Registered agents have an obligation to have PI insurance cover. The Tax Practitioners Board has reminded them that they must tell the Board the details of their cover from year to year. Many PI insurance policies may be expiring at the end of the financial year. All registered tax and BAS agents who have not…
The Government on Tue 31.7.2012, released the Inspector-General of Taxation’s report examining the effectiveness of the ATO’s dispute resolution practices including early dispute resolution and alternative dispute resolution (ADR). The Inspector-General observed that, at a high level, the ATO was committed to engaging with taxpayers to resolve disputes earlier. However, he also identified some areas…
The Assistant Treasurer has announced the reappointments of Mr Keith James as a part-time member and Deputy Chair of the Board of Taxation for a 2-year period from 1 July 2012 up to and including 30 June 2014 and Mr Anthony (Curt) Rendall and Ms Elizabeth Jameson as part-time members of the Board each for…
The Tax Office has released the following guides on the MRRT and PRRT: Notification of change to minerals resource rent tax (MRRT) registration Consolidation for MRRT purposes Notification of choice made to consolidate for MRRT Administrative decisions – nil rate determinations re instalments for MRRT ATO’s administrative approach to PRRT Who PRRT affects Introduction to…
Federal Opposition Leader Tony Abbott has announced that, as soon as an election is called, the Coalition would take immediate steps to repeal the Carbon Tax. Mr Abbott said that on the day the election is called, he would write to the Secretary of the Department of Prime Minister and Cabinet to make it clear…
Treasury has released exposure draft legislation which proposes to expand the information required to be reported by super providers to the ATO in respect of their members. Under the revised reporting obligations, superannuation providers would be required to provide statements for all members who held an interest in the fund at any time during the…
The ATO has advised that from 1 July 2014, employers with 20 or more employees must use new data and e-commerce standards when making super contributions on behalf of employees. It said those employers need to upgrade internal systems or use a payroll supplier to meet the new standards. Further, the ATO said small businesses…
This Ruling, released on Wed 7.7.2012, sets out the Commissioner’s views on the deductibility of premiums paid by complying superannuation funds for insurance policies which provide total and permanent disability (TPD) cover for members. The Ruling was previously released as Draft Ruling TR 2011/D6. For a TPD insurance premium to be deductible, s 295-465(1) of…
In 3 related cases, the AAT has confirmed that 3 senior South Australian public servants were personally liable for the superannuation surcharge liability in respect of their “constitutionally protected superannuation funds”. This was despite their claims that, in accordance with the decision of the High Court in Clarke v FCT (2009) 72 ATR 868, they…
The Federal Court has upheld superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 (SCTAC Act) in respect of the Parliamentary Contributory Superannuation Fund for members of the Victorian Parliament under the Parliamentary Salaries and Superannuation Act 1968 (Vic). The taxpayer claimed that the superannuation contributions surcharge (tax) assessments…