The Tax Laws Amendment (2014 Measures No 1) Bill 2014 was introduced into the House of Reps on Thur 27.3.2014. It contains the following amendments: GST excess refunds – the Bill proposes to amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. The amendments would allow…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2014-15 financial year. The details are: SFSS repayment rates 2014-15 For repayment income in the range Percentage rate to be applied to repayment income Below $53,345 Nil $53,345 to $65,497 2.0% $65,498 to $92,970…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2014-15 financial year. The details are: HELP repayment thresholds and rates 2014-15 For repayment income in the range Percentage rate to be applied to repayment income Below $53,345 3.0% $53,345 to $59,422 3.5% $59,423…
Treasury on Tue 25.3.2014, released for public consultation exposure draft legislation, which seeks to implement the Government’s announcement of a legislated protection of taxpayers, in relation to announced by un-enacted tax amendments. On 14 December 2013, the Government had announced that it would not proceed with 48 announced but un-enacted tax and superannuation measures. The Government had…
The Assistant Treasurer has gazetted a notice declaring, under s 30-85(2) of the ITAA 1997, that the following funds are developing country relief funds: Australians for Cambodian Education Public Fund; Connecting Hands Cambodian Relief Fund; FDCC Fund; Half the Sky Foundation Australia Limited-Overseas Aid Fund; HearingNepal Program Inc. Developing Country Relief Fund; ISIS Overseas Development Aid…
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 was negatived at Second Reading stage in the Senate Tue 25.3.2014 – the vote was 47:8 against. The Bill will therefore not proceed. The Bill contained measures to repeal the mining tax, abolish company loss carry-back, wind back capital allowance deductions for small business,…
The Customs Tariff Amendment (Tobacco) Bill 2014 and Excise Tariff Amendment (Tobacco) Bill 2014 were passed by the House of Reps on Tue 4.3.2014, without amendment and now move to the Senate. They propose to increase the rates of excise and excise equivalent customs duty on tobacco, and index the rates of excise and excise…
The CEO of Customs has gazetted a notice to increase the rate of customs duty for various tobacco goods effective from 1 March 2014. The Commissioner of Taxation has also gazetted a notice setting out a substituted rate of excise duty for tobacco goods effective from 1 March 2014. [LTN 41, 3/3/14]
Treasury on Wed 12.3.2014, released for comment draft legislation and draft regulations to implement the 2009-10 Budget proposal to re-state and centralise the special conditions for tax concession entities. In December 2013, the Government had announced that it would proceed with the proposal. The changes propose to: re-state the “in Australia” special conditions for income tax exempt…
The Australian Charities and Not-for-profits Commission (Repeal) (No 1) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to repeal the Australian Charities and Not-for-profits Commission Act 2012, thereby abolishing the Commission. The Government said that, given the regulators in place before the Commission was established can provide similar regulatory…