Charities face losing tax concessions for not meeting reporting requirements: ACNC [66]

The Australian Charities and Not-for-profit Commission (ACNC) has warned that 1,400 charities face losing access to a range of Commonwealth tax concessions if they do not submit their overdue reporting before 30 March 2015. These charities have been identified for not having submitted their Annual Information Statement to the ACNC for 2 consecutive years. ACNC Commissioner, Susan…

Accountants providing SMSF advice: limited license exemption and external dispute resolution [65]

Accountants who want to continue to provide SMSF advice from 1 July 2016 must be appropriately licenced. One of the licencing options is a limited AFS licence which requires the accountant to be a member of an ASIC-approved external dispute resolution scheme (EDR) like the Financial Ombudsman Service Australia (FOS). FOS says it will work to “resolve…

SMSF investments that result in loans to members – ATO scrutinising breaches sole purpose test [64]

The ATO says it understands that some individuals and organisations are promoting arrangements where SMSF monies are deposited into unit trusts or pooled investment trusts less a management fee. This money is then used to obtain a personal or business related mortgage which results in the SMSF assets being used to provide members with current-day…

*Munro v Munro – a death benefit nomination form completed by a member of a SMSF was not a binding nomination [61]

The Queensland Supreme Court has held that a death benefit nomination form completed by a member of a self-managed superannuation fund (SMSF) was not a binding nomination. Accordingly, the trustees of the SMSF were not required to pay the benefit on death of the member in accordance with the nomination. Facts – In 2004, Mr…

Ward v FC of T – AAT had jurisdiction – decision NOT to make a determination for excess contributions relief – s292-465(9)(a) absurd – EM mischief [60]

In a preliminary matter, the AAT has found that it has jurisdiction to review the Commissioner’s decision not to make a determination under s292-465 of ITAA 1997 that a taxpayer’s excess non-concessional contributions be disregarded. In November 2012, the Commissioner issued a notice of assessment of excess non-concessional superannuation contributions tax for the 2010/11 year…