The AAT has found that special circumstances existed in a taxpayer’s situation to allow for the Commissioner’s discretion in s 292-465(1) of the ITAA 1997 to reallocate monies paid into a super fund on 28 and 28 July 2009 to be attributed to the 2008-09 financial year. The taxpayer exceeded the concessional contributions cap for the 2009-10 financial…
The Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 and Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012 were introduced into the House of Reps on Thur 29.11.2012. The Bills seek to implement the following Stronger Super measures for the self-managed superannuation fund (SMSF) sector: – an…
The Government on Thur 8.11.2012, released for comment draft regulations to give effect to changes arising from legislation implementing MySuper and governance reforms. The draft regulations contain provisions relating to: (i) significant event notice requirements; (ii) insurance requirements in respect of death; (iii) meaning of permanent incapacity; (iv) operating standards on self-insurance and permitted types…
The following Bills have passed all stages as follows: Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 passed all stages on 22.11.12 and obtained Royal Assent as Act No. 158 of 2012 on 28.11.12. This Act reinstated the temporary loss relief and asset roll-over in Div 310 of the ITAA 1997…
The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 was introduced into the House of Reps on Thur 29.11.2012. The Bill contains what the Minister for Superannuation said was the 4th and final tranche of the MySuper and governance measures as part of the Stronger Super reforms. The Bill proposes to make…
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…
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…
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…
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…
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…