Defined benefit contributions for Div 293 tax purposes: draft regs released [73]

The Government has released for public consultation an exposure draft for Tax and Superannuation Laws Amendment (2014 Measures No 2) Regulation 2014: Calculating defined benefit contributions – final arrangements from 1 July 2013 and the accompanying explanatory material. The draft Regulation prescribes the methodology for determining defined benefit contributions for Div 293 tax purposes in respect of the…

*Re RV Investments (Aust) Pty Ltd and FCT – Challenge to GST assessments partly successful – whether ‘creditable acquisitions’ and ‘only’ 50% penalty [71]

A taxpayer which operated (via a unit trust) a business of repairing, maintaining and hiring motor vehicles, has been partly successful in challenging GST assessments. The assessments related to the period from 1 July 2009 to 31 December 2010 and were issued following an audit of the taxpayer’s activity statements. The taxpayer had disclosed taxable supplies totalling id=”mce_marker”.015m, leading…

*ATS Pacific Pty Ltd v FCT – GST: Supplies to non-resident travel agents fully taxable – no GST-free element for ‘arranging’ services to foreign travel agent [70]

The Full Federal Court has unanimously upheld the Commissioner’s argument that a supply made by an Australian inbound tour operator to overseas customers was fully subject to GST. At first instance, the Federal Court held that the supply of a promise to provide travel products (such as hotel rooms, airport transfers etc) to non-resident tourists…

*Australia Pacific Pty Ltd & Ors v Building and Construction Industry Authority – GST is part of the ‘cost’ of the project and subject to building training levies [69]

The Magistrates Court of Qld (at Brisbane) has held that GST on domestic and imported goods used in a coal seam gas project in Qld is a component of the cost of building and construction work and therefore subject to a building and construction training levy, and long service leave levy and a work health…

*Treasurer will “explore” lowering GST-free import threshold [68]

The Treasurer has agreed to a request from the States collectively to further explore options around lowering the value at which GST is applied to the importation of goods into Australia. The threshold is currently id=”mce_marker”,000. The Treasurer has also proposed an asset recycling initiative, which he said “could see the Commonwealth offer substantial financial…

R&D tax incentive registration deadline is 30 April 2014 for standard year balancer’s year ended 30 June 2013 claims – reminder [65]

Annual registration of R&D activities with AusIndustry is a prerequisite for companies claiming the R&D Tax Incentive. The deadline for lodging an application for registration is 10 months after the end of a company’s income year. This means that companies with a standard year of income of 1 July 2012 to 30 June 2013 who wish to apply for…