*Re Leckie and FCT – Super excess contributions tax affirmed; no “special circumstances” [Su7]

The AAT has affirmed the decision of the Commissioner to issue an excess contributions tax (ECT) assessment to a taxpayer after finding there were no “special circumstances” to exercise the Commissioner’s discretion under s 292-465(1) of the ITAA 1997 to allow the reallocation of concessional super contributions to prior financial years. During the relevant period,…

*Re Peaker and FCT – Excess super contributions tax affirmed; no special circumstances [Su6]

The AAT has found a taxpayer had exceeded the relevant concessional contributions cap for the 2007-08 year and therefore affirmed the imposition of excess contributions tax. It also held there were no “special circumstances” present in the case to allow the Commissioner’s discretion (contained in s 292-465 of the ITAA 1997) to disregard or reallocate…

*Re Tran and FCT – Excess contributions tax: no “special circumstances” [Su4]

The AAT has affirmed that a taxpayer was liable for excess contributions tax for superannuation contributions made exceeding the non-concessional contributions cap. The taxpayer made non-concessional contributions totalling $159,016 to 2 super funds for the year ended 30 June 2008. For the relevant year, the taxpayer was over the age of 65. The Commissioner issued…

*Superannuation – intra-fund consolidation on inactive accounts under $1,000 – draft legislation released [Su2]

The Government has released exposure draft legislation proposing to require superannuation trustees to consolidate multiple inactive accounts (less than $1,000) within their fund on an annual basis. The proposed amendments to the SIS Act will require trustees to establish and publish rules setting out a procedure for consolidating a member’s inactive accounts. An “inactive superannuation…

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 – Parliamentary reporting date extended [Su1]

The due date for reporting on the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 by the Parliamentary Joint Committee on Corporations and Financial Services has been extended to 19 March 2012. The Bill contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms.

 [LTN 50, 14/3]

*PS LA 2012/1 (GA) – GST and bad debt adjustments for an incapacitated entity on paying a dividend to creditors of less than 100 cents in the dollar [G5]

The ATO on Wed 28.3.2012, issued Practice Statement Law Administration PS LA 2012/1 (GA) concerning the calculation of input tax credits and bad debt adjustments when a dividend is paid to creditors. It applies to representatives of an incapacitated entity who pays a dividend of less than 100 cents in the dollar to creditors towards…