The Back to Work Bill 2014 (Vic) has passed the Victorian Legislative Assembly without amendment and has moved to the Legislative Council. The Victorian Government said the Bill, introduced on 23 December 2014, proposes to create a Back to Work Scheme “which will provide up to id=”mce_marker”00m in relief to businesses hiring unemployed youth, the long-term unemployed…
The SA Government [onWed 11.2.2015], released a discussion paper on options to reform the State’s taxation system. SA Premier, Jay Weatherill, said the paper aims to stimulate an informed debate and encourage businesses, individuals and other stakeholders to put forward “ideas that are competitive, sustainable and fair”. Mr Weatherill said the Government was “open to radical…
The Government [on Fri 27.2.2015] released the Inspector-General of Taxation’s report on the ATO’s management of tax disputes. The report was prepared at the request of the House of Representatives Standing Committee on Tax and Revenue to assist with the large business and high wealth individual themes of its Inquiry into Tax Disputes. The Inspector-General’s…
The Australian Charities and Not-for-profits Commission (ACNC) [on Mon 23.2.2015] announced it will revoke the registration of up to 1,400 charities for not lodging an Annual Information Statement for 2 consecutive years. The 1,400 “double defaulters” have 28 days to submit their 2013 and 2014 Annual Information Statements or they will have their charity status…
The Australian Charities and Not-for-profits Commission (ACNC) says close to 80% of charities have successfully met their annual reporting obligations. However, the ACNC said charities with overdue 2014 Annual Information Statements needed to take urgent action to avoid penalties. The ACNC said it will soon start sending warning letters to charities that have not submitted…
Thomson Reuters has used the latest AWOTE details (ABS Catalogue no: 6302.0) to calculate the following superannuation rates and thresholds for 2015-16 in compliance with ss 960-265, 960-275 and 960-285 of the ITAA 1997. However, all figures should be confirmed against the Tax Office Website document, Key superannuation rates and thresholds. CONTRIBUTIONS CAPS: The general…
The Government has indicated that it will consult widely before responding to the Murray Financial System Inquiry recommendation to restore the prohibition on borrowing by superannuation funds. Speaking at the 2015 SMSF Association National Conference [on Fri 20.2.2015], the Assistant Treasurer, Josh Frydenberg, said that the Government will consult “with an open mind”. The overriding objective…
A decision was handed down on Friday. The issues in this matter concern the purported loan agreement between Hua Wang Bank Berhad (‘HWBB’) and the Applicants. The Commissioner alleged they were sham agreements. The taxpayers’ Australian super funds deposited $600k to HWBB as a purported investment which on-lent this money to the taxpayers to buy…
Treasury [on Wed 18.2.2015] released for comment exposure draft regulation and an accompanying draft explanatory statement, which propose to make changes to regulations to implement the Fairer Taxation of Excess Non-concessional Contributions reforms and correct minor technical errors in the regulations. The changes will allow individuals to withdraw superannuation contributions in excess of the non-concessional…
The federal government has announced in the 2014/15 Mid-Year Economic and Fiscal Outlook a number of proposed amendments to the superannuation guarantee charge (SGC) rules for late or short payment of superannuation contributions from 1 July 2016. These changes include: the earnings base for the SGC will be brought into line with the current earnings…