The Government on Tue 14.2.2012, released Exposure Draft – Superannuation Legislation Amendment (Stronger Super and Other Measures Bill) (No 2) Bill 2012 proposing to require employers to report on pay slips information about superannuation contributions they have made (or will make) for the benefit of their employees. The Draft Bill proposes to enlarge the object…
The Government on Mon 13.2.2012, released Exposure Draft – Corporations Amendment Regulations 2012 proposing to make limited recourse borrowing arrangements (LRBAs) “financial products” under the Corporations Act 2001 when entered into by superannuation funds. As such, a person dealing in (providing advice on and issuing) an LRBA will be required to have an Australian Financial…
The Superannuation Industry (Supervision) Amendment Regulations 2012 (No 1) were registered on Mon 13.2.2012, to give effect to the Government’s announcement to extend to the 2012-13 year the current draw-down relief for account-based, allocated and market linked pensions. The Regulations provide that the minimum payment amounts for account-based pensions and annuities for the 2011-12 and…
The Government on Thursday 9.2.2012, released draft legislation proposing to give effect to its SuperStream reforms aimed at improving the administration and management of superannuation accounts. Broadly, the proposed amendments seek to support the implementation of mandatory data and payment standards for transactions undertaken by superannuation entities and employers. The Exposure Draft – Superannuation Legislation…
This Draft GST Ruling, released on Wed 29.2.2012, 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. The Tax Office will generally view an exit payment as consideration wholly for supplies…
The Indirect Tax Laws Amendment (Assessment) Bill 2012 was introduced in the House of Reps on Wed 29.2.2012. It makes the following amendments: Amends the Taxation Administration Act 1953, the GST Act and other taxation Acts to harmonise the current self actuating system that applies to GST, the luxury car tax, the wine equalisation tax…
The Government on Tue 14.2.2012, released draft legislation and an EM for public consultation on the proposal to amend s 195-1 of the GST Act to expressly provide that Div 105 operates to the exclusion of Div 58 where a mortgagee in possession or control sells the property of a corporation. The measure was initially…
The ATO on Wed 29.2.2012, issued Class Ruling CR 2012/14 (Oceania Capital Partners Limited: return of capital and off-market share buy-back). It applies from 1 July 2011 to 30 June 2012. Broadly, the Ruling states that the share buy-back was an off-market purchase for the purposes of s 159GZZK of the ITAA 1936. It also…
The ATO on Wed 15.2.2012, issued the following Class Rulings: CR 2012/11: Return of capital: Exco Resources Limited. It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that the return of capital is not a dividend as defined in s 6(1) of the ITAA 1936. CR 2012/12: AMP Limited Equity…
The ATO on Wed 8.2.2012, issued Class Ruling CR 2012/10 (Bonus share plan: Australia Foundation Investment Company Limited). It applies from 1 July 2011. Among other things, the Ruling states that if the company does not credit its share capital account in connection with the issue of the bonus shares, then the value of the…