From August 2012 a failure by the trustee of a self-managed superannuation fund (SMSF) to keep its assets separate from assets held by the trustee personally or from those of ...
From August 2012 a failure by the trustee of a self-managed superannuation fund (SMSF) to keep its assets separate from assets held by the trustee personally or from those of a standard-employer sponsor (and their associates) is an offence punishable by a fine of up to $17,000.
Recent amendments to the 1936 Tax Act mean the ATO now has more ammunition to fight anti-avoidance cases. Treasury estimates that the changes will prevent the loss of $1 billion in tax revenue each year.
The ATO has changed its position on residential premises in its new public ruling, GSTR 2012/5, in which the ATO asserts that you only look to the physical characteristics to determine whether premises are residential premises. This will lead to some unexpected and unusual GST results.
Due to some uncertainty over the effect of draft ruling TR 2011/D3, the ATO has clarified in a SMSF News Alert when a pension ceases and the consequences if minimum payments are not made.
Several recent decisions by the Administrative Appeals Tribunal (AAT) have highlighted the common misconception that Australian citizens living and working overseas are not required to pay Australian tax on their income.
The Government has announced it will pass legislation to extend the tax-free status of income supporting a superannuation pension until a deceased member’s benefit has been paid from the fund. This will be effective from 1 July 2012 and will also apply for self-managed superannuation funds.
Many property and investment syndicates are described as joint ventures but do not actually qualify as joint ventures for tax or GST purposes because of the narrow scope of the definition of joint venture in the legislation.
The extensive powers of the Australian Tax Office (ATO) to issue notices under section 264 of the Income Tax Assessment Act 1936 have been confirmed in the recent decisions of Binetter v Deputy Commissioner of Taxation and Australia and New Zealand Banking Group Limited v Konza.
In a rare win for the taxpayer, the Administrative Appeals Tribunal (AAT) has set aside the decision of the Australian Taxation Office (ATO) to issue a non-compliance notice to the trustee of a self managed superannuation fund in Pabian Park Pty Ltd Superannuation Benefits Fund v FCT.
The Administrative Appeals Tribunal (AAT) has upheld tax assessments of over $36 million, despite finding that the assessments were clearly incorrect. The case is Murray and Commissioner of Taxation (No 3) [2012] AATA 557.
The general anti-avoidance rules in the income tax law, commonly referred to as Part IVA, are to be rewritten in 2012.
Federal Parliament is considering proposed amendments to deal with the excess contributions tax regime and the unjust outcomes that can arise from taxpayers making inadvertent errors.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.