Given this is a superannuation conference, most of the presentations will be dealing with the uses of, and issues with, superannuation and self managed superannuation funds (SMSFs).

In the 2023-24 Budget, the Government announced that the super guarantee framework will be reformed to align the payment of super guarantee contributions with an employee’s regular pay cycle, instead of the current quarterly requirements. 

The exposure draft legislation for the new ‘Payday Super’ rules has now been released, with consultation open until 11 April 2025.

The super guarantee charge, payable where employers fail to make contributions in full and on time, will be updated, including a new ‘administrative uplift’ component of up to 60% of the shortfall amount.

As previously noted, the Government has released regulations to permit the conversion of legacy pensions and reserves over a 5 year period and to better allow allocations from non-pension reserves. These regulations have now been tabled in parliament.

In the decision of Application by Gainer Associates Pty Ltd [2024] NSWSC 1437, the Court found that, due to the lost trust deed for the Werner Thelen Family Trust (Trust), the corporate trustee of the Trust (Gainer Associates Pty Ltd – referred to as Gainer) would hold the assets purportedly held for the Trust on resulting trust for the sole beneficiary the late Werner Thelen (Werner), husband of the late Gail Thelen (Gail).

In a case run by Sladen Legal, Merristock Pty Ltd v Commissioner of State Revenue (Review and Regulation) [2024] VCAT 535, the taxpayer has successfully appealed against a Victorian State Revenue Office (SRO) determination that land owned by the taxpayer was not eligible for the primary production land tax exemption.

The High Court has dismissed an appeal by Godolphin Australia Pty Ltd (Godolphin) and confirmed that it cannot claim the primary production land tax exemption, as it was unable to show that the “dominant use” of its properties was for primary production where it also had substantial horseracing activities.  The decision illustrates the issues that can arise when primary production land is used as part of business models that include other interrelated activities.

In a major backdown, the Victorian State Government has agreed to reduce some of the impact of the recent policy shifts towards taxing general practitioners as employees for payroll tax purposes.

On 14 May 2024, the State Taxation Amendment Bill 2024 (Vic) (the Bill) was released after having its second reading speech in the Victorian Legislative Assembly.

As noted previously, the recent Administrative Appeals Tribunal (AAT) decision of BPFN and Commissioner of Taxation (Taxation) [2023] AATA 2330 (28 July 2023) (BPFN) had struck a blow to the ATO’s strict approach to non-arm’s length income (NALI) and taken a more general commercial approach to NALI.

In the decision of Mackie v Commissioner of Taxation (Taxation) [2024] AATA 619 (3 April 2024), the Administrative Appeals Tribunal (Tribunal) affirmed the decision of the Commissioner to decline to exercise the discretion in section 291-465(1) of the Income Tax Assessment Act 1997 (Cth) (ITAA 97) to disregard or allocate to another year the taxpayer’s concessional superannuation contributions.

The Victorian State Government has introduced a highly anticipated bill to implement the new Commercial and Industrial Property Tax with only three months to go until the 1 July 2024 start date. Those looking to acquire commercial or industrial properties or plan restructures within existing corporate/family groups should consider the interaction of the new regime with existing taxes.

In the decision of Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] FCA 240 (15 March 2024) the Federal Court held, among other things, that a transfer of superannuation from the husband to his wife’s superannuation was no longer protected as an interest of the bankrupt in a regulated super fund under section 116(2)(d)(iii)(A) of the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).

In the decision of Tratter v Aware Super [2024] FCAFC 36 the Full Federal Court dismissed the appeal by the deceased super fund member’s mother against the super fund trustee’s apportionment of 30% to the mother and 70% to the deceased’s de facto spouse.

Land tax assessments are now being issued in Victoria, with landowners finding their land tax bills to be substantially higher than expected, due to significant changes from 1 January 2024.  Hundreds of thousands of taxpayers will also be receiving land tax assessments for the first time altogether.

In the decision of Stern v Commissioner of Taxation [2024] FCAFC 21 the Full Federal Court found against the taxpayer, who raised an argument that Division 294 of the Income Tax Assessment Act 1997 (ITAA 97) should not be interpreted such that both his pension was to be commuted under a commutation authority issued by the Australian Taxation Office (ATO) due to his pensions exceeding his transfer balance cap, and that he also must pay excess transfer balance tax for exceeding his transfer balance cap.

The Federal government has introduced a bill to overcome the States’ inability to impose foreign stamp duty and land surcharges where it is inconsistent with a Double Tax Agreement.

Changes to the Victorian vacant residential land tax (VRLT) will take effect from 1 January 2025 and 1 January 2026.

As vacant residential land tax assessments for 2025 will be based on usage from 1 January 2024 to 31 December 2025- it is critical that landowners are across the changes now.

Expansion of the Vacant Residential Land Tax, from 1 January 2025, will start to capture holiday homes outside of inner/middle Melbourne. Therefore, holiday homeowners should consider their vacant residential land tax position.

The NSW Supreme Court decision of Cihan Family Trust v Cihan Family Superannuation Fund [2023] NSWSC 1289 found that a transfer of land from a family trust to a SMSF should be reversed on the basis of unconscionable conduct of a son against his father.

The case of Corbisieri v NM Superannuation Proprietary Limited [2023] FCA 1319  involved an appeal by the mother of a deceased against the decision of the Australian Financial Complaints Authority (AFCA) to uphold a BDBN to benefit the de facto spouse of her late son, which was to be funded out of life insurance proceeds in AMP Superannuation.