At its meeting on Tue 4.6.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.75%. RBA Governor Glenn Stevens said the Board judged that the easier financial conditions now in place “will contribute to a strengthening of growth over time”, consistent with achieving the inflation target. The Board decided that the…
In a release on Tue 18.6.2013, the OECD said it has presented to G8 leaders the steps needed to create a fairer and more transparent global tax system. A new OECD report, A Step Change in Tax Transparency, prepared at the request of the G8 for the Lough Erne Summit in Northern Ireland, outlines 4…
The Qld Office of State Revenue (OSR) has revised a number of Public Ruling following the recent enactment of the Revenue Amendment and Trade and Investment Queensland Act 2013 (Qld) which made a number of amendments to the Duties Act 2001 (Qld): DA000.3.3 (Securitisation transactions); DA075.1.2 (Pooled superannuation trusts may qualify as pooled public investment unit trusts);…
In a decision handed down on Wed 5.6.2013, the NSW Administrative Decisions Tribunal affirmed land tax assessments issued to a secondary taxpayer for the 2010 to 2012 land tax years. The 2 taxpayers in the case jointly owned 2 properties. In addition, one of the taxpayers (the secondary taxpayer) solely owned 2 other properties (one…
Reuters says Britain has turned up the pressure on other rich economies to clamp down on secretive money flows at the upcoming G8 Summit in Ireland by pressing its overseas tax havens into a transparency deal and announcing new disclosure rules for British firms. Reuters said Prime Minister David Cameron wants to make progress on…
The ABS today [Tue 4.6.2013] released the Government Finance Statistics, March Quarter 2013. In the March quarter 2013, the stats show: Taxation revenue decreased 2.9% to id=”mce_marker”02.5bn, General government sector expenditure exceeded revenue resulting in a GFS net operating balance of -$4,676m and The GFS net lending(+)/borrowing(-) position for the general government sector was -$7,967m. [FJM Note: I’m not…
The NSW Administrative Decisions Tribunal has refused a taxpayer’s claim for the principal place of residence (PPR) land tax exemption in respect of a property for the 2011 land tax year. There was confusion concerning the background facts; however, essentially, the matter centered on the taxpayer’s position as at 31 December 2010 (the taxing date). In short,…
At a pre-G8 summit event on trade, tax and transparency in London, Rio Tinto called for businesses to be more transparent about their tax affairs and stressed the importance of governments taking further steps that encourage growth in the developing world and tackle poverty. Rio Tinto chief executive Sam Walsh participated in the event and…
The Corporations Amendment Regulation 2013 (No 3) was registered on the Federal Register of Legislative Instruments Tue 4.6.2013. It amends the Corporations Regulations 2001 to create a new limited licensing regime from 1 July 2013 which allows accountants (and others) to provide a broader range of financial product advice than currently allowed for under the existing accountants’…
Qld payroll tax: fringe benefits – Public Ruling The Qld Office of State Revenue (OSR) has updated Public Ruling PTA003.3 (Fringe benefits). The OSR notes the technical changes to the Ruling reflect amendments to the definition of “wages” in Sch 6 of the Payroll Tax Act 1971 (Qld), made under the Revenue and Other Legislation Amendment…