The Australian Charities and Not-for-profits Commission (ACNC) has issued a notice listing the revocation of 408 missing charities from their registration as a charity under s35-10 of the Australian Charities and Not-for-profits Commission Act 2012. The revocation took effect from Mon 24.11.2014 (ie the date of the notice). The ACNC said it had made multiple…
Financial information from Australia’s registered charities will be made publicly available free of charge by the Australian Charities and Not-for-profits Commission (ACNC). As part of the 2014 Annual Information Statement, all charities except for Basic Religious Charities and those registered with the Office of the Registrar of Indigenous Corporations (ORIC) are required to provide financial…
The Small Business Minister on Wed 26.11.2014, announced that from 1 July 2015, access to the Small Business Superannuation Clearing House (SBSCH) will be extended to all businesses with an annual turnover below the $2m small business entity turnover threshold. Mr Billson said the proposal will “provide approximately 27,500 additional small businesses with a cost free solution…
The ATO on Wed 12.11.2014, released a speech delivered by ATO Assistant Deputy Commissioner Superannuation, Stuart Forsyth, at the ICAA National SMSF Conference on 11 September 2014. Mr Forsyth provided an update on compliance activities and the regulation of SMSFs. Some key points made by Mr Forsyth include: Compliance activities – In the past year, the ATO undertook a…
From 1 July 2013, any excess concessional superannuation contributions are automatically included in an individual’s assessable income and taxed at their marginal tax rate (plus an interest charge). Individuals can elect to release up to 85% of their excess concessional contributions from their superannuation fund to the Tax Office as a “credit” to cover the additional personal…
This Determination, issued on Wed 19.11.2014, sets out the Commissioner’s view that a payment made as a result of a partial commutation of an account based pension that is a transition to retirement income stream (TRIS) counts towards the “minimum annual amount” required to be paid from the pension account under reg 1.06(9A)(a) of the…
The AAT has upheld an excess contributions tax assessments after ruling that there were no “special circumstances” to reallocate excess concessional contributions made late via a clearing house. The husband and wife taxpayers are directors and employees of an electrical services company. On 27 June 2008, the wife, as the company’s bookkeeper, processed a superannuation contribution payment…
ASIC on Tue 11.11.2014, announced that it has commenced proceedings in the Supreme Court of NSW seeking interim and final orders to prevent property investment promoter, Park Trent Properties Group Pty Ltd (Park Trent), from carrying on an unlicensed financial services business. Park Trent’s business promotes the use of self-managed super funds (SMSFs) to purchase…
The ATO on Wed 12.11.2014, issued Draft GST Ruling GSTR 2014/D5 which explains the GST treatment of particular transactions arising in the context of development lease arrangements entered into between government agencies and private developers. It broadly states that the identification of the supplies that are made for consideration arising under a development lease arrangement…
The AAT has allowed an engineering company part of its claims for input tax credits (ITCs) in respect of various acquisitions. The Commissioner audited the taxpayer, a structural engineering services company, and issued a notice of assessments of net amount that increased its GST liability on the basis it had not reported all of its…