The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 has now passed all stages without amendment and awaits Assent, having been passed by the Senate on Tue 14.8.2012. It contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms. [LTN 157, 15/8]
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…
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…
This GST Ruling, released on Wed 15.8.2012, sets out the Commissioner’s views on the treatment of exit payments which a resident becomes liable to pay to the operator of a retirement village when the resident’s interest in the village terminates. Among other things, the Ruling states that where the operator does not provide services other…
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…
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…
In a majority 2:1 decision, the Full Federal Court has partially allowed both the taxpayer’s appeal and Commissioner’s cross-appeal from a 2010 decision of the AAT, in which it was found that the taxpayer was entitled to use the margin scheme for some acquisitions of property, but did not have approved valuations for others, and…
The taxpayers have filed notices of appeal to the Full Federal Court against the decision of Jagot J in Yacoub v FCT [2012] FCA 678. The Federal Court had dismissed appeals by the taxpayers concerning the Commissioner’s decision to disallow an objection to a notice of assessment for the payment of GST regarding properties sold.…
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…
The Assistant Treasurer on Fri 17.8.2012, released draft legislation on the proposal to clarify the circumstances in which the restriction of GST refunds applies to overpayments of GST and allows taxpayers to self-assess their entitlement to a GST refund by reference to ascertainable criteria. He said the same criteria will also apply for refunds relating…