John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

Retirement income products and regulation: Govt discussion paper released [46]

The Government Mon 21.7.2014, release a discussion paper, Review of retirement income stream regulation, to investigate the regulatory barriers for retirement income stream products. The discussion paper also considers extending concessional tax treatment to facilitate deferred lifetime annuities (DLA) and the minimum annual payment amounts for account-based pensions. The Acting Assistant Treasurer said that the…

SMSF auditor registration fees increased by $3 from 1 July 2014 to $103 and the SMSF Annual Statement goes up $1 to $51 [43]

ASIC has announced a $3 increase in the SMSF auditor registration and competency exam fees, as well as a id=”mce_marker” increase in the lodgment of an SMSF auditor annual statement. From 1 July 2014, the SMSF auditor registration is id=”mce_marker”03, SMSF auditor competency exam (id=”mce_marker”03) and SMSF auditor annual statement ($51). Approved SMSF auditors must be registered…

Re Dowling and FCT – Super excess non-concessional contributions tax affirmed; no special circumstances [42]

A taxpayer has been unsuccessful before the AAT in seeking the Commissioner’s discretion under s 292-465 of the ITAA 1997 to disregard or re-allocate to another financial year all or part of her excess non-concessional contributions to super in the 2010-11 financial year. The case involved a husband and wife who had re-organised their superannuation accounts…

Part-time tertiary courses to be tertiary courses to be GST-free retrospectively from 2009 – determination registered July 2014 [39]

The A New Tax System (Goods and Services Tax) (Tertiary Courses) Determination 2014 was registered Mon 28.7.2014. It specifies part-time tertiary courses to be tertiary courses for the purposes of the GST Act with the effect that GST is not payable on the supply of those courses. The Determination is taken to have commenced on…