The AAT has affirmed the Commissioner’s decision that a superannuation contribution paid by a taxpayer’s employer on 28 June 2007 into a clearing account but not allocated into the taxpayer’s super fund until 2 July 2007 meant that the amount of monies should be attributed to the 2007-08 financial year, and not the 2006-07 year…
The AAT has set aside the Commissioner’s objection decision and decided that a superannuation contribution made by a taxpayer to his super fund on 10 July 2007, should be attributed to the 2006-07 financial year. The AAT found the taxpayer had missed the deadline as a result of a “misunderstanding” of the rules. The taxpayer…
The Federal Court has held that a family trust was not entitled to a deduction for superannuation contributions made on behalf of the husband and wife directors as they were not “employees” of the corporate trustee. At first instance, in Kelly v FCT [2012] FCA 423 (reported at 2012 LTN 80 [6]), the Court ruled…
Treasury has released for comment exposure draft regulations which propose to amend the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to allow certain public sector schemes to be able to pay unclaimed super money, lost member accounts and super of former residents to the Tax Commissioner if they chose to do so. This will…
The Government has deferred from 1 July 2012 to 1 July 2013 the start date for some of its Stronger Super reforms for SMSFs, including its proposal to require related party transactions involving SMSFs to be conducted through a market, where one exists. Accordingly, it will still be possible to make an in specie contribution…
The Government has on Mon 16.7.2012, released exposure draft legislation proposing to implement its new registration regime for approved auditors of self-managed superannuation funds (SMSFs). The proposed amendments to the SIS Act will require “approved SMSF auditors” to meet initial and ongoing requirements relating to their qualifications, competency and independence. The Draft Bill will appoint…
The Minister for Superannuation announced on Fri 13.7.2012, that the Government would introduce penalties to deter promoters of illegal early release superannuation schemes. Mr Shorten said these promoters have in the past exploited vulnerable people by encouraging applications for rollover of superannuation balances. In these situations, he said the promoters have taken fees of up…
This Draft GST Ruling, released on Wed 25.7.2012, sets out the minimum information requirements for a tax invoice under s 29-70(1) of the GST Act. It also explains the following: when a document is in the approved form for a tax invoice; the circumstances under s 29-70(1A) when a recipient of a document for a…
This Ruling, released on Wed 11.7.2012, explains when care services and accommodation provided to residents in privately funded nursing homes, aged care hostels and serviced apartments in a retirement village are GST-free. In particular, it explains when supplies of care services and supplies of accommodation to care recipients are GST-free under ss 38-25(3), 38-25(4) and…
The AAT has found that a taxpayer was not entitled to input tax credits claimed for the period 1 July 2002 to 1 December 2002 as there was no tax invoice or other documentary evidence to support the claims. The taxpayer was represented in the proceedings by his mother who was his authorised agent and…