*Implementation of FATCA in Australia – Regulation Impact Statement released, but post-implementation review ordered in 5 years [92]

The Office of Best Practice Regulation has released a Regulation Impact Statement, certified by Treasury, on the implementation of the US Foreign Account Tax Compliance Act (FATCA) in Australia. The agreement has been assessed as likely to have a major impact on the Australian financial sector with flow-on effects to the broader economy. A Regulation…

Senate Committee FoFA inquiry – transcript of public hearing released [91]

The Senate Economics Legislation Committee has released a transcript from a public hearing held in Canberra on 22 May 2014 as part of its inquiry into the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014. The Committee heard from a range of industry representatives, including Treasury, ASIC, Industry Super Australia, Financial Services Council, CHOICE, Financial…

*AUSTRAC signs finance intelligence exchange agreement with Macao [88]

AUSTRAC has announced that Australia has signed an agreement to share financial intelligence with Macao. “Criminals involved in money laundering, terrorism, tax evasion, drug trafficking and other serious crimes do not respect borders, so cooperation is needed between financial intelligence units and law enforcement in a range of countries,” said AUSTRAC CEO John Schmidt. AUSTRAC said…

NSW land tax: Skinner & Anor v Chief Comr of State Revenue – primary production land tax exemption partially allowed [85]

Two taxpayers (a couple) have been partially successful before the NSW Civil and Administrative Tribunal in seeking the primary production land tax exemption for 2 properties. The Tribunal allowed the exemption under s 10AA of the Land Tax Management Act 1956 (NSW) for one property but not the other. The Commissioner had denied the land tax…