Re Crown Estates (Sales) Pty Ltd and FCT – taxpayers appeal to Federal Court against decision that ITC’s could not be claimed they were ‘agents’

Tax Month 2016-01

Two taxpayers have appealed to the Federal Court against the decision in Re Crown Estates (Sales) Pty Ltd and FCT [2015] AATA 949. The AAT found the 2 taxpayers who conducted a property management business were not entitled to input tax credits (ITCs) in relation to goods and services supplied to their clients (the property…

GSTR 2012/3 – draft addendum broadening view of GST-free retirement village services in ‘serviced apartments’ – meaning of ‘single complex’

Tax Month 2016-01

On Wednesday 13.1.2016, the ATO issued a Draft Addendum to GST Ruling GSTR 2012/3 on the GST certain services in a ‘serviced apartment’ in retirement villages under s38-25 of the A New Tax System (Goods and Services Tax) Act 1999 (‘GST Act’). The Draft would GSTR 2012/3 to broaden the Commissioner’s view on the meaning…

GSTD 2016/1 – GST: employer not entitled to ITC for payment of superfund’s expenses because it’s a contribution to the fund

Tax Month 2016-01

On Wed 27.1.2016, the ATO issued GST Determination GSTD 2016/1 on whether employers can claim input tax credits (ITCs) for expenses paid on behalf of superannuation funds. The Determination notes that an employer may, for “administrative convenience”, pay expenses on behalf of a fund, with the payment being re-classified as a superannuation contribution in the…

Ward and FCT – taxpayer appeals AAT’s decision not to re-allocate an ‘excess non-concessional’ contribution despite the resulting tax being ‘unfair’

Uncategorized

The taxpayer has appealed to the Federal Court against the decision in Re Ward and FCT [2015] AATA 919. In that the decision, the AAT agreed with the Commissioner that there were no “special circumstances” under s 292-465 of the ITAA 1997 to disregard or re-allocate the taxpayer’s excess non-concessional contributions for a year, despite the…

Accountants advising about SMSF’s must be appropriately licenced by 1 July 2016 – apply by 1 March to avoid the rush

Tax Month 2016-01

Accountants providing advice on self-managed super funds (SMSFs) will have to be appropriately licensed, under the AFS Licensing framework, before July 1 2016. ASIC recently set a ‘soft’ deadline for limited AFSL applications – stating that accountants who lodge their applications after 1 March 2016 run a “significant risk’ of not being assessed by the…

Annual Statement deadline 31 January 2016: 19,000 still to submit with less than a month to go and 3,200 at immediate risk of having status revoked

Tax Month 2016-01

The Australian Charities and Not-for-profits Commission (ACNC) is warning thousands of charities, yet to complete their 2015 Annual Information Statement, that there are serious consequences for not meeting this core obligation. ACNC Commissioner, Susan Pascoe AM, urged charities to act now as 31 January 2016 is the due date for the 2015 Annual Information Statement…