ASIC Mon 10.12.2012, released guidance to assist auditors of self managed superannuation funds (SMSF) register with ASIC. The guidance has been issued ahead of a new registration scheme for auditors to commence on 31 January 2013 as part of the Federal Government’s “Stronger Super” reforms. Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243) explains…
The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 received Royal Assent on 3 December 2012 as Act No 171 of 2012. The Bill is the third tranche of MySuper legislation and contains amendments relating to the transition of accrued default balances to MySuper by 1 July 2017, default funds in modern awards, superannuation fees, providing intra-fund…
The Governor-General has proclaimed 1 January 2013 as the day on which items 2 to 13 of Sch 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 will commence. These provisions provide for the application and authorisation process for MySuper products. The 1 January 2013 commencement date seeks to provide APRA with a reasonable timeframe in which to…
According to this GST Determination, released on Wed 19.12.2012, new residential premises have not been used for residential accommodation before 2 December 1998 for the purposes of para 40-65(2)(b) of the GST Act, where the premises were only operated as commercial residential premises before that date. The ATO says new residential premises as referred to in para…
The ATO on Wed 19.12.2012, issued 3 GST Rulings on GST and residential premises (GSTR 2012/5), GST and commercial residential premises (GSTR 2012/6), and GST and long-term accommodation in commercial residential premises (GSTR 2012/7). GST and residential premises – GSTR 2012/5 broadly considers how Subdivs 40-B and 40-C of the GST Act apply to supplies…
The Federal Government on Mon 3.12.2012, announced its interim response to the Low Value Parcel Processing Taskforce report. The work of the Taskforce followed the 2011 Productivity Commission (PC) report into the retail sector. The PC found that the low value threshold for GST and duty on imported goods was not the main factor affecting…
The ATO on Mon 10.12.2012, released a Decision Impact Statement on the decision in AAT Case [2012] AATA 763, Re SDI Group Pty Ltd and FCT. In that case, the AAT held that a transaction in relation to the sale of a commercial property met the requirements of a going concern under s 38-325 of the…
The AAT has affirmed the Commissioner’s decision concerning the GST liability of 2 taxpayers associated with the sale of real property between 2008 and 2009. The taxpayers had purchased property, which was eventually subdivided and on-sold. They contended, among other things, that they “never had an intention of not including GST in returns or defrauding…
The Full Federal Court has dismissed a taxpayer’s appeal against an earlier AAT decision. In AAT Case [2011] AATA 124, Re Cyonara Snowfox Pty Ltd and FCT: the AAT affirmed that an election to apply the margin scheme under Div 75 of the GST Act, for supplies made on or before 16 March 2005, could not be made…
The Tax Commissioner, on Tue 18.12.2012, signed an annual compliance arrangement (ACA) with BAE Systems that is designed to provide certainty, strengthens compliance and reduces compliance costs for BAE and the ATO. The annual compliance arrangement covers BAE’s income tax and GST tax obligations. Mr D’Ascenzo said the arrangements offered an innovative way forward for…