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Minister Shorten clarifies position on statutory deeming clauses for SMSFs
21/09/2011
The Assistant Treasurer, Bill Shorten, has confirmed that the Government no longer intends to amend superannuation legislation to incorporate deeming clauses in SMSFs.Excess Contributions: the horrible details emerge
21/09/2011
The ATO has recently published data on excess superannuation contributions tax.Out of time but AAT has a heart
21/09/2011
In a recent AAT case, the taxpayer was successful in reducing the penalty imposed by the ATO for understating taxable income.Forfeiture orders: SIS Regulations amended
21/09/2011
The SIS Regulations have recently been amended to ensure that the minimum benefit and payment standards do not frustrate the enforcement of forfeiture orders made under various Commonwealth and State acts.Tax is based on what actually occurs – not what should have occurred
21/09/2011
The AAT has recently heard a case where a taxpayer was issued with a substantial excess contributions tax assessment. During the May 2006 to 30 June 2007 transitional period leading into the current super regime, the taxpayer contributed about $1.5m as non-concessional contributions. The taxpayer’s intention was that this contribution would be shared between himself and another person.