The Minerals Resource Rent Tax Bill 2011 and package of 10 related bills have now passed all stages of Parliament and await Royal Assent. The Bills passed the Senate on Mon 19.3.2012, without amendment. The Bills will introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax…
The Senate Economics Legislation Committee has completed its inquiry into the Minerals Resource Rent Tax Bill 2011 and 10 related bills. The report was tabled in the Senate on Wed 14.3.2012. The Bills seek to introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax (PRRT). The…
The Parliamentary Joint Committee on Corporations and Financial Services on Mon 19.3.2012, tabled in the House of Reps its report into the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 and Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012. The majority of the Committee recommended that the Bills be passed but called for…
The AAT has affirmed that a taxpayer who lived and worked in the Philippines for the 2009-10 and 2010-11 years was a resident of Australia for tax purposes as he was a member of a Commonwealth superannuation scheme. The taxpayer was employed by the Department of Defence and took a leave of absence on 21…
The AAT has affirmed the Commissioner’s decision to impose an excess contributions tax assessment and deny a taxpayer’s request for excess contributions amounts to be reallocated to a previous financial year pursuant to s 292-465 of the ITAA 1997. On 30 June 2007, the taxpayer attempted to transfer $60,000 from a family discretionary trust into…
The AAT has affirmed that a taxpayer was liable for excess contributions tax for superannuation contributions made exceeding the concessional contributions cap for the years ended 30 June 2008 and 30 June 2009. The taxpayer entered into a salary sacrifice arrangement with his employer and for the relevant years exceeded the $100,000 concessional contributions cap.…
The AAT has affirmed the decision of the Commissioner to issue an excess contributions tax (ECT) assessment to a taxpayer after finding there were no “special circumstances” to exercise the Commissioner’s discretion under s 292-465(1) of the ITAA 1997 to allow the reallocation of concessional super contributions to prior financial years. During the relevant period,…
The AAT has found a taxpayer had exceeded the relevant concessional contributions cap for the 2007-08 year and therefore affirmed the imposition of excess contributions tax. It also held there were no “special circumstances” present in the case to allow the Commissioner’s discretion (contained in s 292-465 of the ITAA 1997) to disregard or reallocate…
The AAT has confirmed that the applicant, the trustee and member of an SMSF, was in breach of the payment standards prescribed under s 31(1) of the Superannuation Industry (Supervision) Act 1993 by making a payment of $20,000 to himself without satisfying the “retirement” condition of release. The AAT ruled that it was not appropriate…
The AAT has affirmed that a taxpayer was liable for excess contributions tax for superannuation contributions made exceeding the non-concessional contributions cap. The taxpayer made non-concessional contributions totalling $159,016 to 2 super funds for the year ended 30 June 2008. For the relevant year, the taxpayer was over the age of 65. The Commissioner issued…