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Tax amnesty for overseas tax dodgers – Project ‘DO IT’ The ATO has announced an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. The ATO says that its Project ‘DO IT’ (i.e.,…

A Federal Court ATO test case has overturned an Administrative Appeals Tribunal (AAT) decision that there were ‘special circumstances’ that allowed an excess contribution to a super fund to be disregarded. The case involved husband and wife taxpayers, Mr and…

Why we must all exercise great care with super at year end Editor:  This case involves a taxpayer being penalised with excess contributions tax (ECT) because payments that his bookkeeper was supposed to make in the 2009 and 2011 years…

Super caps increased for 2014/15 The ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: –   employer contributions (including those under a salary sacrifice arrangement); and –   personal contributions claimed as a tax…

SMSF trustees may soon be fined for breaches by their fund Editor:  In the ATO’s latest edition of its “SMSF News”, it cautions trustees of self-managed superannuation funds (SMSFs)about new penalty provisions that are coming into play on 1 July.…

FBT Rate – 2013/14 & 2014/15 The FBT rate of tax has been increased by half a percent from 1 April 2014.  The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax…