Southbank Unit Trust & Anor v FCT [2012] FCA 795. The Federal Court held that a sub-lease of student accommodation was a supply of commercial premises and that supplies of accommodation…
The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: – In those cases, the AAT affirmed the Commissioner’s objection decisions disallowing the taxpayer’s objections to private rulings denying GST input tax credit (ITC) claims for second-hand aircraft acquired before 1 July 2000. Broadly, the ATO said in its that AAT Case [2012] AATA…
The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: AAT Case [2011] AATA 766, Re National Jet Systems Pty Ltd and FCT;MTAA Superannuation Fund (R G Casey) Building Property Pty Ltd v FCT [2012] FCAFC 89 – In those cases, the Tribunal and the Full Federal Court respectively, denied claims of the taxpayers…
The AAT has held a taxpayer was not carrying on an enterprise in relation to the purchase of a property. In addition, it also held that the property purchased was not “commercial residential premises” under s 195-1 of the GST Act. Accordingly, it affirmed the Commissioner’s disallowance of input tax credits in relation to the…
In its 2 July 2012 decision in AAT Case [2012] AATA 409, re A.P. Group Limited and FCT, the AAT had held that certain “incentive” payments by motor vehicle manufacturers and distributors were not consideration for a supply, with the result that overpayments of GST had been made by the taxpayer. Since the AAT therefore…