Yearly Archives: 2017

*Trans-Tasman superannuation portability: draft legislation released, but limits in Australia on Super transferred from NZ [56]

The Government on Tue 18.9.2012, released draft legislation proposing to establish a trans-Tasman superannuation portability scheme to permit the transfer of retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes from 1 July 2013. The draft legislation implements the tax treatment of superannuation transferred under the proposed scheme. Currently, Australians and New…

*Electronic portability request scheme for super benefits: draft regs [55]

Treasury has released for comment draft regulations which propose to amend the SIS regs and the RSA regs to support the operation of an electronic portability request scheme for superannuation benefits. Broadly, under the proposed amendments, superannuation fund members and RSA holders will be able to electronically request the roll-over or transfer of their benefits…

*Second tranche of the ‘Stonger Super’ (MySuper and governance) reforms receive Royal Assent on 8 September 2012 [54]

The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 received Royal Assent on 8 September 2012 as Act No 117 of 2012. It had passed all stages without amendment and contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms. [LTN 176, 11/9]

*Decision Impact Statement in ECC Southbank case – GST and commercial residential premises for student accommodation [53]

The ATO on Fri 28.9.2012, released a Decision Impact Statement on the Federal Court decision in ECC Southbank Pty Ltd as trustee for Nest Southbank Unit Trust & Anor v FCT [2012] FCA 795. The Federal Court held that a sub-lease of student accommodation was a supply of commercial premises and that supplies of accommodation…

*Decision Impact Statements on Tribunal case for input tax credits on second hand aircraft [52]

The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: – In those cases, the AAT affirmed the Commissioner’s objection decisions disallowing the taxpayer’s objections to private rulings denying GST input tax credit (ITC) claims for second-hand aircraft acquired before 1 July 2000. Broadly, the ATO said in its that AAT Case [2012] AATA…

Decision Impact Statements on pre-GST contracts and GST-free status of supplies under those contracts [51]

The ATO on Mon 17.9.2012, issued the following Decision Impact Statements: AAT Case [2011] AATA 766, Re National Jet Systems Pty Ltd and FCT;MTAA Superannuation Fund (R G Casey) Building Property Pty Ltd v FCT [2012] FCAFC 89 – In those cases, the Tribunal and the Full Federal Court respectively, denied claims of the taxpayers…

*Re Wynnum Holdings No 1 Pty Ltd & Ors and FCT – input tax credits disallowed because JV nominee not carrying on an enterprise (dubious) and property not ‘commercial residential premises’ [50]

The AAT has held a taxpayer was not carrying on an enterprise in relation to the purchase of a property. In addition, it also held that the property purchased was not “commercial residential premises” under s 195-1 of the GST Act. Accordingly, it affirmed the Commissioner’s disallowance of input tax credits in relation to the…

Re A.P. Group Limited and FCT – Net GST amounts of motor vehicle dealerships reduced [49]

In its 2 July 2012 decision in AAT Case [2012] AATA 409, re A.P. Group Limited and FCT, the AAT had held that certain “incentive” payments by motor vehicle manufacturers and distributors were not consideration for a supply, with the result that overpayments of GST had been made by the taxpayer. Since the AAT therefore…

*Refunding excess GST: ASFA submission on draft legislation in proposed Division 36 [48]

ASFA on Tue 18.9.2012, released its submission to Treasury on the draft legislation proposing to amend the GST Act and the TAA relating to refunding of excess GST. ASFA agreed the law surrounding GST refunds required clarification, but considered the draft legislation in its current form was “overly restrictive and significantly reduces the ability of…

GST recommendations for low value parcels: Government Taskforce [47]

The Government’s Taskforce on Low Value Parcel Processing on Thur 6.9.2012, released its report into the concerns surrounding the current GST and other revenue arrangements of imported goods valued at or below $1,000. The final report stated that potential solutions warranting future consideration were: the collection of duty and/or GST by financial intermediaries; and the…