*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…

*RV Investments (Aust) Pty Ltd as Trustee for the RV Unit Trust v FCT – burden of proving creditable acquisition on taxpayer and no question of law [49]

A taxpayer has been unsuccessful before the Federal Court in challenging a decision of the AAT, which had varied the Commissioner’s decisions concerning GST assessments covering 6 quarterly tax periods from 1 July 2009 to 31 December 2010. The taxpayer operated (via a unit trust) a business of repairing, maintaining and hiring motor vehicles. The AAT concluded that the…

*MBI Properties Pty Ltd v FCT – High Court hears appeal against decision that after the grant of a lease there is no ongoing ‘supply’ [47]

The further hearing of the Commissioner’s appeal against the Full Federal Court decision in MBI Properties Pty Ltd v FCT [2013] FCAFC 112 began on Tue 4.11.2014 before a Full Court of the High Court in Canberra. It is expected this will be the final day of the appeal. The Full Federal Court had overturned…

Building and construction industry: last chance for 2013-14 Annual Report due on 21 July 2014 to be lodged without penalties [46]

The ATO has advised that it is writing to businesses in the building and construction industry who have not lodged their 2013-14 Taxable payments annual report. It said the letter will generally be sent to businesses and will remind them that the report is now overdue. Taxable payments annual reports were due by 21 July. The…