Home' The Bunyip : July 30th 2014 Contents Page 24 "THE BUNYIP" GAWLER, Wednesday, July 30, 2014
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THE Australian Institute of Superannua-
tion Trustees last week urged the Federal
Government to appoint a new Fair Work
Commission Expert Panel for super fund
The announcement follows the release of
the Federal Court of Australia's written report
that the former panel was invalidly consti-
The organisation's chief executive Tom
Garcia said an independent expert panel for
the selection of default funds was important
in protecting members' interests.
"There are many factors to consider for a
fund to be nominated into an award," Mr
"Selecting the right default fund for a par-
ticular group of employees or workplace re-
quires careful consideration and the process
must be rigorous and transparent."
Mr Garcia said it was unrealistic to expect
employers to be able to make an informed
decision about the best default fund for em-
ployees, considering there is a wide range of
super funds to select from.
"The Fair Work Commission's Expert Pan-
el process not only provides a quality filter
which both employers and workers can rely
on, it also reduces red tape for business,"
Mr Garcia said.
The decision to appoint the new panel now
rests with the Minister for Employment
Senator Eric Abetz.
Mr Garcia urged Senator Abetz to move
quickly to appoint new members to the ex-
pert panel to provide certainty for the indus-
try, employers and working Australians.
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THE Australian Taxation Office is warning
property developers against using trusts to
return the proceeds from property develop-
ments as capital gains instead of income.
Deputy commissioner Tim Dyce said the
ATO had begun auditing property developers
carrying out activities which conflict with their
stated purpose of capital investment.
"A growing number of property developers are
using trusts to suggest a development is a capital
asset to generate rental income and claim the 50
per cent capital gains discount," Mr Dyce said.
"The ATO has already raised millions in ad-
justments from people who exploit the system
and our current compliance activity shows we
are likely to make many more adjustments in
the coming months."
The ATO is calling on property developers to
return the income from developments to ensure
they are complying with the law.
Penalties of up to 75 per cent of the tax avoid-
ed can apply to those found to be deliberately
using special purpose trusts to mischaracterise
the proceeds of property developments.
For information on amending a tax return or
activity statement, visit ato.gov.au
Property developers are being warned by the
Australian Tax O ce against using trust account.
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