*Re Kuyper and FCT – Super excess concessional contributions tax affirmed, no “special circumstances” in SGC contributions being made in July of next year [82]

Tax Month - June 2012

The AAT has denied a taxpayer’s request that the Commissioner reallocate concessional contributions received by his superannuation fund in July 2009 to the 2008-09 financial year as it found no “special circumstances” existed to warrant the Commissioner’s discretion under s 292-465 of the ITAA 1997. The Tribunal heard the taxpayer had arranged with his employer…

*Re Paget and FCT – Excess super contributions tax on late EFT – next day electronic transfer not a “special circumstance” [81]

Tax Month - June 2012

The AAT has upheld an excess contributions tax assessment after ruling there were no “special circumstances” under s 292-465 of the ITAA 1997 to reallocate an excess contribution made via an electronic funds transfer (EFT). In late June 2009, the taxpayer requested his employer to bring forward a superannuation contribution that would ordinarily be paid…

*Re Rawson and FCT – super excess tax on B-Pay contribution made on 29 June but not credited as received until 1 July (such a result, after B-Pay cut-off for the last business day of the year, is not a “special circumstance”) [80]

Tax Month - June 2012

The AAT has upheld an excess contributions tax assessment and affirmed the Commissioner’s decision that there were no “special circumstances” under s 292-465 of the ITAA 1997 to warrant reallocating an excess contribution received late via BPay. On 29 June 2009, a concessional contribution of $97,127 was initiated by the taxpayer’s employer (also her husband)…

*Superannuation Platforms, Multifunds and Hedge Funds get shorter Product Disclosure Statements (PDS) from ASIC Class Order granting interim relief [77]

Tax Month - January 2012

ASIC on Mon 18.6.2012, registered ASIC Class Order [CO 12/749] to provide interim relief from the shorter PDS regime for multifunds, superannuation platforms and hedge funds. The shorter PDS regime will commence fully on 22 June 2012 and is designed to make PDSs shorter and simpler, and help consumers compare financial products more easily. ASIC…

*Refund of excess concessional contributions under Sch 4 of the Tax and Superannuation Laws Amendment (2012 Measures No 1) Act 2012 – draft regs released [75]

Tax Month - June 2012

Treasury says the Minister for Financial Services has agreed for it to release for public consultation an exposure draft for the refund of excess concessional superannuation contributions regulations and the accompanying explanatory materials. Eligible individuals will be given the option to have excess concessional contributions of $10,000 or less effectively refunded to them. The excess…

*GSTD 2012/D4 – Global roaming inside Australia is GST-free [73]

Tax Month - June 2012

This Draft Determination states telecommunication supplies made under arrangements for global roaming in Australia by an Australian resident telecommunication supplier are GST-free when s 38-570(1) and s 38-570(3) of the GST Act are satisfied. Telecommunication supplies can include telephone calls, call back services, e-mail and Internet access, etc. In order to be GST-free, these telecommunication…