The Treasurer Mr Joe Hockey has released a 203-page tax discussion paper which includes the challenges the Australian tax system faces, the way it currently operates, potential opportunities for reform and some of the trade-offs that would need to be considered. Challenges – according to the discussion paper, the challenges are as follows: the rise of the digital…
A package of 8 Bills were [introduced on Thur 26.3.2015] in the House of Reps. The Bills propose to make substantial changes to the governance arrangements for Norfolk Island. They also propose to extend the federal taxation and social welfare systems to Norfolk Island. The Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Bill 2015 proposes to…
The Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 was introduced in the House of Reps [on Wed 25.3.2015]. The Bill proposes to amend the ITAA 1997 to improve the taxation of employee share schemes (ESSs) by: reversing some of the changes made in 2009 to the taxing point for rights for employees of all…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2015-16 financial year. The details are as follows. HELP repayment thresholds and rates 2015-16 For repayment income in the range Repayment % to be applied to income Below $54,126 Nil $54,126 to $60,293 4.0% $60,294 to…
The following Bills received Royal Assent [on Thursday 5.3.2015]: Tax Laws Amendment (Research and Development) Bill 2013 – Assent as the Tax Laws Amendment (Research and Development) Act 2015, Act No 13 of 2015. As originally introduced on 14 November 2013, the Bill had proposed to limit access to the R&D tax incentive to companies with an aggregated assessable…
The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 and Excess Exploration Credit Tax Bill 2014 have now both passed all stages without amendment and await Royal Assent. The Measures No 7 Bill contains amendments re: Inspector-General of Taxation to hear tax complaints; CGT exemption for compensation and insurance; Super excess non-concessional contributions – option to…
The Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 was passed by the Senate [on Mon 2.3.2015] with 4 Opposition amendments and the House of Reps [on Tue 3.3.2015] agreed to those amendments. The Bill now effectively awaits Royal Assent. The amendments made by the Senate included: removing Sch 2 to the Bill, which had proposed abolition of the…
M o r g a n’ s T a x M o n t h – March 2015 Developments – This is a collection of developments in Australian tax law and practice that occurred in March 2015 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Corporations Amendment (Register of Relevant Providers) Regulation 2015 was registered [on Mon 16.2.2015]. It makes a number of amendments to the Corporations Regulations 2001 to establish a register of all financial advisers. The purpose of the Regulation is to create a register of all natural persons who provide personal advice on more complex products…
Treasury [on Wed 25.2.2015] issued for comment an options paper on proposed reforms to strengthen Australia’s foreign investment framework, particularly around residential real estate and agriculture. The proposed reforms include: increasing compliance and enforcement activities around foreign investment in residential real estate through the creation of a specialised investigative and enforcement area within the Tax…