Legislative Instruments have been registered requiring: Lodgment of returns for year ended 30 June 2013 in accordance with Income Tax Assessment Acts, Taxation Administration Act 1953, Superannuation Industry (Supervision) Act 1993, and the Income Tax (Transitional Provisions) Act 1997. Lodgment of income tax returns for year ended 30 June 2013 in accordance with ITAA 1936, Taxation Administration Act 1953…
The following Bills were all passed by the Senate Tue 25.6.2013, without amendment and effectively await Royal Assent: Tax Laws Amendment (2012 Measures No 6) Bill 2012 – contains amendments concerning: FBT and in-house benefits, medical expenses rebate, managed investment trusts (MITs), limited recourse debts, native title benefits, exploration expenditure, deductible gift recipients (DGRs), and…
The Income Tax Assessment Amendment (Exempt Entities) Regulation 2013 was registered on Mon 17.6.2013. It amends the Income Tax Assessment Regulations 1997 to prescribe the International Cricket Council Development International Limited (IDI) as exempt from income tax for a period of 5 years, from 1 July 2013 to 30 June 2018. [LTN 114, 17/6/13]
The Taxation Administration Act 1953 – Withholding Schedules 2013 were registered on Tue 4.6.2013. The instrument makes some 12 schedules to set out the amounts, formulas and procedures to be used for calculating the amount required to be withheld by entities from PAYG withholding payments. It was made by the Commissioner pursuant to s 15-25 of…
The Tax Laws Amendment (2013 Measures No 4) Bill 2013 was introduced in the House of Reps Wed 26.6.2013. It contains the following amendments: Refunding excess GST – proposes to amend the GST Act to ensure that overpaid GST is refundable only in certain circumstances [inserting a new Div 142 into the GST Act]. The…
The Tax Laws Amendment (2013 Measures No 3) Bill 2013 was introduced in the House of Reps on Thur 20.6.2013 and has already been passed without amendment so it can be introduced in the Senate. It proposes to amend the Tax Agent Services Act 2009 to bring entities that give tax advice in the course…
The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Fri 7.6.2013. It commences on 1 July 2013 and amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide taxpayers in specific industries and for specific assets with effective lives as…
The Private Health Insurance Legislation Amendment (Base Premium) Bill 2013 was passed by the House of Reps on Tues 4.6.2013, without amendment and now moves to the Senate. The Bill proposes to implement the Government’s 2012-13 MYEFO announcement that from 1 April 2014, the premium to which the Private Health Insurance Rebate is applied will move in…
The Senate on Fri 28.6.2013, passed the following Bills without amendment and they effectively await Royal Assent: Tax Laws Amendment (2013 Measures No 1) Bill 2013 – contains amendments concerning: CGT scrip-for-scrip rollover; tax exemption for ex-gratia payments for natural disasters; new DGR category. The Bill had passed the House of Reps without amendment. Tax…
The Tax Laws Amendment (2013 Measures No 2) Bill 2013 was on Thursday 6.6.2013, passed by the House of Reps with amendments. The main amendment was to remove from the Bill the provisions that proposed to create a new regulatory regime within the Tax Agent Services Act 2009 (TASA) for entities (individuals, partnerships and companies)…