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The Cooper Review and Self Managed Superannuation Funds – What Does It All Mean? - Superannuation Update - July 2010
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1
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24KB
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The Cooper Review on Australia 's superannuation sector (Review) was released on 5 July 2010.
The Review is yet to be considered by the Government and it remains to be seen which if any of the recommendations are finally adopted.
The Review contains a number of recommendations for the self managed superannuation fund (SMSF) sector. The principal recommendations and their significance for SMSF trustees are set out below.
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Government Announces Contribution Caps for the 2010/11 Financial Year - Superannuation Update - March 2010
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1
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21KB
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Following from the cut in limits to superannuation contributions announced in the 2008/09 Budget, the Federal Government has announced the superannuation contribution caps that will apply for the 2010/11 financial year. What are the new caps and what should be borne in mind when considering contributions to superannuation savings?
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Self-Managed Superannuation Fund - Regulation and Compliance Update - March 2010
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1
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32KB
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On 10 March 2010, the government released information dealing with superannuation funds which borrow money or invest in instalment warrants.
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Self managed superannuation funds - is your fund ready for its compulsory audit? - Superannuation Update - March 2010
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2
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28KB
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With the last quarter of the financial year fast approaching, it is important to take a look at your self managed superannuation fund to ensure it complies with the relevant legislation.
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Greater GST Obligations for Mortgagees in Possession - Tax Update - March 2010
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1
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30KB
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Amendments to the GST law now in force have significant consequences for mortgagees dealing with default accounts.
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Tax Update - February 2009
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1
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29KB
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Court clarifies residential premises test. Because rental income derived from residential premises and sales of second hand residential premises are input taxed (ie no GST payable), determining whether real estate qualifies as ‘residential premises’ is very important.
The Federal Court in South Steyne Hotels Pty Ltd v Commissioner of Taxation [2009] FCA 13 considered the GST characterisation of various supplies involving apartment rooms at the Sebel Manly Beach Hotel complex.
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Tax Update - February 2009
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1
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31KB
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GST and insolvency - retrospective amendments
The Government has announced that it will amend the GST law, with retrospective effect from 1 July 2000, to ensure that liquidators and receivers are liable for GST on post-appointment transactions.
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Tax Update - December 2008
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1
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30KB
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Federal Court says liquidator is not personally liable. Following the Gadens E-Update last Thursday, the Federal Court has since handed down a decision in Deputy Commissioner of Taxation v PM Developments Pty Ltd (12 December 2008) concerning the following question:
"Is a liquidator of a corporation personally liable for Goods and Services Tax (GST) in respect of the sale of new residential premises owned by the corporation pursuant to a contract for the sale of those premises entered into and completed after the making of the winding up order?"
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Tax Update - December 2008
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1
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44KB
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GST in these troubled times
A recent survey by Sydney’s Daily Telegraph found “at the end of the day” to be the most irritating phrase in the English language. However, the current economic woes have set the scene for the crowning of a new champion, with the emergence of phrases like “global economic crisis”, “financial meltdown” and the inevitable return of that old chestnut “in these troubled times”… a new winner to be sure!
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Change in creditable use
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1
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93KB
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What are 'change of use' adjustments? What does this mean for property developers? What is the ATO's view? What review periods apply to specific acquisitions? What about the 5-year rule for secondhand residential premises?
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NSW Mini Budget - November 2008
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2
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17KB
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Mortgage Duty. In the 2007 NSW budget, mortgage duty was to be abolished in 3 stages: From 1 September 2007 - on mortgages for owner occupied housing (where the mortgagor is an individual); From 1 July 2008 – on mortgages that are made in connection with investment housing (private dwellings); The balance of mortgage duty was to be abolished from 1 July 2009. Under last nights mini budget this final piece was unwound – and mortgage duty now stays (including for term and development finance) until 1 July 2012.
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Property Update - August 2008
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2
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18KB
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Forfeited Deposits and GST. The ATO has published a Decision Impact Statement in response to a recent High Court case, ending the uncertainty surrounding the GST treatment of forfeited deposits where the contemplated supply is GST-free or input taxed.
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Property Update - August 2008
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1
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25KB
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Change in creditable use.
GST registered taxpayers are entitled to input credits on acquisitions they make for a creditable purpose. This is determined at the time of acquisition, based on the taxpayer's intended use. However, the actual use may be different from the intended use. If the actual use of a thing is different from the original planned or intended use, the taxpayer may need to make an adjustment for that change in use.
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Property Update - July 2008
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1
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22KB
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Forfeited deposits and GST. Finally, some good news for the taxpayer.
Following a recent High Court decision, the Commissioner will change the way it assesses GST on forfeited deposits: purchasers may be entitled to input tax credits under terminated contracts where their deposits were forfeited and the underlying supply was subject to GST; refunds may be available to vendors that have paid GST on forfeited deposits, where the underlying supply was not subject to GST.
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Property Update - May 2008
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1
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12KB
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High Court confirms GST payable on forfeited deposits. The High Court has upheld the Commissioner’s appeal against the Full Federal Court decision in the Reliance Carpet case, thus ending over 2 years of uncertainty as to whether GST is payable on forfeited deposits.
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