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

APRA super funds generally compliant, but tax compliance focus remains: ATO [30]

ATO Assistant Commissioner, Public Groups and International, Peter O’Reilly, delivered a speech at the Tax Institute National Superannuation Conference on 14 August 2014. Mr O’Reilly provided an update on ATO audit and review activities in the super sector and said the ATO’s assessment was that, “APRA funds are, by and large, generally compliant with their income tax…

Verification of SMSF details; time frames for rollovers; etc – SIS regs amended [27]

The Superannuation Laws Amendment (2014 Measures No 1) Regulation 2014 was registered Tue 26.8.2014. It contains amendments to the SIS regs and the RSA regs that are minor and technical in nature which relate to: verification of SMSF and member details; timeframes for rollover and transfers; unique contribution identifiers; amendments to the life insurance definition;…

GSTD 2014/D3 – GST: transport by sea and “destination outside Australia” [26]

This Draft Determination, released Wed 20.8.2014, states that a “destination outside Australia” for the purposes of s 38-355(1) of the GST Act [which makes the transport of persons GST-free] is a specific physical location outside Australia stopped at by the ship where that location is significant to the passenger having regard to facts and circumstances considered…

Re Davsa Forty-Ninth Pty Ltd as Trustee for the Krongold Ford Business Unit Trust and FCT – ‘enterprise’ but input tax credits denied for other reasons [25]

The ATO on Fri 1.8.2014, released Decision Impact Statements on AAT Case [2014] AATA 337, Re Davsa Forty-Ninth Pty Ltd as Trustee for the Krongold Ford Business Unit Trust and FCT – In this case, the AAT mostly denied the taxpayer’s claims for input tax credits (ITCs) and a decreasing luxury car tax (LCT) adjustment…

Offshore bank accounts; Govt grants, music royalties: ATO data-matching programs [24]

The ATO Thur 21.8.2014, gazetted notices announcing the following data-matching programs: Banking transparency – the ATO will request and collect account details of bank customers from various financial institutions listed in the notice to identify Australian resident taxpayers with offshore bank accounts which may evidence undeclared income and/or gains for the years ended 30 June 2012 to 2015. The…

Dividend washing ATO compliance program enters next phase – deadline per next letter or 22 September 2014 [20]

The ATO says it will soon commence the next phase of its dividend washing compliance program by issuing letters to 500 taxpayers who did not respond to the ATO’s initial letters, and up to 1,500 other taxpayers who updated data analysis suggests may have entered into a dividend washing transaction. The letters will ask those taxpayers to…