The Tax and Superannuation Laws Amendment (2014 Measures No 1) Regulation 2014 was registered on Wed 19.2.2014, to prescribe an interim method for calculating an individual’s “defined benefit contributions” to enable the Commissioner to determine a liability for Division 293 tax on superannuation concessional contributions for those with incomes above $300,000. The Regulation inserts reg…
The Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was introduced in the House of Reps on Wed 26.2.2014. The superannuation related measures are as follows. amend the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce civil and criminal penalties for promoters of schemes that have resulted, or are likely to…
The ATO on Wed 26.2.2014, released an Addendum to Miscellaneous Tax Ruling MT 2010/1 (Restrictions on GST refunds under s 105-65 of Sch 1 to the TAA) to broadly reflect amendments made by the Indirect Tax Laws Amendment (Assessment) Act 2012, which came into effect on 1 July 2012 and introduced a self-assessment regime for indirect taxes. [LTN 38,…
The Victorian Government has successfully challenged an ATO decision to impose GST on interment, Victorian Minister for Health David Davis has announced. Mr Davis said that last year, the ATO issued a ruling [Class Ruling CR 2013/41] in relation to GST on fees imposed by NSW councils, including cemetery fees. Following this, he said the…
This Determination, issued on Wed 5.2.2014, states that where real property is acquired following the exercise of a call option, the call option fee does not form part of the “consideration for the acquisition” for the purposes of s 75-10(2) of the GST Act [which states that GST can be imposed on the ‘margin’ land is…
It is understood that the Commissioner has discontinued his appeal to the Federal Court against the decision in AAT Case [2013] AATA 891, Re Swanbat Pty Ltd and FCT. The AAT had set aside the Commissioner’s amended assessment in relation to a BAS for the period 1 April 2008 to 30 June 2008 and held that the taxpayer’s net…
The AAT has mostly affirmed the Commissioner’s decision to impose on a taxpayer an administrative penalty for “recklessness” in relation to claims for input tax credits made in 9 amended BASs for the September 2008 to December 2010 quarters. Before the Tribunal, the taxpayer sought remission of id=”mce_marker”5,535 in penalties. The Commissioner had refused the majority of the taxpayer’s…
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…
The Tax Office is writing to tax agents who still lodge tax returns by paper to encourage them to lodge electronically. The ATO says that from 2014, lodgment program concessional due dates will only be available to lodgments received electronically. These changes will apply from: 2013-14 income tax returns lodged after 1 July 2014; 2013-14 FBT returns…
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,…