The Supreme Court of Victoria has upheld the validity of a superannuation binding death benefit nomination (BDBN) and ruled that the surviving trustee of the self-managed superannuation fund (SMSF) was personally liable to pay the death benefit (and the plaintiffs’ costs of the proceedings). Mr and Mrs Morris established an SMSF in August 2005. Mr Morris died…
The ATO on Thur 23.1.2014, released Decision Impact Statements on the following case: AAT Case [2013] AATA 802, Re Snugfit Australia Pty Ltd and FCT – The AAT set aside the Commissioner’s decision and held that a supply of a sleep positioning system is GST-free under s 38-45(1) of the GST Act as it was a…
This Determination, released on Wed 22.1.2014, states that taxpayers can object to a private ruling 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 the taxpayer…
The ATO on Wed 22.1.2014, released the following Class Rulings: CR 2014/6: The GST treatment of fees and charges imposed by NSW Councils in relation to matters involving administration, animals, approvals/permits, health, impounding and pest control. It applies from 1 July 2013 to all entities, who entered into the scheme as described during the term of the…
The Commissioner has appealed to the Federal Court against the decision in AAT Case [2013] AATA 891, Re Swanbat Pty Ltd and FCT. The AAT had set aside the Commissioner’s amended assessment in relation to a BAS for the period 1 April 2008 to 30 June 2008 and held that the taxpayer’s net amount for the quarter was zero.…
The AAT has disallowed a taxpayer’s claims for input tax credits (ITCs) and also affirmed penalties imposed by the ATO. The taxpayer, as trustee of the PCS Global Discretionary Trust (PCS Global Trust), claimed he was entitled to $5.3m in ITCs for the period 1 January 2012 to 31 March 2012. He claimed the ITCs were claimable on purchases…
The Commissioner has gazetted a notice announcing that the ATO will acquire details of entities receiving taxable payments from various local government Councils and Shire authorities throughout NSW, Vic, Qld, WA, SA, Tasmania, and the NT. The data-matching program covers the 2011 to 2014 financial years. The data will be electronically matched with certain ATO…
The ATO has established what it calls a Business and Industry Experts Multi-Use List which will consist of experts interested in providing practical business and industry expertise to help the ATO deliver services in the context of the large business tax compliance functions of the ATO. It has called for applications to join the group.…
The ATO on Thur 23.1.2014, announced that red tape around Tax File Number (TFN) applications has been removed following a partnership between the ATO and Australia Post. TFN applications are now simpler and easier, as they can now be applied for online at http://www.ato.gov.au/TFNapply and verified at more than 460 Australia Post retail outlets throughout…
The ATO says that while many businesses have good systems in place, some small businesses occasionally need additional assistance to meet their tax obligations. ATO Deputy Commissioner, Steve Vesperman, said assistance is available on the ATO website, with the new Small Business Assist External Link tool available for all Australian businesses, as well as the…