Your Association at work - 22 September 2011 update

Taxpayers Australia has recently participated in the following consultative meetings:

National Tax Liaison Group

A Taxpayers Australia representative attended a scheduled meeting of the National Tax Liaison Group (NTLG) on 14 September 2011 in Canberra.

The following agenda items were discussed:

• Risk Differentiation Framework in relation to tax advisors and taxpayers
• NTLG sub-committee scope and operation
• Penalties for false and misleading statements where no tax shortfall arises
• Reportable Tax Positions - Impact on Tax Office processes
• Tax Office's strategic plan in relation to the new carbon pricing mechanism
• Amendments to strengthen company director obligations and deter fraudulent phoenix activity
• Updates from:
  • General Anti-avoidance Rule panel
  • Public Ruling Steering Committee
  • Losses and Capital Gains Tax sub-committee
  • NTLG sub-forum and panel
  • NTLG - Tax Issues Entry System

NTLG - Goods and Service Tax Sub-Committee meeting

A Taxpayers Australia representative attended a scheduled meeting of the NTLG- GST Sub-committee on 14 September 2011 in Canberra.

Discussions included the following items:

• Overview of the core themes for GST compliance contained in the Tax Office’s 2011-12 Compliance Program
• International All Sports v Commissioner of Taxation [2011] FCA 824 – various issues on gambling supplies
• Application of s105-65 Schedule 1 Taxation Administration Act and margin scheme refunds
• Determining the notional and legal GST liabilities of a State body particularly in relation to the application of MT 2011/1
• GST-free going concerns – confirmation of recent changes to GSTR 2002/5
• GSTR 2011/2- references to reliance on rulings provisions in Appropriations Rulings
• GST implications arising out of Spriggs’ case

Superannuation Consultative Committee meeting

A Superannuation Australia representative attended a scheduled meeting of the Superannuation Consultative Committee on 13 September 2011 in Sydney.

The following agenda items were discussed:

• Australian Law Reform Commission inquiry - access to superannuation, a suggested new condition of release -family violence
• Stronger Super- update and consultation process
• Legislative update and proposed measures
• Health of the superannuation system -assessment (HOTSA) 2011
• Excess contributions tax (ECT)

NTLG -Superannuation Technical Sub-Group meeting

A Superannuation Australia representative participated in a scheduled meeting of the National Tax Liaison Group -Superannuation Technical Sub-Group on 13 September 2011 in Sydney.

Discussions included the following items:

• Update on recently published and withdrawn Public Rulings, Practice Statements and ATO IDs
• Top 3 items of significance
• Litigation update
• ATO's initial responses to issues raised: Minimum annual pension for pension in year of death, SMSF undertaking LRBA for repairs on an existing (unencumbered) asset, Disability income insurance
• Impact of insurance proceeds on members' benefits and/or fund reserves
• Death benefits & ECT