Yearly Archives: 2017

Transfers from default funds to ‘MySuper’ funds by 1 July 2017 – draft legislation to extend asset rollover relief and loss transfers to transfers within the same fund

On 13 April 2017, the Government has released an exposure draft of legislation and associated draft explanatory material for public consultation. This legislation will amend the Income Tax Assessment Act 1997 to give effect to tax reforms announced on 29 June 2015, which expand the tax relief available to superannuation funds, when mandatorily transferring assets…

Thomas & Anor v FCT – franked dividends and the franking credits/off-sets distributed separately disproportionately between beneficiaries – not how tax law works but bound by QSC’s declaration on effect of distributions

The decision below and the QSC decision In a complex matter, the Full Federal Court has unanimously allowed the taxpayers’ appeals against the August 2015 decision of Greenwood J in Thomas v FCT [2015] FCA 968. Greenwood J had held that a discretionary trust could not distribute franking credits to an individual beneficiary differently from the manner in which the…

Super reforms: capped defined benefit income streams to be expanded – draft regs released

The Government, on Thur 13.4.2017, released exposure draft regulations proposing to expand the definition of “capped defined benefit income stream” to cover additional defined benefit pensions that permit commutation, or would otherwise fall outside the general scope of the provisions. For example, lifetime pensions commuted outside of 6 months from commencement, reversionary child pensions, reversionary pensions commuted…

Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 – exposure draft Super reforms: TRIS rules; CGT relief; pension cap etc.

The Government, on Wed 12.4.2017, released exposure draft legislation proposing technical amendments to resolve certain issues identified with the superannuation reform legislation. The proposed amendments relate to the transition to retirement income stream (TRIS) rules, CGT relief for TRISs, the $1.6m pension transfer balance cap, the concessional contributions cap and the objectives of superannuation. While the…

Country-by-Country reporting: ATO releases further detail on the ‘local file / master file’ detail and design

This guidance builds on the local file – high level design by providing an overview of the detailed design of the local file / master file. It reflects underlying IT specifications (contained in the XML schema) for software developers to use in business management software to enable generation of a valid XML file. We have developed…

Country-by-Country reporting: ATO releases further detail on the ‘local file / master file’ detail and design

This guidance builds on the local file – high level design by providing an overview of the detailed design of the local file / master file. It reflects underlying IT specifications (contained in the XML schema) for software developers to use in business management software to enable generation of a valid XML file. We have developed…

Country-by-Country reporting: ATO releases further detail on the ‘local file / master file’ detail and design

This guidance builds on the local file – high level design by providing an overview of the detailed design of the local file / master file. It reflects underlying IT specifications (contained in the XML schema) for software developers to use in business management software to enable generation of a valid XML file. We have developed…

DCT v Club Culture Pty Ltd – Company fails to obtain review of winding-up order over $124 million tax debt from the Commissioner denying R&D off-sets and imposing huge shortfall penalties and GIC

The Federal Court has dismissed an application, by a company, for review of a winding up order made against it concerning a $124.8 million tax debt (mainly administrative penalties), in respect of the 2012 to 2015 financial years. The statutory demand had its origins in claims made by the company for large R&D tax offsets…

Binqld Finances Pty Ltd (In Liq) v Tamarama Fresh Juices Australia Pty Limited; In the Matter of Binqld Finances Pty Ltd (In Liq) – FCT required to produce documents to Binetter interests – secrecy exception applied

In a previous case: BCI Finances Pty Limited (in liq) v Binetter (No 4) [2016] FCA 1351, the liquidators of several companies were successful in obtaining orders of the Federal Court, that certain directors of the companies breached their fiduciary duty as directors, by engaging the companies in a scheme to evade tax, which in turn, resulted…

GST Legislative Instruments registered varying Attribution Rules; tax invoice requirements; recipient created tax invoices and cash basis determination

The following GST legislative instruments were registered on the Federal Register of Legislation on Wed 12.4.2017 & Thurs 13.4.2017: GST: Particular Attribution Rules for Banknote and Coin-operated Machines and Similar Devices Determination 2017 GST: Waiver of Requirement to hold a Tax Invoice Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange…