The AAT has agreed to stay a decision of the Tax Practitioners Board to cancel a company’s registration as a tax agent for alleged failure to comply with the Code of Professional Conduct. The termination was prompted by complaints made by a director of 2 corporate taxpayers, who claimed that the applicant used the Tax…
Tax Commissioner Chris Jordan appeared on Wed 24.2.2016, at Parliament House in Canberra, before a hearing of the House Tax and Revenue Committee inquiry into the ATO’s annual report. At the same meeting the Committee heard from the Inspector-General of Taxation. The Chair of the Committee wanted the Commissioner to address the following concerns raised by tax…
On 23 February 2016, the Treasurer issued the following press release confirming his decision to approve the foreign investment application of Moon Lake Investments to acquire the land and assets of the Tasmanian Land Company (TLC), including the Van Diemen’s Land Company (VDL), from the New Plymouth District Council. The approval was the first to be…
The Crimes Legislation Amendment (Proceeds of Crime and Other Measures) Bill 2015 has, on Tue 23.2.2016, passed the Senate without amendment and received on 29.2.2016 as Act No. 15 of 2016. It contains a range of measures to improve and clarify Commonwealth criminal justice arrangements, including amending the Criminal Code to insert 2 new offences of false…
The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 passed the House of Reps without amendment on 22 February 2016 and likewise the Senate on 29 February 2016. The Bill proposes to amend the ITAA 1997 to provide greater flexibility for small businesses to change their legal structure. The Bill effectively seeks to allow small businesses to…
On Monday 22 February 2016, Treasury issued a consultation paper on the proposed introduction of a national register of foreign ownership of ‘water access rights’. The following are extracts from this paper. Introduction to the register of foreign ownership of water access entitlements 1.1. On 25 November 2015 the Australian Government passed reforms to strengthen the…
On Mon 22.2.2016, Treasury issued a consultation paper seeking views on a proposed national register of foreign ownership of water access entitlements (WAEs). As part of the foreign investment framework reform package, the Government agreed to introduce legislation for the establishment of a register of foreign ownership of WAEs before 1 December 2016. The purpose of the proposed register is…
On 22 February 2016, the Treasurer announced that foreign investors will have to give tax compliance undertakings as a condition of Foreign Investment Review Board (FIRB) approval. The standard conditions are set out below. Standard conditions to be met for an application not to be against the national interest The applicant must comply with Australia’s…
On 22 February 2016, the Treasurer issued a press release announcing tax compliance obligations would be a condition of applications of foreigners to make investments in Australia. The Turnbull Government will apply new requirements on foreign investment applications to ensure multinational companies investing in Australia pay tax here on what they earn, Treasurer the Hon.…
The Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015 has, Mon 22.2.2016, passed the Senate without amendment and, on 25.2.2016, received Royal Assent as Act No 10 of 2016. The Bill contains the following amendments: Amends the ITAA 1997 to change the CGT treatment of the sale and purchase of businesses involving certain earnout rights – rights to…