The Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 was today passed by the House of Reps with 2 Government amendments and now moves to the Senate. The amendments made to the Bill insert a new Sch 3, which will amend the Fair Work Amendment Act 2012 to: allow an employer…
The AAT has held that held that Commonwealth superannuation contributions surcharge legislation did not validly apply the taxpayers in this case – Deputy State Solicitors of Western Australia. The taxpayers had applied to the AAT for review of objection decisions made by the Commissioner to disallow objections they had lodged to superannuation contribution surcharge assessments…
The ATO on Thur 13.6.2013, released Practice Statement Law Administration PS LA 2013/2 (GA), which deals with the GST treatment of Australian fees or charges under Div 81 of the GST Act. Specifically, it sets out the administrative approach the ATO will take on and from 1 July 2013, where Australian government agencies determine the GST classification of…
The Minister for Financial Services and Superannuation has gazetted a notice under s 2 of the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 that the arrangement between Australia and New Zealand, on Trans-Tasman Retirement Savings Portability, will enter into force on 1 July 2013. Notified in Commonwealth Gazette No GN25, 26 June 2013 [p 1711] [LTN 123, 28/6/13]
Bills introduced to House of Representatives (19.6.13) The Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 and the Superannuation (Excess Concessional Contributions Charge) Bill 2013 were introduced in the House of Reps on Wed 19.6.2013. Currently, concessional contributions that are in excess of the annual cap are effectively taxed at the top…
The taxpayer has lodged a notice of discontinuance on the seeking of an extension of time in which to lodge an appeal against the decision in AAT Case [2012] AATA 655, Re Fraser and FCT. The AAT had upheld the Commissioner’s decision to disallow a deduction for personal superannuation contributions made in the 2007 income…
The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill [2012] 2013 received Royal Assent on Wed 26.6.2013 as Act No 61 of 2013. It contains the 4th and final tranche of the MySuper and governance measures as part of the Government’s Stronger Super reforms. The Bill had been amended in the House of…
The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 was registered on Mon 17.6.2013. It amends the Banking Regulations 1966, Corporations Regulations 2001, First Home Saver Accounts Regulations 2008, Life Insurance Regulations 1995 and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to specify how to work out the interest payable by the…
The ATO on Thur 27.6.2013, released a Decision Impact Statement on the Federal Court’s decision in Yacoub v FCT [2012] FCA 678 (2012) 83 ATR 722. In that case, the Federal Court dismissed appeals by taxpayers concerning the Commissioner’s decision to disallow an objection to a notice of assessment for the payment of GST regarding…
The following Bills were passed by the Senate on Mon 24.6.2013, without amendment and now effectively await Royal Assent: Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 – The Bill, which had passed the House of Reps without amendment, contains the following amendments: (i) proposes to increase the concessional…