*Intra-fund consolidation of superannuation interests: draft legislation released [60]

On 10 August 2012, the Government released for public consultation draft legislation for the intra-fund consolidation of multiple superannuation interests owned by the same member and the accompanying explanatory materials. This consultation is a follow-on to the earlier draft legislation released in March 2012. The proposed amendments are designed to expand the duties of superannuation…

*New SIS Regs for SMSFs require ‘market values’ for assets in accounts, fund assets to be held separate, investment strategies to be reviewed “regularly’ and insurance for members to be considered [59]

The Superannuation Industry (Supervision) Amendment Regulation 2012 (No 2) was registered on Mon 6.8.2012, to require trustees of self-managed superannuation funds (SMSFs) to value assets of the fund at their “market value” when preparing accounts and statements from the 2012-13 year of income. “Market value” takes the same meaning as provided in s 10 of…

GSTD 2012/6 – GST: Input tax credits under Div 66 on acquiring 2nd-hand goods and on-leasing them before selling them [57]

This GST Determination, released on Wed 1.8.2012, states that when an entity acquires second-hand goods and makes a subsequent taxable supply of the goods by way of a lease (before making a taxable supply of the goods by way of sale or exchange), both taxable supplies are taken into account in quantifying and attributing input…

GST treatment of amounts recovered from customers to cover fees imposed by a financial institution for a dishonored payment by the customer [56]

The ATO, on Wed 1.8.2012, released Technical Discussion Paper TDP 2012/1 (GST treatment of recovered dishonoured payment costs). It considers the GST treatment of costs being recouped by a supplier when payment by a customer for a supply is dishonoured, resulting in the supplier incurring dishonoured fees from their financial provider which fees and associated…

ECC Southbank Pty Ltd as trustee for Nest Southbank Unit Trust & Anor v FCT – shared and studio (student) accommodation was ‘commercial residential premises’ largely because of reception desk services [53]

The Federal Court has held that a sub-lease of student accommodation was a supply of commercial premises and that supplies of accommodation to 3 individuals were taxable supplies. The taxpayer, the trustee of the Nest Southbank Unit Trust (NSUT), developed student accommodation and serviced apartments at a Southbank site in Brisbane – Urbanest Southbank (the…