In a decision handed down on Tue 16.7.2013, the AAT affirmed the Commissioner’s decision to impose on a taxpayer an administrative penalty at the rate of 50% for “recklessness”. The taxpayer was an importer of construction goods. On 16 July 2012, it lodged a BAS claiming input tax credits (ITC) for the GST payable in relation to…
The ATO on Mon 8.7.2013, released a Decision Impact Statement on the AAT’s decision in AAT Case [2013] AATA 347, Re Young & Anor and FCT. In that case, the AAT held that Commonwealth superannuation contributions surcharge legislation did not validly apply the taxpayers in this case – Deputy State Solicitors of Western Australia. Broadly,…
The Tax Laws Amendment (2013 Measures No 3) Act 2013 has amended the Tax Agent Services Act 2009 (TASA) so that, from 1 July 2014, financial advisers who provide tax (financial) advice can register with the Tax Practitioners Board (TPB). Ian Taylor, Chair of the TPB, said the Board has been consulting with industry and stakeholders on…
The Government on Thur 11.7.2013, launched an online register – the new Australian Charities and Not-for-profits Commission (ACNC) Register – which will enable the public to access information about more than 57,500 registered charities. The Government said the information available on the Register will be enhanced over time, as charities begin to provide annual information…
The Government on Wed 31.7.2013, announced that, if elected, it would enshrine in legislation that it would make “no major changes to superannuation tax policy for 5-year periods” to promote confidence in the superannuation system. The Government said the “5-year freeze, which commenced immediately [ie Wed 31.7.2013], meant Australians could feel confident that under a…
In a decision handed down on Mon 15.7.2013, the AAT has held that, for the purposes of the GST Act, all of the consideration in relation to the sale of a property was received by the taxpayer at the time of settlement on 16 May 2008. The case concerned the liability of the taxpayer Trust for GST…
Ian Taylor, Chair of the Tax Practitioners Board (TPB) has advised that one of the recent amendments to the Tax Agent Services Act 2009 (TASA) allows the TPB to declare a service to be a BAS service, even though it is not included in the definition of BAS provision in the tax law. He said…
This Draft Taxation Determination, issued on Wed 31.7.2013, states that an amount of expenditure incurred by an entity to identify or protect Aboriginal cultural heritage can be included in an entity’s pre-mining expenditure for a pre-mining project interest for an MRRT year under s 70-35 of the Mineral Resource Rent Tax Act 2012 if broadly: the…
The Insolvency Practitioners Association (IPA) has advised that it has been working with the ATO to find a solution to the issue of paying final remuneration from a GST refund. It said the ATO has confirmed that as long as an appointee issues an invoice/tax invoice for the final fee, then the input tax credit…
The AAT has found that a partnership was not carrying on an enterprise and was not entitled to input tax credits claimed in respect of the relevant period. The taxpayers (2 individuals) were registered as a partnership for the purposes of the GST Act. The key issue between the parties was whether the partnership was…