Treasury, on Tue 7.4.2015, released its Working Paper 2015-01. It aims to complement earlier studies and contribute to a broader discussion about the structure of Australia’s tax system by estimating the welfare cost and identifying the economic incidence of marginal changes to the tax system. The Paper’s estimates of the additional welfare cost of a…
Mr Hockey said: ‘The [relevant] integrity measures were in relation to what is emerging as an OECD consensus, that GST should be charged at the source [of the payment for the service], so a company providing intangible services into Australia, such as media services or so on, wherever they are located they should charge GST…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2015-16 financial year. The details are: SFSS repayment rates 2015-16 For repayment income in the range Percentage rate to be applied to repayment income Below $54,126 Nil $54,126 to $66,456 2% $66,457 to $94,331…
The Treasury Laws Amendment (2015 Measures No 1) Regulation 2015 inserts the annual “cents per kilometre” rates for calculating tax deductions for car expenses for the 2014/15 income year in Pt 2 of Sch 1 to the Income Tax Assessment Regulations 1997. The rates are as follows: Description Engine capacity of car not powered by…
On 6 November 2013 the Government announced that it would proceed with amendments to strengthen the integrity of the tax consolidation rules. The Board of Taxation conducted a post-implementation review of the consolidation regime and provided reports to the former government in June 2012 and April 2013. The Board concluded that the consolidation regime is generally working…
On 14 December 2013, the Government announced it would proceed with amendments first announced in May 2012 to tighten the scrip for scrip roll-over rules. The intention is to make it harder for companies and trusts to avoid capital gains tax when they sell subsidiary companies other than as part of a genuine merger or…
The Australian Government has introduced the Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 containing measures designed to ease the tax impost for employee shares schemes, to make Australia’s taxation of those interests more competitive by international standards, and to assist Australian companies to attract and retain high quality employees in the international…
The government has released exposure draft legislation introducing a new tax system for managed investment trusts. It is proposed this new system will broadly apply to income years starting on or after 1 July 2015 (the deferred start date as announced in the 2014/15 Federal Budget). The new rules will apply to trusts that are…
M o r g a n’ s T a x M o n t h – April 2015 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2015 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
ASIC [on Tue 31.3.2015] launched the first stage of the new Financial Advisers Register, which is now available on ASIC’s MoneySmart website. ASIC has also updated information for investors about choosing a financial adviser including what questions to ask on its MoneySmart website. The register contains details of persons employed or authorised – directly or…