*Charity financial info to be made publicly available (in the one place and free of charge: ACNC [59]

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…

*Small business super clearing house expansion; choice of fund changes: Government announcement [58]

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…

*Releasing excess concessional contributions from super – operation and ATO timing [55]

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…

*Re Hope and FCT – Excess super contributions tax – no relief for late contributions via clearing house [53]

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 seeks court order to stop property promoter from providing unlicensed financial product advice on SMSFs [52]

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…

*GSTR 2014/D5 – GST: development lease arrangements and government agencies – when there are supplies for consideration [51]

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…

*Re Giuseppe Caporale Structural Engineers Pty Ltd and FCT – GST: Some ITC claims allowed: partial win for taxpayer [50]

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…