The ATO on Wed 4.12.2013, issued the following Class Rulings: CR 2013/95: The Trust Company Limited Scheme of Arrangement and Special Dividend. It applies from 7 May 2013 to 30 June 2014. The Ruling broadly states that CGT event A1 happens as a result of the disposal of shares by shareholders, however, eligible shareholders may choose a partial scrip-for-scrip rollover. CR…
This Draft TD, released on Wed 4.12.2013, concerns a situation where an R&D entity incurs expenditure on various stages of design activities connected with it beginning to hold a tangible depreciating asset, where that expenditure also falls within the terms of s 355-205 of the ITAA 1997. The Draft broadly states that design expenditure will…
The Government has appointed former Commonwealth Bank and Future Fund chief: Mr David Murray AO, to head an inquiry into Australia’s financial system. The PM said the inquiry will make recommendations to foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness. He said that, as part of the…
Britain may impose new taxes on foreign property investors in response to soaring house prices in London, Deputy Prime Minister Nick Clegg has said. Demand from foreign buyers, especially from Asia and the euro zone, has stoked concerns of a property bubble and worries that many Britons are being priced out of the market. Clegg said the…
The Australian Electoral Commission has lodged a petition with the High Court seeking that the Court make orders declaring that, pursuant to para 360(1)(vii) of the Commonwealth Electoral Act 1918, “the election of 6 Senators for the State of Western Australia (Western Australia) to serve in the Senate of the Parliament of the Commonwealth (Parliament)…
The Government on Sun 17.11.2013, announced the establishment of a Productivity Commission Inquiry into Child Care and Early Childhood Learning. The Prime Minister said the Inquiry will identify how the current system can be improved to make it more responsive to the needs of parents. The scope of the inquiry says the Productivity Commission should…
The Accounting Professional and Ethical Standards Board (APESB) on Thur 14.11.2013, released amendments to the Australian Code APES 110 Code of Ethics for Professional Accountants (APES 110) to align it with the recent amendments to the international Code issued by the International Ethics Standards Board for Accountants (IESBA). The Board said the revisions to the…
At its meeting on Tue 5.11.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. Bank Governor Glenn Stevens said the Board judged that the setting of monetary policy remained appropriate. He said the Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in…
ASIC has on Tue 5.11.2013, launched an online hub to help small business owners and operators better understand their legal obligations and the role of ASIC. Small businesses account for 96% of all businesses registered with ASIC. In 2012, ASIC consulted key stakeholders and conducted an online survey with small businesses to better understand their…
Members of the Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) have overwhelmingly voted in favour of the proposal to amalgamate and create One New Institute. Members of both Institutes voted throughout October 2013 on the proposal to create a single trans-Tasman Chartered Accountants Institute. The following results have been…