Sale of property: GST-free supply as a “going concern” must be in contract
A property developer has been unsuccessful before the Administrative Appeals Tribunal in seeking to revoke a GST bill for almost $320,000 issued following the sale of various properties. The sale took place in mid-2006. The taxpayer and the Commissioner agreed there was a “going concern” – however, the key issue was whether the taxpayer and ...more
SMSF trustee gets 14 days jail for breach of rules, says Tax Office
The Tax Office has reported that a trustee of a self-managed superannuation fund (SMSF) was recently sentenced to 6 months imprisonment, serving a minimum of 14 days, after pleading guilty to dishonestly contravening a civil penalty provision of the SIS Act. The Tax Office said the SMSF trustee had withdrawn almost 100% of the fund’s ...more
ATO help for taxpayers affected by bushfires
The ATO has said it has automatically deferred the lodgment and payment dates for various activity statements for taxpayers in the 2357, 3351, 7140, 7171-80, 7182-84, 7186-87, 7190, and 7215 postcodes. It said the lodgment and payment dates of the following activity statements will be automatically deferred as follows: December monthly activity statement from the ...more
Super fund investment earnings to pay pensions on death of member to be tax-exempt – draft regulation released
On 29 January 2013, the Minister for Financial Services released a draft regulation – Draft Income Tax Assessment Amendment Regulation 2013 (No ) – to give effect to the Government’s 2012-13 MYEFO announcement to provide tax certainty to the beneficiaries of deceased estates. The draft regulation and associated explanatory material can be found on the ...more
Australian Tax Handbook 2013 – print copies now available
The print edition of Thomson Reuters’ Australian Tax Handbook 2013 is now available for immediate delivery. Published continuously since 1955, The Australian Tax Handbook provides a convenient reference to the full spectrum of income tax law, with input from leading authors, including Robert Deutsch, Mark Friezer, Ian Fullerton, Peter Hanley and Trevor Snape. For 2013, ...more
Australian Tax Handbook 2013 – now available for online subscribers
Get off to a flying start to 2013 with a subscription to the online version of Thomson Reuters’ Australian Tax Handbook 2013 – current to 1 January 2013. While the 2013 print edition will roll off the printing presses in late January 2013, online subscribers can gain immediate access to the latest developments in tax. ...more
ATO data-matching offshore bank accounts, credit/debit card sales, real property
The ATO has announced new data-matching programs targeting: offshore bank accounts which may evidence undeclared income and/or gains in the 2008-09 to 2010-11 financial years. 50,000 accounts will be matched; credit and debit card sales of entities for the period 1 July 2011 to 30 June 2012. Approximately 900,000 merchants will be matched; and real property transactions. Records relating to approximately ...more
New penalties for SMSF trustees and scheme promoters: Bills introduced
On 29 November 2012, the Government introduced legislation seeking to implement the following Stronger Super measures for the self-managed superannuation fund (SMSF) sector: Administrative penalties for SMSF trustees – an administrative penalty regime is proposed for SMSF trustees for certain contraventions of the SIS Act from 1 July 2013. The Commissioner will also be given the ...more
Move appeals section out of the ATO?
Resolution of tax disputes by the ATO has come in for attention from the Inspector-General of Taxation who submitted to the 2011 Tax Form that a separate appeals area in the ATO would help the ATO to independently assess evidence before proceeding to litigation. Most recently, Shadow Assistant Treasurer Joe Hockey suggested an alternative to this could ...more
IGT to review ATO’s administration of penalties
The Inspector-General of Taxation (IGT), Mr Ali Noroozi, today [Thur 22.11.2012] announced terms of reference for his review into the ATO’s administration of penalties and called for stakeholder submissions. “Concerns with the ATO’s administration of penalties have persisted over a number of years. Given the level of concerns raised with me by individual and business ...more
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