The Treasurer has confirmed that there will be some changes to the Government’s proposal for a lifetime cap of $500,000 on non-concessional superannuation contributions (in a radio interview on 2GB on Monday 8.8.16).These had been announced in the election campaign. if you get a pay-out as a result of an accident or something like that…
The Victorian Civil and Administrative Tribunal has set aside land tax assessments for the 2011 to 2015 land tax years issued to a taxpayer after finding that the principal place of residence (PPR) land tax exemption applied to his circumstances. In 2003, the taxpayer was left a property in his mother’s will. After moving into…
The Victorian Civil and Administrative Tribunal has affirmed land tax assessments after rejecting the taxpayer’s claim for the principal place of residence (PPR) exemption. The taxpayer owned 2 properties, one located in Sandringham and the other in Balnarring. Both properties were connected to water, gas and electricity services. The Commissioner issued land tax assessments for…
Two taxpayers have been successful before the NSW Supreme Court in a matter concerning whether they were to be treated as having assigned their rights under a call option and therefore liable to duty under s107(2)(b) of the Duties Act 1997 (NSW). On 24 September 2013, the taxpayers entered into an option deed with a vendor under which they…
The AAT has upheld an administrative penalty imposed on a partnership for failure to withhold PAYG amounts made under a labour hire arrangement. The husband and wife partnership business in question provided workers to farmers in the Robinvale area of Victoria, although the Tribunal noted that, from the evidence given, during the relevant period, the…
Retirees are increasingly choosing to access their superannuation through income streams rather than withdrawing lump sums, according to new analysis released today by the Australian Bureau of Statistics (ABS). Almost 1.2 million people were receiving an income stream from their superannuation in 2013-14, at an average of $502 per week. “Of that 1.2 million, about…
On Wednesday 3.8.2016, the ATO issued the following Class Ruling: CR 2015/57: Pacific Brands Ltd – Scheme of arrangement and payment of special dividend. It applies from 1 July 2016 to 30 June 2017. [LTN 148, 2/8/16] Section references: Income Tax Assessment Act 1936; Income Tax Assessment Act 1997 Extract from Class Ruling Scheme 15. Hanes is a corporation based in…
On Wednesday 3.8.2016, the ATO issued the following Class Ruling: CR 2016/56: FBT: employers who use the Ctrack Pty Ltd telematics system for car log book records and for odometer records. It applies from 1 March 2015. [LTN 148, 2/8/16] Extract from Class Ruling Ctrack Telematics Solution 9. Ctrack Pty Ltd (Ctrack) has developed a telematics solution which allows…
The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia’s $2 trillion superannuation system. ‘Our superannuation system is large, complex and has broad reach. This means even small system improvements can offer significant financial benefits to Australian workers, particularly in their retirement.’ ‘We have developed a framework that will…
To help you understand the new Country-by-Country reporting requirements, the ATO now has a publication on the high level design of the Local file (similar to that released on 7 July). The Local file is a statement multinational entities with an annual global income of A$1 billion are required to provide us for income years…