Daily Archives: January 22, 2018

ATO annual SMSF statistics – 99.6% of all funds; 30% of $2.3t super assets; member balances grow; 4% of assets are LRBA funded

On 18 January 2018, the ATO released its latest statistics on the self-managed super fund (SMSF) sector with the publication of the annual Self-Managed Superannuation Funds: A Statistical Overview 2015-16. Assistant Commissioner Kasey Macfarlane said the annual overview data shows that the sector continues to grow, with positive returns on assets and increasing fund and member…

GST digital currency conversion – draft determination under s9-85(2) issued to commence on 1 July 2017 with the ‘digital currency’ amendments

On Thursday 18.1.2018, the Commissioner released a draft of the ‘Legislative Instrument’, that the new s9-85(2) of the GST Act contemplates the Commissioner will make, to specify the way in which digital ‘consideration’, for a taxable supply can be converted into Australian currency, and thus create a tax liability (in our currency). The ‘digital currency’ amendments to the…

WLQC v CofT- AAT held it did not have jurisdiction to review ‘nil assessments’ of various Group companies (both before and after the 2005 amendments) as part of its claim to be ‘consolidated’ for tax purposes

The AAT has held that it did not have jurisdiction to review certain 2004 and 2005 ‘nil assessments’ of various applicant’s who were all members of a group of companies (Group) involved in the broadcasting industry. This application for review was part of a much larger dispute, that the Group had, with the Commissioner, going…

FOI disclosure of Treasury ‘dividend washing’ opinion/briefing – gives insight into the s177EA uncertainty (whether it would disallow the franking credit on the 2nd dividend)

On 12 January 2018, Treasury has released an historical document, under an FOI request, which discusses the potential application, of s 177EA of the ITAA 1936, to a type of “dividend washing” arrangement, which depended on selling shares ex-dividend, and buying another parcel ‘cum-dividend’, during a 2 day Australian Stock Exchange (ASX) trading window, for shareholders to…