Daily Archives: December 6, 2018

‘Excess super contributions’ – ATO begins issuing ‘determinations’ for 2017/18 (first after universal $25k cap came in) with amended assessments and ‘authorities’ to super funds for release of money to ATO to pay the contributor’s tax

On 27.11.18 the ATO posted an article saying it has begun issuing determinations for excess concessional contributions (ECC) for the 2017-18 financial year. The ATO said it will be issuing a higher volume of ECC determinations for 2017-18, following the reduction in the concessional contributions cap to $25,000 for all taxpayers. Taxpayers who receive an…

Ransley v CofT – Profit on sale of mining shares assessable as ‘ordinary income’ – not a capital gain protected by ‘scrip for scrip’ rollover – 50% ‘reckless’ penalty upheld

The AAT has decided that the profit on the sale of shares was assessable income and not, as contended by the taxpayer, a capital gain. The taxpayer was a shareholder in a company (DCM) which was granted an Exploration Licence in respect of the Doyles Creek tenement. The taxpayer was also a shareholder in ResCo,…

TA 2018/3 – Tax Alert relating to GST underreported by developers on development works on land from Government Entities – including by mis-applying the ‘margin scheme’

On Mon 26.11.2018, the ATO released Taxpayer Alert TA 2018/3 – GST implications of certain development lease arrangements. It relates to GST which the ATO says has been under reported by developers, on development works undertaken on land acquired from Government Entities. The ATO gives 2 examples: The first is where a Government Entity supplies land,…

ACNC – standards made for ‘registered entities’ operating outside Australia – activities consistent with its charitable purpose; obey Australian Laws; no fraud or bribery; protect vulnerable people

The Australian Charities and Not-for-profits Commission Amendment (2018 Measures No. 2) Regulations 2018 were registered on the Federal Register of Legislation on Mon 26.11.2018. It amends the Australian Charities and Not‑for‑profits Commission Regulation 2013. These Amending Regulations are made under s50-10 of the Australian Charities and Not‑for‑profits Commission Act 2012, which allows regulations to be prescribed setting out ‘external…