The Tax Practitioners Board (TPB) has announced that the Federal Court has ordered an unregistered NSW tax agent to pay a $64,000 penalty for breaches of the Tax Agent Services Act 2009. The Board reported that the Court found the man had been preparing income tax returns and requests for amendments to prior year returns…
The Inspector-General of Taxation is calling for submissions to establish his new Work Program for 2012-13 and beyond. Mr Noroozi said his office is allowed “unrestricted access to the ATO’s internal system, records and personnel” for the purpose of reviews. Each review is subject to resourcing priorities and the potential for ministerial direction to review…
The Minister for Climate Change: Greg Combet and the European Commissioner for Climate Action, Ms Connie Hedegaard, announced on Tue 28.8.2012, that Australia and Europe would be linking their emissions trading systems. A full 2-way link, by means of the mutual recognition of carbon units between the 2 cap and trade systems, is to commence…
The Financial Services Council (FSC) has released for member comment a draft superannuation governance standard. The draft standard proposes to broadly implement governance standards for superannuation trustees in accordance with the FSC’s Superannuation Governance Policy as announced by the FSC on 6 March 2012. The standard is proposed to apply to FSC members who are…
The Minister for Superannuation on Wed 22.8.2012, announced that the Government is proposing an evidence based and expert led process for selecting and assessing default superannuation funds in modern awards which he said “will ultimately lead to more transparency and competition”. Mr Shorten said a submission by Treasury and the Department of Education, Employment and…
In response to calls from the Financial Services Council (FSC) for the Government to lift the age at which people can take their super from 60 to 62, the Treasurer says “the Government is not contemplating that at all”. [FSC CEO John Brogden recently released research that showed increasing the preservation age to 62, based…
The ATO Tue 28.8.2012, released a Decision Impact Statement on the decision in AAT Case [2012] AATA 375, Re Pabian Park Pty Ltd Superannuation Benefits Fund and FCT. In that case, the AAT set aside a non-compliance notice issued to an SMSF under s 40 of the SIS Act for regulatory breaches involving loans to…
The AAT has decided that an excess contributions tax assessment should be set aside as special circumstances existed, ordering that superannuation contributions paid by the taxpayer’s employer in early July 2009 be reallocated to the previous financial year. During the 2009-10 financial year, the taxpayer’s employer made payments on behalf of the taxpayer to 2…
The NSW Supreme Court has made an order replacing a trustee of an SMSF where the trustee’s conduct amounted to a breach of fiduciary duty. The parties to this case were 2 brothers – Basil and Brinos Notaras. They were the only trustees and members of the SMSF. Basil sought the removal of Brinos as…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Jessup J in Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v FCT [2012] FCA 740. The Federal Court had upheld superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 in respect…