The ATO has released for comment a draft of the Superannuation Data and Payment Standard and associated schedules. The draft Standard, to be a Legislative Instrument, proposes to establish the superannuation data and payment standards which must be adhered to by trustees of superannuation entities, Retirement Saving Account (RSA) providers and employers. The draft Standard…
The Government on Thur 18.10.2012, released the Exposure Draft – Superannuation Legislation Amendment (Further Measures) Bill 2012 containing the 4th tranche of the MySuper and governance reforms. The Draft Bill proposes to make amendments to over-ride a superannuation fund’s governing rules to the extent they require a trustee to use a specified service provider. However,…
The Government on Mon 15.10.2012, released exposure draft regulations setting out the proposed details for the auditor registration regime for self-managed superannuation funds (SMSFs). The draft regulations complement the approved SMSF auditor regime proposed by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012. The draft regs will amend the…
The Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 was introduced in the House of Reps on Thur 11.10.2012. It proposes to amend the ITAA 1997 and other Acts to introduce an Arrangement that allows individuals to move their retirement savings between Australia and New Zealand. Currently, Australians and New Zealanders working in Australia cannot…
The Coalition has also indicated it will oppose the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 if its proposed amendments are not passed. Among other things, the Bills, which are still before the House of Reps, propose that: the temporary loss…
The Government has released draft SIS Regulations proposing to support the superannuation data and payment standards as part of the SuperStream reforms. Under the proposed scheme, superannuation funds and employers will be required to send contributions and rollovers electronically. The draft regulations will require the Commissioner to keep a central register of information about regulated…
On Tue 9.10.2012, Treasury released a consultation paper seeking feedback on an approach that it says could be adopted to amend the relevant parts of the GST law to address compliance difficulties faced by certain segments of the transport industry. Treasury says segments of the transport and related services industry find it difficult to comply…
The taxpayers have lodged a notice of appeal to the Federal Court against the decision of Frost DP in AAT Case [2012] AATA 616, Re Wynnum Holdings No 1 Pty Ltd & Ors and FCT. The AAT had held the taxpayer (the nominee and bare trustee of a joint venture trust) was not carrying on…
The AAT has held the taxpayers’ circumstances and actions did not warrant a remission of penalties in relation to not remitting the appropriate GST amounts to the Commissioner on the sale of residential apartments. The taxpayers were members of a partnership that developed residential apartments for sale. For the period February 2009 to August 2010,…
The AAT has dismissed the taxpayers’ appeal and upheld the Commissioner’s imposition of penalties for their failure to account correctly for GST on the sale of properties. The taxpayers are members of a partnership that developed an industrial estate comprised of a number of lots. The firm was registered for GST purposes but did not…