The ATO on Tue 19.3.2013, released details of its administrative treatment regarding the proposed changes to reform tax concessions provided to not-for-profit organisations. The changes seek to ensure that concessions are targeted only at activities directly furthering an organisation’s purpose. The changes have a general proposed start date of 1 July 2014, and transitional arrangements will apply…
Draft legislation was recently released (in respect of which submissions closed on 8 March 2013) about amending the Tax Agent Services Act 2009 (TASA) to bring entities that give tax advice in the course of advising on one or more financial products within the regulatory regime administered by the Tax Practitioners Board. This was proposed to commence…
The Tax Practitioners Board (TPB) has issued for comment Exposure Draft Proposed TPB Guideline TPB(PG) D04/2013 (Course in Australian taxation law that is approved by the Board for tax (financial product) advisers). The Draft Guideline sets out the preliminary views of the Board in relation to the meaning of “a course in Australian taxation law…
The Commissioner for ACT Revenue has been unsuccessful before the ACT Supreme Court in appealing a matter concerning the dutiable value of what he argued to be “house and land packages” or “off the plan” purchase arrangements under the Duties Act 1999 (ACT). In this case, the taxpayers signed contracts with the intention of obtaining…
The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to group a taxpayer with another company for payroll tax purposes for the tax years ended 30 June 2007 and 30 June 2008. The taxpayer is a manufacturer of giftware products. From 2002, 60% of the shares were held by Mr & Mrs S and the other 40% of…
The NSW Administrative Decisions Tribunal has affirmed land tax assessments issued to 3 taxpayers in relation to a property (a holiday home) for the 2008 to 2012 land tax years. In 1981, the taxpayers acquired the property. Following completion of a land tax questionnaire in October 2012, the Commissioner issued to the taxpayers land tax assessments in…
The taxpayers have sought special leave to appeal to the High Court from the decision of the Full Court of the SA Supreme Court in National Mutual Life Association & Ors v Comr of State Taxation [2011] SASCFC 106. The Supreme Court had dismissed the appeals of 3 taxpayers (ING Life Ltd, ANZ Life Assurance…
The WA State Administrative Tribunal has made a decision concerning whether 4 exploration licences were “land” within the meaning of the Duties Act 2008 (WA). In 2011, the taxpayer became the holder of a controlling interest in a company (A Co). That company at that time held certain rights in respect of 4 exploration licences…
The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 20.3.2013. It contains the following amendments: Super co-contribution – the Bill would amend the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to make changes to the superannuation co-contribution ie (i) reduce the…
The Superannuation Legislation Amendment Regulation 2013 (No 1) was registered on Mon 4.3.2013, to implement aspects of the Stronger Super reforms. The amendments to the SIS Regulations and Corporations Regulations 2001 set out the MySuper notification requirements for transfers of accrued default amounts, prohibit self-insurance and restrict the types of insurances that can be offered…
