The Qld Civil and Administrative Tribunal has denied a taxpayer’s claim for an exemption from duty to correct a “clerical error” under s 152 of the Duties Act 2001 (Qld). The taxpayer had sought the exemption following a discovery by the taxpayer’s accountant that the subject investment property was held in the names of the taxpayer…
The High Court has refused the Victorian Commissioner of State Revenue’s application for special leave to appeal against the decision of the Victorian Court of Appeal in Comr of State Revenue v Challenger Listed Investments Ltd [2011] VSCA 272. The Court of Appeal had dismissed the Commissioner’s appeal against the decision at first instance, which…
The Victorian Civil and Administrative Tribunal has affirmed the Commissioner’s assessment of duty in respect of 2 interrelated transactions involving a tourist park. In doing so, the Tribunal held that the cabins used in the park were plant and equipment, and not goods that were stock in trade that fell within the exception under s 10(1)(d)(i)…
On 22 January 2013, the Parliamentary Joint Committee on Corporations and Financial Services held a hearing into the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012. The Bill, still before the House of Reps, contains the 4th and final tranche of legislation implementing the government’s MySuper and governance reforms. The Committee heard from representatives from…
Shadow Assistant Treasurer Senator Mathias Cormann says the reason a company director was hit with a 78% tax rate on inadvertent excess super contributions (the Verschuer AAT case – see above) was because the Government had not fixed a problem that has existed for the last 2 1/2 years. Senator Cormann said more than 65,000…
The Assistant Treasurer has announced that APRA on Thur 3.1.2013, received the first MySuper applications from superannuation funds. MySuper is a new cost effective, simple superannuation product that super funds will be authorised to offer from 1 July 2013. Key MySuper features include: standardised disclosure of costs, fees, risk and returns, making comparisons easier; a ban on…
The ATO has reminded tax agents that if they have newly registered self-managed super fund (SMSF) clients, their 2012 Self-managed superannuation annual return is due on 28 February 2013. The ATO says SMSFs that did not have assets set aside for the benefit of their members and had not commenced operating in their first year of registration may request…
APRA has written to all locally incorporated Authorised Deposit-taking Institutions (ADIs) (ie banks, building societies, etc) to clarify the appropriate capital treatment of ADIs’ loans to self-managed super funds (SMSFs) that are secured by residential mortgages (SMSF loans) under Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk (APS 112) and Prudential Standard…
The Tax Office has released an SMSF News Alert outlining the circumstances in which the Commissioner will exercise his powers of general administration to allow a superannuation income stream to continue, even though it has not met the minimum pension standards in the SIS Regulations. To this end, the Tax Office has published, Self-managed super…
ASIC has reminded auditors of self-managed superannuation funds (SMSFs) that applications for registration as an approved SMSF auditor can be made via the ASIC website from 9am AEST on 31 January. ASIC expects to receive a large number of applications for registration during the transitional period from 31 January to 30 June 2013. As such, it advises auditors to apply…