*Carbon tax unconstitutional – according to a legal opinion by Bryan Pape given to the Institute of Public Affairs

According to a legal opinion by Bryan Pape, commissioned by the Institute of Public Affairs, the carbon tax is unconstitutional and could be challenged on a number of grounds, including: The Commonwealth cannot tax state property (legally carbon dioxide emissions are state property). The Commonwealth cannot impose a carbon tax and other related penalties within…

*APRA releases 11 draft prudential standards for superannuation [Su4]

APRA has released 11 draft prudential standards together with a Response Paperon submissions received in respect of the implementation of its proposed powers to issue prudential standards for superannuation. APRA’s Response Paper sets out the main issues raised in the 41 submissions received in relation to its September 2011 discussion paper, which outlined APRA’s approach…

MySuper and transparency measures – draft legislation released [Su1]

The Government on Fri 27.4.2012, released the Exposure Draft – Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 which seeks to implement the 3rd tranche of its Stronger Super reforms, including the remaining legislative elements to give effect to MySuper (ie intra-fund advice, insurance and the transition to MySuper). The Minister for Financial…

*PS LA 3521 – Draft Practice Statement on GST: treatment of ITCs claimed where Commissioner does not give a refund to supplier under s105-65 TAA1 [G7]

The ATO on Wed 11.4.2012, released Draft Practice Statement PS LA 3521 – Treatment of input tax credits claimed by a recipient where the Commissioner does not give a refund to the supplier due to the operation of s 105-65 of Sch 1 to the Taxation Administration Act 1953. It explains the circumstances in which…

*GSTR 2012/1 – GST: loyalty programs – the customer’s payment is for the goods or services purchased and should not be apportioned to the points [G5]

This GST Ruling, released on Wed 4.4.2012, deals with the GST implications of certain loyalty programs. It considers the GST ramifications of: (i) the accrual of points by members; (ii) the loyalty program arrangements involving program partners; and (iii) the redemption of points and provision of rewards. The Ruling states that when a member pays…

*Qantas GST Appeal to High Court – written submissions on High Court Website and appeal will be heard in Brisbane on 4 June 2012 [G4]

On 10 February 2012, the High Court granted the Commissioner special leave to appeal against the Full Federal Court decision in Qantas Airways Ltd v FCT [2011] FCAFC 113. The Full Federal Court had unanimously allowed an appeal by Qantas Airways Ltd against an earlier AAT decision that the airline makes a supply for GST…