Yearly Archives: 2017

*APRA Registrable Superannuation Entities (RSE’s) – ASIC defers start date of disclosure for trustee remuneration etc. to 1 July 2014 (from 31.10.13) [56]

ASIC on Tue 15.10.2013, registered Class Order [CO 13/1275] to exempt APRA registrable superannuation entity (RSE) licensees from the new trustee remuneration disclosure obligations until 1 July 2014 (deferred from 31 October 2013). The class order amends Class Order [CO 13/830] which had previously deferred the original start date from 1 July 2013 to 31 October 2013. In deferring the start date again…

*GSTD 2013/D4 – after the Naidoo case, only objection decisions about s105-65 in a private rulings can be reviewed (if no assessment has issued) [55]

This Draft GST Determination, released on Wed 9.10.2013, states that taxpayers can object to private rulings that the Commissioner makes on the way in which s 105-65 of Sch 1 to the TAA applies or would apply, but only if the Commissioner has not made an assessment of the net amount for the tax period in which…

*GSTD 2013/4 – GST and consideration for capital items that diminish in value can be counted to measure supplies that are charitable [54]

This GST Determination, released on Wed 2.10.2013, states that the consideration the supplier provides for acquiring assets that diminish in value over time can be taken into account in determining whether a supply in that period is GST-free under s 38-250(2)(b)(ii) of the GST Act, to the extent the consideration provided reasonably relates to that supply.…

*GSTR 2013/D2 – GST: whether a moveable home estate is commercial residential premises [53]

This Draft GST Ruling, issued on Wed 30.10.2013, considers whether a moveable home estate is commercial residential premises and how s 9-5 and s 40-35 of the GST Act would apply to the following transactions: the supply by way of lease or licence of a moveable home site to a resident [taxable supply]; the supply by way…

*Re Hampson and FCT – GST refund claim made too late – extension of time to seek review refused [52]

The AAT has refused a taxpayer’s request for an extension to time to apply to the Tribunal for review of the Commissioner’s objection decision (dated 31 October 2011) refusing a GST refund in relation to the June 2004 quarter. The Commissioner had refused the refund on the basis that the application was made after the 4-year cut-off date for…

*Re Lakatos and FCT – GST: taxpayer not entitled to input tax credits [51]

The AAT has affirmed the Commissioner’s decision to deny a taxpayer input tax credits claimed and impose an administrative penalty of 25% with a 20% uplift. The taxpayer was a used-car dealer and over the period 1 July 2006 to 30 September 2010, received a net refund of id=”mce_marker”66,958 in relation to input tax credits claimed. The Commissioner audited…

Japan and Australia tax cooperation finds cases of undeclared property sales: ATO [50]

The Commissioner has this month met with the Commissioner of the Japanese National Tax Agency Mr Mitsutaka Inagaki at the 43rd Meeting of SGATAR in South Korea. The Commissioners discussed the use of the bilateral treaty to undertake joint compliance projects as well as multilateral cooperation. The ATO said recent information sharing between the ATO and…

ATO (as part of joint agency taskforce) investigates $65m GST fraud in gold bullion trade [49]

The ATO has advised that it is investigating companies in the gold bullion industry suspected of GST fraud totalling more than $65m. The ATO, Australian Federal Police and Australian Crime Commission on Tue 29.10.2013, executed search warrants on premises associated with the companies operating in the gold bullion and precious metals industries. The ATO said…

*Tax Commissioner’s Annual Report for 2012-13 released [48]

The Commissioner of Taxation’s Annual Report for 2012-13 has been released. The Commissioner reported that in 2012-13, the ATO collected $311.7bn in net tax (an increase of 3.6% on 2011-12) and collected $48.3bn in GST. The Commissioner also reported the ATO has reduced its costs of collection to $0.91 per id=”mce_marker”00 (including GST) and has…

Incorrect claims for company loss carry-back tax offset – returns delayed [47]

The ATO says it has received a number of 2013 Company tax returns where the loss carry-back tax offset has been claimed incorrectly. It said this has caused delays in processing the returns. To prevent further delays, the ATO says it has made changes to the ELS. This means a company return cannot be lodged if…