ATO Assistant Commissioner, Superannuation, Matthew Bambrick recently spoke at the 5th Annual 2013 SISFA SMSF Forum and discussed issues of concern to the ATO regarding the SMSF sector. Mr Bambrick noted that over the past few years, the proportion of SMSFs reported to the ATO by approved auditors has remained “fairly stable at 2%”. However,…
The Victorian Supreme Court has found that the sole director of a family trust company had breached fiduciary duties owed to the company by facilitating the making of contributions to a super fund on behalf of individual members of the super fund. The director had arranged for the company to borrow some $2.5m to make…
ASIC on Tue 15.10.2013, registered Class Order [CO 13/1275] to exempt APRA registrable superannuation entity (RSE) licensees from the new trustee remuneration disclosure obligations until 1 July 2014 (deferred from 31 October 2013). The class order amends Class Order [CO 13/830] which had previously deferred the original start date from 1 July 2013 to 31 October 2013. In deferring the start date again…
This Draft GST Determination, released on Wed 9.10.2013, states that taxpayers can object to private rulings that the Commissioner makes on the way in which s 105-65 of Sch 1 to the TAA applies or would apply, but only if the Commissioner has not made an assessment of the net amount for the tax period in which…
This GST Determination, released on Wed 2.10.2013, states that the consideration the supplier provides for acquiring assets that diminish in value over time can be taken into account in determining whether a supply in that period is GST-free under s 38-250(2)(b)(ii) of the GST Act, to the extent the consideration provided reasonably relates to that supply.…
This Draft GST Ruling, issued on Wed 30.10.2013, considers whether a moveable home estate is commercial residential premises and how s 9-5 and s 40-35 of the GST Act would apply to the following transactions: the supply by way of lease or licence of a moveable home site to a resident [taxable supply]; the supply by way…
The AAT has refused a taxpayer’s request for an extension to time to apply to the Tribunal for review of the Commissioner’s objection decision (dated 31 October 2011) refusing a GST refund in relation to the June 2004 quarter. The Commissioner had refused the refund on the basis that the application was made after the 4-year cut-off date for…
The AAT has affirmed the Commissioner’s decision to deny a taxpayer input tax credits claimed and impose an administrative penalty of 25% with a 20% uplift. The taxpayer was a used-car dealer and over the period 1 July 2006 to 30 September 2010, received a net refund of id=”mce_marker”66,958 in relation to input tax credits claimed. The Commissioner audited…
The Commissioner has this month met with the Commissioner of the Japanese National Tax Agency Mr Mitsutaka Inagaki at the 43rd Meeting of SGATAR in South Korea. The Commissioners discussed the use of the bilateral treaty to undertake joint compliance projects as well as multilateral cooperation. The ATO said recent information sharing between the ATO and…
The ATO has advised that it is investigating companies in the gold bullion industry suspected of GST fraud totalling more than $65m. The ATO, Australian Federal Police and Australian Crime Commission on Tue 29.10.2013, executed search warrants on premises associated with the companies operating in the gold bullion and precious metals industries. The ATO said…