The Government has on Mon 16.7.2012, released exposure draft legislation proposing to implement its new registration regime for approved auditors of self-managed superannuation funds (SMSFs). The proposed amendments to the SIS Act will require “approved SMSF auditors” to meet initial and ongoing requirements relating to their qualifications, competency and independence. The Draft Bill will appoint…
The Minister for Superannuation announced on Fri 13.7.2012, that the Government would introduce penalties to deter promoters of illegal early release superannuation schemes. Mr Shorten said these promoters have in the past exploited vulnerable people by encouraging applications for rollover of superannuation balances. In these situations, he said the promoters have taken fees of up…
This Draft GST Ruling, released on Wed 25.7.2012, sets out the minimum information requirements for a tax invoice under s 29-70(1) of the GST Act. It also explains the following: when a document is in the approved form for a tax invoice; the circumstances under s 29-70(1A) when a recipient of a document for a…
This Ruling, released on Wed 11.7.2012, explains when care services and accommodation provided to residents in privately funded nursing homes, aged care hostels and serviced apartments in a retirement village are GST-free. In particular, it explains when supplies of care services and supplies of accommodation to care recipients are GST-free under ss 38-25(3), 38-25(4) and…
The AAT has found that a taxpayer was not entitled to input tax credits claimed for the period 1 July 2002 to 1 December 2002 as there was no tax invoice or other documentary evidence to support the claims. The taxpayer was represented in the proceedings by his mother who was his authorised agent and…
The AAT has found that a taxpayer has failed to satisfy the burden of proving that she was carrying on an enterprise under s 9-20 of the GST Act for the period 1 August 2008 to 30 June 2010. Accordingly, the AAT affirmed the Commissioner’s decision to deny the taxpayer’s claims for input tax credits,…
The AAT has affirmed the Commissioner’s decision to disallow the taxpayer’s objection to various GST and income tax assessments. The taxpayer is registered for GST and runs a taxi business, although he has no direct involvement in running the business instead leaving that to his brothers. The case concerned the ascertainment of the taxpayer’s income…
The Federal Court has dismissed appeals by taxpayers concerning the Commissioner’s decision to disallow an objection to a notice of assessment for the payment of GST regarding properties sold. The matter concerned husband and wife taxpayers who entered into an agreement with a third party to develop and construct a real estate project. The husband…
The AAT has affirmed the Commissioner’s objection decisions disallowing the taxpayers’ objections to private rulings concerning second-hand aircraft acquired before 1 July 2000. The AAT decisions concerned 2 matters. The AAT noted that although the taxpayers in the 2 matters were different entities, the applications were heard concurrently because of the extensive overlap of the…
The AAT has held that certain “incentive” payments by motor vehicle manufacturers and distributors were not consideration for a supply, with the result that overpayments of GST had been made by the taxpayer. The taxpayer in this case is the GST representative member of a group of companies engaged in motor vehicle dealerships selling new…
