ASIC consults on reforms to super fund retirement estimates [76]

ASIC has released a consultation paper proposing reforms to assist superannuation fund trustees in providing retirement estimates. Consultation Paper 203 Age pension estimates in superannuation forecasts: Updates to RG 229 (CP 203) proposes updates of ASIC’s original guidance issued in December 2011. CP 203 proposes reforms which: allow super funds to include the Age Pension as part…

ATO reminder to APRA regulated funds about SuperStream rules – validation by 2 April and transition to electronic rollover 1 July to 31 December 2013 [77]

In its SuperUpdate March 2013, the Tax Office has reminded APRA regulated superannuation funds that they must start complying with the new SuperStream data and e-commerce Standard for rollovers from 1 July 2013. To help funds get ready for processing rollovers in the Standard, there is a transition-in period from 1 July to 31 December 2013. The Tax Office says each APRA-regulated fund…

Commissioner appeals AAT case of Re Dowling and FCT – regarding an order to disregard a non-concessional superannuation contribution [70]

The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2013] AATA 49, Re Dowling and FCT. The AAT had set aside the Commissioner’s decision and ordered that a non-concessional super contribution for the 2009 year, and the related penalty that was assessed, be disregarded and not…

*DCT v Bayconnection case – no adjournment of winding-up, despite Pt IVC appeal being on foot – priority to collecting revenue and poor prospects [57]

The Federal Court has refused an application by 4 related companies for the adjournment of winding-up applications brought by the Commissioner. The matter related to an earlier finding of the AAT in AAT Case [2013] AATA 40, Re Bayconnection Property Developments Pty Ltd and Ors and FCT that the companies were not carrying on an…

*The Private Tutor and FCT – GST: tutor carrying on an enterprise, but input tax credits claims denied – no GST in acquisition price or private in nature [58]

The AAT has held that a taxpayer was carrying on an enterprise during the relevant period and therefore set aside the Commissioner’s decision cancelling his GST registration. However, the AAT denied the taxpayer’s input tax credit claims, and therefore affirmed the Commissioner’s assessments of the taxpayer’s net amounts for the relevant period. The Tribunal said…

Edwards v R – Jail sentence for falsely claiming GST refunds upheld (4 years and 3 months with a non-parole period of 2 years and 2 months) [59]

The NSW Court of Criminal Appeal has dismissed a taxpayer’s appeal against the severity of the sentence handed down by the NSW District Court concerning his lodgment of false BASs claiming GST refunds of just over $500,000. The District Court (Flannery DCJ) found that between 9 July 2004 and 4 January 2006, the taxpayer lodged 27 BASs on behalf…

Re Brookdale Investments Pty Ltd and FCT – No written agreement, so not a GST-free supply of a going concern [60]

The AAT has affirmed the Commissioner’s decision that a sale of various properties (“the land”) by a taxpayer was not a GST-free supply of a going concern but rather, was a “taxable supply” for GST purposes. It did not accept that statutory declarations made by the taxpayer and the purchaser constituted an agreement in writing…

GST low value import threshold not likely to be reduced any time soon [61]

In a recent speech, the Assistant Treasurer indicated that the Government was not in a position to lower the current id=”mce_marker”,000 “Low Value Import Threshold” for GST and duty. In its Interim Response to the Low Value Parcel Processing Taskforce’s Report, the Government announced that consistent with the recommendations of the Taskforce, it would begin…

CR 2013/19 – Kerbside waste collection and management services provided by NSW Councils are GST-free [62]

The ATO Wed 13.3.2013, issued Class Ruling CR 2013/19 (GST treatment of waste management services supplied by NSW councils). It applies from 1 July 2013. Broadly, the Ruling states that the kerbside collection of waste or the supply, exchange or removal of bins or crates used in connection with kerbside collection is exempt from GST under s 81-15…