report The Senate – Economics Legislation Committee – Report on Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016 [Provisions] Introduction and background to the bill Referral and conduct of the inquiry 1.1 On 25 February 2016, the Senate referred the provisions of the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016…
The Senate Economics Legislation Committee on Thur 10.3.2016, released its report into the Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 and recommended the Bill be passed. The Bill had been passed by the House of Reps without amendment. The Bill proposes to: extend GST to digital products and other services imported by consumers. GST will…
Two Class Rulings were issued on Wed 9.3.2016: CR 2016/12 (FBT: employers who are clients of United Airport Parking Pty Ltd and who enter into the Corporate Car Parking Agreement). The Class Ruling provides that a car benefit does not arise for FBT purposes while an employer’s car is parked at the United Airport Parking’s lock up car parking…
Objective of Superannuation – Treasury Discussion Paper 9 March 2016 Notes to participants The principles outlined in this paper have not received Government approval and are obviously not yet law. As a consequence, this paper is merely a guide as to how the principles might operate. Contents Objective of Superannuation. 1 Purpose. 1…
In October 2015, the Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI). The Government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the…
The Tax Practitioners Board (TPB) advises that, if a tax agent (you) change how your practice is structured you: may need to apply for registration for the new business structure, which includes getting a new registration number to practise under have to notify us within 30 days if there is a change to a partnership or company…
The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 received Royal Assent as Act No 18 of 2016 on 8 March 2016. It had passed all stages without amendment and amends the ITAA 1997 to provide greater flexibility for small businesses to change their legal structure. The Bill effectively seeks to allow small businesses to change…
The ATO has advised that the general interest charge (GIC) rate for the fourth quarter of the 2015-16 income tax year (1 April 2016 to 30 June 2016) is as follows: GIC rate is 9.28% ie 90 day BAB rate 2.28% + 7% uplift factor. GIC daily compounding rate is 0.02535519%. SIC rate is 5.28% ie 90 day BAB…
AUSTRAC has released for comment draft amendments to Chapter 38 of the ‘Anti-Money Laundering and Counter Terrorism Funding (AML/CTF) Rules regarding ‘Sale of shares for charitable purposes’. Austrac proposes amendments to Chapter 38 of these rules to increase the threshold for the disposal of parcels of shares to charities from $500 to $10,000. They consider that this higher…
As at 7 March 2016, the Appeal news is as follows. The taxpayer has appealed to the Full Federal Court against the decision in Cable & Wireless Australia & Pacific Holding BV (in liquidatie) v FCT [2016] FCA 78. In that case, the Federal Court held that a foreign resident taxpayer was not entitled to a refund of some…