The 2014-15 Northern Territory Budget was handed down on Tues 13.5.2014. The NT Treasurer announced that from 13 May 2014, the First Home Owner Grant will be increased to $26,000 (from $25,000) for first homebuyers purchasing or building a new home. The $600,000 value cap will also be removed. From 1 January 2015, the Grant will be directed to…
The State Revenue Legislation Amendment Bill 2014 (NSW) has passed all stages of the NSW Parliament and effectively awaits Assent. The Bill was amended in the NSW Legislative Assembly with 8 Government amendments. The main amendments to the Duties Act 1997 (NSW) remaining in the Bill will: re landholder duty: require an acquisition statement for…
The Payroll Tax Rebate Scheme (Jobs Action Plan) Amendment (Fresh Start Support) Bill 2014 (NSW) has passed the NSW Legislative Assembly without amendment and has moved to the Legislative Council. The Bill proposes to amend the Payroll Tax Rebate Scheme (Jobs Action Plan) Act 2011 (NSW) to implement the NSW Government’s proposed support scheme to…
The Federal Court has made a decision concerning the issue of appropriate penalty to be imposed on an individual for contraventions of s 50-5(1) of the Tax Agent Services Act 2009 [providing tax agent services if unregistered]. In an earlier judgment, the Court held the individual had contravened s 50-5(1) on 86 separate occasions between July 2010 and October 2012 by…
The AAT has confirmed that a tax agent was not a fit and proper person to continue to be registered as a tax agent and that his registration should be terminated in view of his apparent unwitting involvement in fraud by third parties that had sought his services. This apparently involved fraudulent intermediaries holding themselves…
The Tax Practitioners Board (TPB) has reminded registered tax and BAS agents that it is important for them to keep their personal tax obligations up-to-date. Registered tax and BAS agents who fail to meet their personal tax obligations are breaching the Code of Professional Conduct (Code item 2) contained in the Tax Agent Services Act…
The AAT has increased the period of suspension of a tax agent’s registration under s30-25 of the Tax Agent Services Act 2009 (TASA) from 3 months to 12 months with effect from 17 April 2014. In May 2013, the Tax Practitioners Board notified the tax agent of its decision to suspend his registration for a period of 3 months…
In a decision handed down on Fri 2.5.2014, the Federal Court has dismissed a tax agent’s appeal from AAT proceedings to dismiss earlier proceedings brought against him by the Tax Practitioners Board for making false or misleading statements in connection with the affairs of taxpayers, and for imposing civil penalties against him. In particular, the…
The Inspector-General of Taxation (IGT), Ali Noroozi, on Mon 26.5.2014, announced the terms of reference for 2 reviews. Details are as follows: ATO approach to debt collection – “Despite the ATO’s debt assistance programs, its approach to collecting taxes has been a persistent source of taxpayer complaint,” Mr Noroozi said. Furthermore, Mr Noroozi said some…
The Tax Office and APRA Wed 28.5.2014, sent a letter to registrable superannuation entity (RSE) licensees explaining trustees’ responsibilities on certain SuperStream related measures. Issues covered include the commencement dates; the 3-day processing requirement for contributions; the use of the Fund Validation Service; the mandatory use of SuperTICK to validate member details; and breach reporting.…