*Re Rawson and FCT – super excess tax on B-Pay contribution made on 29 June but not credited as received until 1 July (such a result, after B-Pay cut-off for the last business day of the year, is not a “special circumstance”) [80]

The AAT has upheld an excess contributions tax assessment and affirmed the Commissioner’s decision that there were no “special circumstances” under s 292-465 of the ITAA 1997 to warrant reallocating an excess contribution received late via BPay. On 29 June 2009, a concessional contribution of $97,127 was initiated by the taxpayer’s employer (also her husband)…

*Superannuation Platforms, Multifunds and Hedge Funds get shorter Product Disclosure Statements (PDS) from ASIC Class Order granting interim relief [77]

ASIC on Mon 18.6.2012, registered ASIC Class Order [CO 12/749] to provide interim relief from the shorter PDS regime for multifunds, superannuation platforms and hedge funds. The shorter PDS regime will commence fully on 22 June 2012 and is designed to make PDSs shorter and simpler, and help consumers compare financial products more easily. ASIC…

*Refund of excess concessional contributions under Sch 4 of the Tax and Superannuation Laws Amendment (2012 Measures No 1) Act 2012 – draft regs released [75]

Treasury says the Minister for Financial Services has agreed for it to release for public consultation an exposure draft for the refund of excess concessional superannuation contributions regulations and the accompanying explanatory materials. Eligible individuals will be given the option to have excess concessional contributions of $10,000 or less effectively refunded to them. The excess…

*GSTD 2012/D4 – Global roaming inside Australia is GST-free [73]

This Draft Determination states telecommunication supplies made under arrangements for global roaming in Australia by an Australian resident telecommunication supplier are GST-free when s 38-570(1) and s 38-570(3) of the GST Act are satisfied. Telecommunication supplies can include telephone calls, call back services, e-mail and Internet access, etc. In order to be GST-free, these telecommunication…

*GSTD 2012/D1 – Telecommunications interconnection services to non-resident is GST-free [70]

This Draft Determination says supplies of interconnection services (eg IDD calls, video conferencing, toll-free calling, reverse charge calls) made by an Australian resident telecommunication supplier to a non-resident are GST-free under item 2 in the table in s 38-190(1) of the GST Act if the non-resident is not in Australia when the thing supplied is…