Most charity info statements completed on time: ACNC [51]

The Australian Charities and Not-for-profits Commission (ACNC) says thousands of charities have shared valuable information about their work by submitting their first ever information statement to the Commission. More than 25,000 of the estimated 30,000 charities with a 31 March deadline completed their Annual Information Statement on time.  This involved a series of questions about the core…

*TD 2014/7 – Segregation of superannuation fund bank accounts now possible (ATO’s changed its view) [50]

This Determination, released on Wed 9.4.2014, sets out the circumstances in which a bank account of a complying superannuation fund is a “segregated current pension asset” under s 295-385 of the ITAA 1997. The application of the definition to a bank account is a key requirement for a self-managed superannuation fund (SMSF) to qualify for a…

*Re Dominic B Fishing Pty Ltd and FCT – Super guarantee: Fishing crew members not “employees” as engaged in joint venture [48]

The AAT has held that fishing crew members on a commercial fishing vessel operated by the taxpayer were not “employees” at common law or under the extended meaning of that term in s 12(3) of the Superannuation Guarantee (Administration) Act 1992 (SGAA). As such, the taxpayer company was not required to make superannuation contributions in respect…

*GSTR 2014/D1 – GST: Commissioner’s views on motor vehicle incentive payments after AP Group Ltd case [47]

This Draft GST Ruling, issued on Wed 23.4.2014, explains the Commissioner’s view on the GST consequences of incentive payments made by motor vehicle manufacturers, importers and distributors to motor vehicle dealers. The Draft seeks to provide practical guidance to the motor vehicle industry following the decision of the Full Federal Court in AP Group Ltd…

Governments endorse new OECD Guidelines on applying VAT across borders [46]

The governments of 86 countries have taken a key step towards preventing VAT/GST from weighing on trade while also safeguarding state revenues by endorsing the first internationally agreed framework for applying national VAT/GST rules to cross-border transactions. More than 250 high-level representatives of around 100 countries, jurisdictions and international organisations, attending the second meeting of…

*PS LA 2005/2 (GA) on when margin scheme can be selected after the supply – amended to vary references [45]

The ATO has amended the following Practice Statements PS LA 2005/2 (GA) was amended on 14 April 2014 to remove reference to a number of fact sheets and replace with GSTR 2006/7. The Practice Statement explains when the Commissioner may accept that an entity, which did not choose to apply the margin scheme to work out the GST on…

*re Living Choice Australian Limited and FCT – Retirement village developer allowed partial ITC claims – 13% creditable purpose [42]

The AAT has held that a retirement village developer’s input tax credit (ITC) entitlements for certain acquisitions for the relevant periods was 13%, but remitted to the Commissioner consideration of its ITC entitlement of other acquisitions. The taxpayer company is a member of a GST registered group comprised of 6 members that operate retirement villages.…