*Super fund mergers and the proportioning rule: Draft legislation released [42]

The Government on Tue 23.9.2014, released draft legislation to clarify that a tax integrity rule would not be triggered when superannuation benefits are rolled over to another fund as part of a merger between funds. The draft legislation proposes to amend the ITAA 1997 to ensure that individuals whose superannuation benefits are involuntarily transferred from…

*CGT exemption to trustees for compensation and insurance: Draft legislation released [41]

The Government Tue 23.9.2014 released draft legislation to give effect to minor amendments to the operation of the CGT provisions in the ITAA 1997. In particular, the proposed changes seek to ensure a CGT exemption is available to trustees and beneficiaries who receive compensation or damages for certain insurance policies. It is intended that trustees…

*GSTR 2014/D4 – GST: meaning of “passed on” and “reimbursed” for the purposes of the new ‘anti-refund’ provision: s142-10 [40]

This Draft GST Ruling, issued on Wed 24.9.2014, explains the Commissioner’s view on the meaning of the terms “passed on” and “reimburse” for the purposes of determining whether s 142-10 of the GST Act applies to an amount of excess GST. It says generally, Div 142 operates so that an entity would not be entitled to a…

*Re The Trustee of Oenoviva (Australia & New Zealand) Plant and Equipment Trust and FCT – GST input tax credits: no standing to act on behalf of another entity [38]

An individual has been unsuccessful before the AAT in seeking to have standing and authority to act on behalf of another entity (the taxpayer). The matter related to the Commissioner’s refusal to allow a claim made by the taxpayer as trustee of a trust for input tax credits for creditable acquisitions of $3.15m for the…

*Re North Sydney Developments Pty Ltd v FCT – Sufficient notification of GST refund – ATO reaction [39]

The ATO has issued a Decision Impact Statement on AAT Case [2014] AATA 363, Re North Sydney Developments Pty Ltd and FCT. In this case, the AAT held the taxpayer’s letter of 3 September 2009, to the Commissioner, satisfied the “notification” requirement in s 105-55 of Sch 1 to the TAA, thereby extending the 4-year time limit in that…