Re McLennan and FC – Superannuation withdrawal and re-contribution hit with excess contributions tax – nothing ‘special’ to disregard the excess [89]

A taxpayer who withdrew and re-deposited his superannuation has been hit with excess contributions tax of $31,620 after the AAT agreed with the Commissioner that there were no “special circumstances” to disregard the excess contributions under s 292-465 of the ITAA 1997. In January 2009, the taxpayer withdrew $366,573 from his superannuation fund and placed it in bank…

*Indexation of certain superannuation thresholds for 2013-14 [86]

As a consequence of the amendments to the indexation provisions proposed by the Tax Laws Amendment (2013 Measures No 2) Bill 2013, the following superannuation thresholds will be increased for 2013-14 to: Superannuation guarantee: maximum contribution base – $48,040 (up from $45,750 for 2012-13). Genuine redundancy and early retirement payments – tax-free amounts: base amount…

GSTD 2013/D3 – GST-free non-accommodation supplies by Charities etc at less than 75% of the consideration provided by the Charity etc – depreciating capital items [76]

This Draft GST Determination, released on Wed 29.5.2013, states that a portion of the consideration a supplier has provided for acquiring capital items that diminish in value over time can be included when calculating whether a supply in that period is GST-free under s 38-250(2)(b)(ii) of the GST Act (A New Tax System (Goods and Services…

Kronen v Comr of Taxation – Court dismisses application re super entitlements [88]

An applicant has been unsuccessful before the Federal Court in a matter concerning his claimed entitlement to unpaid superannuation contributions (some $4,850) from his then employer. In earlier legal proceedings before the Federal Court (Besanko J in Kronen v FCT [2012] FCA 1463), the applicant had attempted to have the Commissioner (through the Tax Office) enforce…

*More MySuper reforms – tax loss and gain rollovers on transfers to ‘MySuper’ Fund [84]

The Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 was introduced in the House of Reps today. It contains the following amendments: would amend the ITAA 1997 to facilitate the Government’s MySuper reforms by providing income tax relief to superannuation funds where there is a mandatory transfer of default members’…

*Superannuation changes to be legislated: (1) $35k contribution cap for those over 50 & (2) withdrawal of excess contributions at marginal rates [80]

The Government has confirmed that it will introduce legislation to deliver 2 of its key superannuation reforms. The measures, announced on 5 April 2013, will allow for the withdrawal of excess concessional contributions without penalty and introduce a $35,000 concessional cap for people aged 60 or over. As noted above, the Government has released for comment exposure…