PRRT Bills – Parliamentary Library releases digests [M1]

The Federal Parliamentary Library has released: Bill Digest No 86, 2011-12 on the Petroleum Resource Rent Tax Assessment Amendment Bill 2011; and Bill Digest No 85, 2011-12 on the Petroleum Resource Rent Tax (Imposition-General) Bill 2011, Petroleum Resource Rent Tax (Imposition-Customs) Bill 2011 and Petroleum Resource Rent Tax (Imposition-Excise) Bill 2011. The digests examine the…

*Re Shail Superannuation Fund and FCT – Non-complying SMSF: deduction not allowed for misappropriated funds (wife trustee left holding the baby after husband trustee stole the fund) [Su3]

The AAT has affirmed that a SMSF was a non-complying fund for the year ended 30 June 2005 and that a deduction was not available for the misappropriation of funds by a trustee. Further, it affirmed that the base penalty of 75% of the shortfall was appropriate given the circumstances of the breach. The taxpayer…

*The CGT primary code for superannuation entities – draft legislation released to limit the trading stock exception [Su2]

In the 2011-12 Federal Budget, the Government announced that it would amend the ITAA 1997 to remove access to the trading stock exception to the CGT primary code rule for certain assets (primarily shares, units in a trust and land) owned by a complying superannuation entity. The Government today [Fri 13.1.2012] released draft legislation and…

*Refund of excess super contributions: draft legislation released [Su1]

The Treasury has released draft legislation and explanatory material on the Government’s proposal to refund certain excess concessional superannuation contributions announced in the 2011-12 Budget. The draft is available on the Treasury website. Under the proposal, eligible individuals would be given a once-only option to have excess concessional contributions up to $10,000 (not indexed) refunded…

Centrebet Pty Ltd v FCT – Appeal dismissed by consent after Commissioner agreed to allow prizes paid overseas as a reduction to the ‘global GST amount’ on which tax is levied [G2]

A taxpayer’s appeal to the Federal Court (in Centrebet Pty Ltd v FCT) concerning GST on monetary prizes paid to non-residents has been finalised and dismissed by consent. The ATO and the taxpayer agreed that the monetary prizes the taxpayer became liable to pay to non-resident entities on the outcome of gambling events during each…

*GST – remaining changes to ‘financial supply’ provisions provisions announced in the 2010-11 Budget – draft regulations released [G1]

The Assistant Treasurer has released draft regulations implementing the remaining 4 measures of proposed changes to the financial supply provisions of the GST law that were announced in the 2010-11 Federal Budget. The 4 measures are: simplifying the treatment of hire purchase transactions by making them fully taxable; expanding the range of expenses qualifying for…