Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 – was passed by the House of Reps [Su1]

The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was passed by the House of Reps on Wed 23.5.2012, without amendment and now moves to the Senate.

The Bill contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms.

[LTN 98, 23/5]

*GSTR 2012/2 – GST and financial assistance payments from Government (replacing GSTR 2000/11) [G3]

This Ruling, released on Wed 30.5.2012, explains the Commissioner’s views on when a “financial assistance payment” (which includes: (i) payments made to provide support or aid to the payee; and/or (ii) payments provided to support or aid in the implementation of government policy and initiatives) is consideration for a supply. Where it is established that…

GST ‘financial supply’ provisions: regs amended to treat HP as taxable; extend RITC’s to life insurance etc; modify RITC’s for trustees; clarify guarantees [G2]

The A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No 1) was registered on the Federal Register of Legislative Instruments on Tue 29.5.2012. It amends the GST Regulations to implement 4 of the recommendations arising out of Treasury’s review of the GST financial supply provisions. The amendments: treat all components of a…

*GST treatment of taxes, fees and charges: draft regs released, which extend the grandfathered operation of the last Determination until 30 June 2013 [G1]

The Assistant Treasurer on Wed 2.5.2012, released draft Regulations for public consultation specifying the GST treatment of certain Australian taxes, fees and charges. The draft regulations and explanatory material are on the Treasury website. The Regulations would provide that certain taxes, fees and charges will either be taxable or GST exempt, consistent with the principles…

ATO issues Default Assessment Guide – including warning procedure; calculation of the taxable income; and 75% penalties [R23]

The ATO has released a guide for tax professionals on default assessments for overdue tax returns. The guide outlines the process for the ATO in issuing default assessments including first issuing a default assessment warning letter (DAWL) and contact with the taxpayer or their tax agents. The ATO said the taxable income of the taxpayer…