An SMSF trustee who objected to an ATO determination about a breach of a trustee’s covenant found himself disqualified as a trustee.
AAT
Who the heck is a tax dependant?
It seems such a simple question, and yet the answer continues to perplex clients, advisers, lawyers and the tribunals alike! Why is it such an important issue? Well, most obviously it’s because a “tax dependant” doesn’t need to pay tax on ANY component of a superannuation death benefit if they receive it as a lump […]
Federal Court finds AAT misapplied special circumstances test
The Full Federal Court has held that the Administrative Appeals Tribunal misapplied the “special circumstances” test. The Tribunal had held that there were no special circumstances in relation to Mr Ward’s excess non-concessional contributions which warranted the ATO to disregard or reallocate the excess contributions to another tax year. The Full Federal Court set aside […]
AAT holds that pre-1 Jan 2015 pension has lost its grandfathered status
The Administrative Appeals Tribunal has upheld the decision that a pre-1 January 2015 account-based pension had lost its grandfathered status under the incomes test. The pension commenced in November 2014. As at 31 December 2014 the individual was in receipt of a new start allowance (NSA). Consequently the pension was eligible for grandfathering – and […]
AAT upholds VA assessment of controlled private trust
The AAT has upheld a Veterans’ Affairs assessment of a trust as a controlled private trust for the purposes of applying the Veterans’ Affairs means test to the principal of the trust. The trust was a non-discretionary family trust with the principal’s daughter as the sole director of the corporate trustee. The principal settled property […]