*Refunding excess GST – changes from previous lapsed Bill: draft legislation released (new Division 142) [31]

On 6 November 2013, the Government announced its intention to proceed with the previously announced proposal to restrict GST refunds with some amendments. The proposal for restrictions on GST refunds had been announced by the previous Government in August 2012 and detailed in the 2012-13 MYEFO. Following consultation on draft legislation, the proposal was introduced into the House of…

PS LA 2014/1 – Penalties for failure to comply with Ancillary Fund Guidelines [29]

The ATO on Thur 20.2.2014, issued Practice Statement PS LA 2014/1 to provide guidance to ATO personnel on how the Commissioner administers penalties for failure to comply with Ancillary Fund Guidelines. It also provides guidance on when directors of a corporate trustee may have a defence to the administrative penalties and when the Commissioner may remit such penalties. Broadly,…

PR 2014/2-3 – Portion of Annuity of ‘deductible amount’ assessable; Sandalwood Project – Commissioner will allow ‘non-commercial losses’ [27]

The ATO on Wed 26.2.2014, issued the following Product Rulings: PR 2014/2: Challenger Care Annuity. It applies prospectively from 1 July 2013 to entities that enter into the scheme from 1 July 2013 until 30 June 2016. Broadly, the Ruling states that regular payments made to the holder of the annuity are assessable income under s 27H(1) to the extent that the…

CR 2014/15 – Mobile phone receipt for donations to Vision Australia Ltd [244]

The ATO on Wed 5.2.2014, issued Class Ruling CR 2014/15 (Format of mobile phone receipt as evidence for donations to Vision Australia Ltd via SMS). It applies from 1 February 2014 until 30 June 2019. The Ruling states the Commissioner accepts the mobile invoice as satisfying the requirements under s 30-228 of the ITAA 1997 provided the receipt identifies the…

*Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v FCT – superannuation contributions surcharge tax is constitutionally valid for State MPs [22]

The ATO on Tue 4.2.2014, issued a Decision Impact Statement on the Full Federal Court’s decision in Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v FCT [2013] FCAFC 127. In that case, the Full Court upheld the constitutional validity of superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997…