Legal news
As part of administering the new transfer balance cap measure, the Australian Taxation Office (ATO) is currently developing a new self managed superannuation fund (SMSF) event based reporting regime. This regime is likely to be in the form of a report to be called the Transfer Balance Account Report or TBAR. At this stage, the reporting regime is expected to be as follows:
There is some good news and some bad news with the ATO’s release of Practical Compliance Guide PCG 2017/6. The good news is that spouses in receipt of death benefit pensions may commute their death benefit pensions in excess of the transfer balance cap back into accumulation before 1 July 2017. The bad news is that this concession does not apply to non-spouses and won’t apply after 30 June 2017.
It was announced as part of the 2017 Federal Budget that from 1 July 2018, purchasers of “newly constructed residential premises” or “new land subdivisions” will be required to remit GST directly to the Australian Taxation Office as part of settlement. Details have not yet been provided on how this measure will be implemented or operate.
In the landmark decision of Fair Work Ombudsman v Blue Impression Pty Ltd & Ors [2017] FCCA 810, the Federal Circuit Court has found that Melbourne accounting firm, Ezy Accounting 123 Pty Ltd (Ezy Accounting), was knowingly involved and accessorially liable for its client’s failure to pay its employees award rates of pay.
