Liwszyc v FCT – Excess super contributions tax: late BPay not “special circumstances” [41]

The Federal Court has upheld a superannuation excess contributions tax assessment and affirmed the Commissioner’s decision that there were no “special circumstances” under s 292-465 of the ITAA 1997 to warrant reallocating excess concessional contribution received late via BPay. The taxpayer is the managing director of a fluid technology company. On 30 June 2009, the bookkeeper for the…

Actuaries’ submission that they ought to be exempt from regulation under the Tax Agent Services Act in relation to certain superannuation related services [40]

The Actuaries Institute has released its submission in response to Treasury’s discussion paper entitled, Better regulation and governance, enhanced transparency and improved competition in superannuation (released in November 2013). The Institute raised a number of issues. In relation to regulation, the Institute expressed its concern about the potential additional regulation of actuarial services via the Tax Agent…

Superannuation Div 293 tax and defined benefit contributions: Regs amended [38]

The Tax and Superannuation Laws Amendment (2014 Measures No 1) Regulation 2014 was registered on Wed 19.2.2014, to prescribe an interim method for calculating an individual’s “defined benefit contributions” to enable the Commissioner to determine a liability for Division 293 tax on superannuation concessional contributions for those with incomes above $300,000. The Regulation inserts reg…

Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 introduced – penalties for early release promoters; SMSF trustee directions and penalties [37]

The Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was introduced in the House of Reps on Wed 26.2.2014. The superannuation related measures are as follows. amend the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce civil and criminal penalties for promoters of schemes that have resulted, or are likely to…

*MT 2010/1 Addendum to Ruling GST refund restrictions – for 2012 legislation introducing ‘self-assessment’ provisions [36]

The ATO on Wed 26.2.2014, released an Addendum to Miscellaneous Tax Ruling MT 2010/1 (Restrictions on GST refunds under s 105-65 of Sch 1 to the TAA) to broadly reflect amendments made by the Indirect Tax Laws Amendment (Assessment) Act 2012, which came into effect on 1 July 2012 and introduced a self-assessment regime for indirect taxes. [LTN 38,…

*GSTD 2014/2 – GST: consideration paid for the call option is not included in the cost of land under the margin scheme provision in s75-10(2) [34]

This Determination, issued on Wed 5.2.2014, states that where real property is acquired following the exercise of a call option, the call option fee does not form part of the “consideration for the acquisition” for the purposes of s 75-10(2) of the GST Act [which states that GST can be imposed on the ‘margin’ land is…

*Re Swanbat Pty Ltd and FCT – Commissioner discontinues his appeal the decision setting aside his assessment under s105-55 of the TAA1 [33]

It is understood that the Commissioner has discontinued his appeal to the Federal Court against the decision in AAT Case [2013] AATA 891, Re Swanbat Pty Ltd and FCT. The AAT had set aside the Commissioner’s amended assessment in relation to a BAS for the period 1 April 2008 to 30 June 2008 and held that the taxpayer’s net…

Re Cartesian Capital Pty Ltd and FCT – penalty for claiming input tax credits without tax invoices – mostly affirmed [32]

The AAT has mostly affirmed the Commissioner’s decision to impose on a taxpayer an administrative penalty for “recklessness” in relation to claims for input tax credits made in 9 amended BASs for the September 2008 to December 2010 quarters. Before the Tribunal, the taxpayer sought remission of id=”mce_marker”5,535 in penalties. The Commissioner had refused the majority of the taxpayer’s…