John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

ACT: Taxation Administration Amendment Bill introduced – to allow the ATO to give information to the ACT State Revenue Office [77]

The Taxation Administration Amendment Bill 2012 (ACT) was introduced into the ACT Legislative Assembly on 14 August 2012. The Bill proposes to amend Taxation Administration Act 1999 (ACT) to address an unintended consequence of a recent amendment to the Taxation Administration Act 1953 (Cth), which prevents the Australian Tax Office from providing taxpayer information to…

Floor price on carbon permits to be scrapped – Australia’s trading scheme to be linked to Europe’s (but some volume limits remain) [74]

The Minister for Climate Change: Greg Combet and the European Commissioner for Climate Action, Ms Connie Hedegaard, announced on Tue 28.8.2012, that Australia and Europe would be linking their emissions trading systems. A full 2-way link, by means of the mutual recognition of carbon units between the 2 cap and trade systems, is to commence…

FSC releases draft superannuation governance standard for members who are trustees of public offer funds – to operate from 1 July 2013 [73]

The Financial Services Council (FSC) has released for member comment a draft superannuation governance standard. The draft standard proposes to broadly implement governance standards for superannuation trustees in accordance with the FSC’s Superannuation Governance Policy as announced by the FSC on 6 March 2012. The standard is proposed to apply to FSC members who are…

Process for selecting default super funds in modern awards will be evidence based and expert led – says the Minister [72]

The Minister for Superannuation on Wed 22.8.2012, announced that the Government is proposing an evidence based and expert led process for selecting and assessing default superannuation funds in modern awards which he said “will ultimately lead to more transparency and competition”. Mr Shorten said a submission by Treasury and the Department of Education, Employment and…

Re Longcake and FCT – Excess contributions tax assessment set aside – special circumstances existed [69]

The AAT has decided that an excess contributions tax assessment should be set aside as special circumstances existed, ordering that superannuation contributions paid by the taxpayer’s employer in early July 2009 be reallocated to the previous financial year. During the 2009-10 financial year, the taxpayer’s employer made payments on behalf of the taxpayer to 2…