The NSW Administrative Decisions Tribunal has held that a taxpayer was entitled to the principal place of residence (PPR) land tax exemption in respect of a property for the 2006 to 2009 land tax years. At all relevant times, the taxpayer lived on the property in a purpose-built garage. Whilst living there, taxpayer oversaw the…
The NSW Court of Appeal has by majority allowed the appeal of 2 taxpayers in relation to whether they were entitled to the principal place of residence (PPR) land tax exemption for the 2004 to 2008 land tax years. The taxpayers owned the subject land. Before December 2002, and for a continuous period of at least 6…
The Government on Mon 22.4.2013, released for comment draft legislation to implement its April 2012 announcement that it would provide income tax relief to ensure default members of superannuation funds are not adversely affected if their account balances are mandatorily transferred to another fund as a result of the MySuper reforms. The ITAA 1997 would be amended…
The Government on Tue 30.4.2013, released Exposure Draft – Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 proposing to implement the remaining MySuper and governance measures as part of the Government’s Stronger Super reforms. The draft regulations will prescribe the details to support the measures contained in the 4 tranches of MySuper and governance legislation. Note…
The ATO today [Mon 29.4.2013] issued a Decision Impact Statement on the decision of the Federal Court in FCT v Boyn [2013] FCA 232. In that case, the Federal Court allowed the Commissioner’s appeal and ruled that the Commissioner was not required to allocate deductions and prior year losses in the manner most favourable to…
The Inspector-General of Taxation (IGT) celebrates 10 years of service to the Australian community this year. Inspector-General Ali Noroozi said this is a landmark for the new breed of specialist scrutineering agencies. “Some scepticism was voiced about the IGT office when it was set up. I think it is fair to say that the office’s…
The Government on Mon 8.4.2013, issued for comment exposure draft legislation and explanatory material proposing to introduce a statutory definition of charity and charitable purpose for the purposes of all Commonwealth legislation as announced in the 2011 Federal Budget. The Government has also released a factsheet summarising the key issues. According to the Government, the…
ASIC says that on Friday, 12 April 2013, it registered the 2,000th auditor as part of the new self-managed superannuation fund (SMSF) auditor registration reform. As of Wed 17.4.2013, ASIC said it had registered a total of 2,192 approved SMSF auditors. From 1 July 2013, those wishing to conduct SMSF audits must be registered with ASIC. The regulator recommends…
ASIC Thur 18.4.2013, released a report, SMSFs: Improving the quality of advice given to investors (REP 337), outlining its findings from a review into the quality of advice provided in the self-managed superannuation fund (SMSF) sector. The review by ASIC’s SMSF taskforce covered over 100 investor files that were identified as being “higher risk”, eg…
APRA has on Tue 23.4.2013, released for consultation a draft reporting form for the collection of data from APRA-regulation superannuation funds to assist with the benchmarking and evaluation of the SuperStream reforms. In a letter to RSE licensees, APRA noted that the success of SuperStream in improving the efficiency of the superannuation back-office function will…