NSW: State Revenue Legislation Amendment Bill introduced – transfer duty on options to purchase land and mining tenements; fixed trust requirements; directors’ liability [102]

The State Revenue Legislation Amendment Bill 2013 (NSW) was introduced into the NSW Legislative Assembly Wed 29.5.2013. It proposes a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include: making further provision for duty on transfer of options to purchase land, including to prevent avoidance practices; making further provision…

Administration of charitable trusts: report released [96]

The Corporations and Markets Advisory Committee (CAMAC) today [Thur 30.5.2013] released its report Administration of charitable trusts. This report deals with administrative arrangements for charitable trusts managed by licensed trustee companies (LTCs). The terms of reference do not include charitable trusts administered by other persons, or other types of charitable entities. CAMAC’s starting point was…

*ACNC releases details of its approach to regulating charities [92]

The Australian Charities and Not-for-profits Commission (ACNC) on Tue 7.5.2013, released a statement on its regulatory approach. Details are on the ACNC website. Speaking at the release of the regulatory approach, ACNC Commissioner Susan Pascoe emphasized that the majority of charities act honestly but when willful wrongdoing occurs the Commission will use its regulatory powers.…

*The ATO has released a draft version of the ‘Fund Validation Service’ which contains draft fund details of APRA-regulated super funds [90]

The ATO has released a draft version of the Fund Validation Service which contains draft fund details of APRA-regulated super funds. It said the response rate from APRA-regulated funds in providing details for the register has been encouraging and it will work with the industry to ensure that all fund details are included in the…

*Doubling the tax on superannuation contributions for those earning over $300,000: draft legislation released [78]

The Government on Wed 1.5.2013, released for public consultation draft Tax Laws Amendment (Sustaining the Superannuation Contribution Concession) Bill 2013 and draft Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013. They propose to reduce the tax concession that individuals with income above $300,000 receive on their concessional superannuation contributions from 30% to 15% by…

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…