Key News Summary: APRA has taken action against IOOF and its associated entities centering around their conflict of interest and failure to act in the best interests of members, by enforcing the RSE Licence, imposing more conditions, seeking to disqualify 5 individuals as directors of superannuation entities and seek declarations of contraventions of the SIS…
Key News Summary: The SIS Regs are now amended to allow recent retiree’s (aged up to 75) a 1 year exemption from the work test, if they have less than $300k in super, from 1 July 2019 (as announced in the 2018 Federal Budget). The Treasury Laws Amendment (Work Test Exemption) Regulations 2018 were…
Key News Summary: The Full Federal Court found that a father was not in an ‘interdepency relationship’ prior to his son’s death, applying the relevant SIS Act definition, and the superannuation death benefits were appropriately payable to the son’s legal personal representative, under the Fund’s rules. The Full Federal Court has upheld a decision…
The ATO has released the GIC and Shortfall interest charge (SIC) rates for the third quarter of 2018-19 covering Jan- March 2019. They are: GIC annual rate – 8.94% (base rate + 7%). GIC daily rate – 0.02449315%. SIC annual rate – 4.94% (base rate + 3%) SIC daily rate – 0.01353425%. The ATO’s website explains that the…
Key New Summary: The Commissioner issued PCG 2018 to facilitate administration of the fraught issue of which companies had to adopt the lower 28.5% and 27.5% tax and framing rates in the 2016, 2017 and 2018 years by not, in the ordinary course, applying audit resources to those issues. On Thurs 6.12.2018, the ATO…
Key News Summary – In the Placer Dome case the High Court found that Barrick Gold had to pay $55m ‘landholder’ duty in its $15b takeover of the gold miner in 2006 – because it did not have non-land assets of more than 40% of its total property, because ‘legal’ goodwill was limited to factors that ‘attract…
Key News Summary: On 5.12.18, the Senate passed the Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017 with a Government amendment that would remove the schedule, under which taxpayers would have been able, to to self-assess the ‘effective life’, of in-house software and various intellectual property assets, held from 1 July 2016. This…
Key News Summary: The Senate passed the Treasury Laws Amendment (2018 Measures No 4) Bill 2018, on Wed 5.12.2018, with amendments moved by the Government. The amendments were to add further DGRs and extend the time in which deductions can be made to another DGR. The Bill must now return, to the House of Representatives,…
Key News Summary: The ATO issued LCR 2018/D8 to explain and support the amendments requiring ABN holders to now report payments made, on or after 1 July 2019, to sub-contractors for: road freight services; security, investigation or surveillance services; and information technology (IT) services, provided on their behalf. This draft Ruling describes how the…
Key News Summary: The ATO issued Taxation Determination TD 2018/16, on Wed 5.12.2018, ruling that payments made, under the National Redress Scheme to victims of institutional child sexual abuse, are not taxable. Ruling 1. If an application made under the National Redress Scheme for people who have experienced institutional child sexual abuse (Redress Scheme)…