Third tranche of MySuper Legislation (Transparency Measures Bill) – 17 Government Amendments and moves to Senate [63]

The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was passed by the House of Reps on Wed 28.11.2012, with 17 Government amendments and now moves to the Senate. The Bill is the third tranche of MySuper legislation and proposes measures relating to the transition of accrued default balances to MySuper by 1…

MySuper (Core Provisions) Bill awaits Assent after Government amendments to ensure that all the ‘MySuper’ authorization provisions commence together [62]

On Mon 26.11.2012, the House of Reps agreed to the amendments made by the Senate to the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 and it now effectively awaits Royal Assent. The Bill contains the first tranche of MySuper legislation and establishes the framework to define core aspects of MySuper products that trustees will…

Default super funds in modern awards – Fair Work Amendment Act 2012 passes House of Reps [61]

The Fair Work Amendment Bill 2012 has passed the House of Reps without amendment and now moves to the Senate. The Bill proposes to implement measures seeking to improve the selection of default superannuation funds in modern awards in response to the Productivity Commission’s report. The Bill has been referred to the Senate Education, Employment…

Low value import threshold for exemption from GST – GST Distribution Review recommends reducing threshold from $1,000 to $500 asap [60]

The final report to the Government of the GST Distribution Review Panel was released publicly by the Treasurer on Fri 30.11.2012. The Treasurer will discuss the Panel’s recommendations with State and Territory Treasurers at the Standing Council on Federal Financial Relations meeting on 17 December 2012, prior to announcing the Commonwealth’s position once the Government has given…

* GSTD 2012/7-10 – GST treatment of specific telecommunication supplies [59]

The Tax Office on Wed 28.11.2012, issued the following GST Determinations concerning the GST treatment of specific telecommunication supplies. The Determinations were previously issued as Draft GST Determinations GSTD 2012/D1 to D4, respectively. Interconnection services to non-resident – GSTD 2012/7 The Determination says supplies of interconnection services (eg IDD calls, video conferencing, toll-free calling, mobile…

*Government charges are exempted by being listed only to 30 June 2013 – after that the new Div 81 and associated Regs must be self-assessed [58]

The ATO has released information for Australian government agencies on the GST treatment of taxes, fees and charges under the amended Div 81 of the GST Act. The ATO reminds agencies that the Treasurer’s usual determination, which lists government charges that are exempt from GST, will no longer apply from 1 July 2013 ie it only applies until…

*First OECD Global Forum on VAT concludes that the tax treatment of exports and imports urgently needs attention [57]

The OECD says countries around the world need to agree urgently on a global framework for the application of Value Added Taxes (VAT) to international trade, particularly in services and intangibles. The OECD is currently developing International VAT/GST Guidelines to address issues of double taxation and unintended double non-taxation, and this work provides a unique…

*ATO runs ‘in-house’ ADR pilot on indirect taxes – by invitation, no legal interpretation issues and voluntary participation [56]

The ATO has advised that it is conducting an alternative dispute resolution (ADR) pilot using in-house facilitation to resolve smaller and less complex indirect tax objections including substantiation and penalties. For the pilot, the ATO says the ADR will assist taxpayers resolve issues with the assistance of an impartial and independent in-house facilitator bound by…