Newsletter
February 2011 Newsletter
Whether a Property Constitutes Residential Premises for GST Purposes
Under the GST Act, a sale of real property is “input taxed” (ie no GST is payable on the sale), if the property is “residential premises to be used predominately for residential accommodation”, and other requirements are met. Click heading to read further.read more
Tribunal Can't Review Private Ruling Decision as Ruling given for Wrong Years
A taxpayer has been unsuccessful before the Administrative Appeals Tribunal in seeking a review of the Commissioner’s decision to disallow its objection against a private ruling. Click heading to read further.read more
Retirement Village Scheme Deductions Wrong but Taxpayers took Reasonable Care
In a recent case, the Administrative Appeals Tribunal remitted penalties imposed on a retired couple by the Commissioner for failing to take reasonable care in preparing their tax returns. Click heading to read further.read more
Refunds for Overpayments of GST
The Tax Office has released a ruling which sets out the Commissioner’s views on the tax provisions which restrict refunds that can arise from the overpayment of GST. Click heading to read further.read more
Automated Tax Deduction for Youth Allowance Recipients
The Tax Office has released its long-anticipated response to a recent High Court decision which held that a student taxpayer was entitled to a deduction for education expenses incurred in receiving Youth Allowance income. Click heading to read further.read more
Loan from Private Company an Honest Mistake
Under the tax law, certain payments and loans made by a private company to its shareholders or associates, and debts owed by its shareholders or associates that are forgiven by the private company, are taken to be unfranked dividends paid by the private company. Click heading to read further.read more
Stronger Super Reforms on the Horizon
The Government has announced its support for most of the wide-ranging Cooper Super System Review recommendations by releasing a package of reforms known as “Stronger Super”. Click heading to read further.read more