M o r g a n’ s T a x M o n t h – September 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
Labor’s motion (moved by Senator Dastyari) to have the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 disallowed is scheduled to be considered by the Senate next Monday, 1 September 2014. The regulation seeks to give effect to the Government’s proposed amendments to the FoFA legislation to implement its 2013 election commitments. The Regulation proposes to…
The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was this Thur 28.8.2014, passed by the House of Reps with 7 Government amendments and now moves to the Senate. Those amendments seek to: amend the Statement of Advice (SoA) requirements eg requiring that the SoA be signed by the providing entity, or an…
The Australian Bureau of Statistics (ABS) on Fri 22.8.2014, released a research paper entitled, Feasibility Study of Linking Migrant Settlement Records to Personal Income Tax Data. In 2013, the ABS conducted a study to examine the feasibility of linking ATO personal income tax records with the Government’s migrant settlement records. The study was conducted with…
The Australian Accounting Standards Board (AASB) has issued Exposure Draft ED 253 Recognition of Deferred Tax Assets for Unrealised Losses. The AASB says the ED (which incorporates the IASB ED of the same name) seeks comments on the proposals to amend AASB 112 Income Taxes to clarify how to account for deferred tax assets related…
The SA Premier, Jay Weatherill, Mon 11.8.2014, announced that financial guarantees will be offered by the SA Government in partnership with the major banks to stimulate business growth and create jobs. Mr Weatherill made the announcement at a CEDA Conference where he detailed 10 economic priorities, which will form the basis for the Government’s reform agenda.…
The Taxation Legislation Amendment Bill 2014 (WA) has passed the WA Legislative Assembly without amendment and has moved to the Legislative Council. It proposes to amend the Duties Act 2008 (WA), Land Tax Assessment Act 2002 (WA), Pay-roll Tax Assessment Act 2002 (WA), and Taxation Administration Act 2003 (WA), to improve the efficacy of existing…
The Budget Measures Bill 2014 (SA) has passed the SA House of Assembly without amendment and has moved to the Legislative Council. The Bill proposes to implement the SA Budget 2014 measures including the introduction of an $8,500 Seniors Housing Grant (SHG) for new homes where contracts are entered into between 1 July 2014 and 30 June 2016 inclusive.…
The State Revenue Legislation Further Amendment Bill 2014 (NSW) has passed the NSW Legislative Assembly without amendment and has moved to the Legislative Council. It contains: amendments to the Payroll Tax Act 2007 (NSW) to clarify and restrict certain exceptions from the contractor provisions under that Act; amendments to the Payroll Tax Rebate Scheme (Jobs…
The Tasmanian Budget 2014-15 was handed down Thur 28.8.2014. As part of the Tasmanian Government’s Job Creation Package, the Budget contains the fourth Employee Incentive Scheme Payroll Tax Rebate (EISPR4). This measure provides a payroll tax rebate of up to 2 years for private sector employers who create additional, eligible positions in Tasmania from 30 June 2014 to…