The due date for the report by the Senate Economics Legislation Committee on the Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012 has been extended to 21 March 2013. The Bill had been introduced into the Senate on 12 September 2012 by the Greens. Its stated purpose is to “protect the revenue generated from the Minerals Resource Rent…
The package of Bills to, among other things, link Australia’s carbon pricing mechanism to overseas emissions trading schemes from 1 July 2015, and to remove the price floor for carbon units by removing the surrender charge on eligible international emissions units and the requirement for a minimum auction reserve price, have passed all stages and await Assent.…
APRA has released a response paper and 11 final prudential standards for the superannuation industry. According to APRA, submissions received were unanimously supportive of APRA’s objectives and the broad direction of the draft prudential standards released in April 2012. In addition, APRA said it expects to release a suite of prudential practice guides for consultation…
The ATO on Thur 15.11.2012, warned directors that under new laws, they are personally liable for their company’s unpaid super guarantee charge [in certain circumstances]. The new laws took effect on 29 June 2012 and were implemented by the Tax Laws Amendment (2012 Measures No 2) Act 2012. The ATO said companies have 2 weeks…
The Superannuation Complaints Tribunal Annual Report 2011-12 has been released. Highlights from the report include: Complaints received increased by 6.5% during the year to 2,619. Complaints relating to administration of superannuation (delays in rollovers and benefit payments, inaccurate benefit statements, complaints about the calculation of benefits and calculation of returns, and complaints about disclosure) continued…
ASIC has advised auditors seeking to be registered as “approved SMSF auditors” to apply to ASIC by 30 April 2013 to ensure their application can be processed by 1 July 2013. From that time, an auditor will need to be registered with ASIC as an approved SMSF auditor to conduct audits of self-managed superannuation funds…
The ATO on Fri 23.11.2012, issued Decision Impact Statements on the following: AAT Case [2012] AATA 634, Re Sinclair and FCT – In that case, the AAT upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income under s 304-10 of the ITAA 1997 on the grounds that it was withdrawn in…
The ATO Tue 20.11.2012, released a Decision Impact Statement on AAT Case [2012] AATA 576, Re Longcake and FCT. In that case, the AAT decided that an excess contributions tax assessment should be set aside as special circumstances existed, ordering that superannuation contributions paid by the taxpayer’s employer in early July 2009 be reallocated to the previous…
The ATO on Tue 20.11.2012, issued Taxpayer Alert TA 2012/7 warning taxpayers of certain arrangements entered into by SMSFs, to acquire property, that do not comply with superannuation law – particularly those involving limited recourse borrowing arrangements or the use of a related trust. The ATO says it is concerned that some of these arrangements,…
The ATO Thur 15.11.2012, released a Decision Impact Statement about the following case: AAT Case [2012] AATA 527, Re The Trustee for MH Ghali Superannuation Fund and FCT – In that case, the AAT confirmed amended assessments to include “special income” issued to a taxpayer for the 2005 and 2006 income years under the then…