The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Tue 19.11.2013, announced terms of reference for his review into the ATO’s administration of valuation matters and called for stakeholder submissions. Australia’s tax and superannuation laws are increasingly relying on concepts such as market value, Mr Noroozi said. While there may be sound economic reasons for using such…
The ACNC has advised that charities with a 30 June year-end have been granted an extension until 31 March 2014 to submit their Annual Information Statement (AIS). This is to give charities more time to prepare for this new requirement. Originally, the AIS would have been due by 31 December 2013. Charities that use a different reporting period (eg the calendar…
The ATO has made an instrument (registered on Fri 15.11.2013) to allow entities that are covered by it further time to lodge their 2013 MRRT return in light of the announcement to repeal the MRRT law with effect from 1 July 2014. Specifically, the instrument gives entities that are required to lodge an MRRT return for the…
The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource…
The Institute of Chartered Accountants in Australia has warned that ASIC’s proposed disclosure requirements for SMSF advice may be “too narrowly focused in the wrong area”. In releasing its submissions on ASIC’s Consultation Paper CP 216, the Institute believes that the greater risk of awareness for potential SMSF trustees lies not with the provision of advice from…
The Assistant Treasurer says the Government is philosophically in favour of self-managed super funds, with people taking responsibility for their own savings. He said the regime that is attached to that has tended to be a “bit more light touch than the regime you get around APRA regulated funds and the like”. On the other…
The Prime Minister and the Minister for the Environment on Wed 13.11.2013 introduced a package of 11 Bills in the House of Reps to repeal the carbon tax from 1 July 2014 and make related tax and other amendments. The Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 – proposes to repeal the legislation that…
The Assistant Treasurer on Thur 28.11.2013, released a discussion paper canvassing the issues of regulation, governance, enhanced transparency and improving competition in the selection process for default superannuation funds in modern awards. The paper, Better regulation and governance, enhanced transparency and improved competition in superannuation, forms part of the Coalition’s election policies aimed at restoring…
This Determination, released on Wed 13.11.2013, states that a contribution made to a complying superannuation fund in one financial year (year 1), but not allocated to a fund member until the subsequent financial year (year 2), is only included in the member’s “concessional contributions” for year 2 under s291-25(3) of the Income Tax Assessment Act…
In a speech at the Institute of Public Accountants (IPA) 2013 National Congress on Fri 8.11.2013, ASIC Commissioner John Price provided an update on the consultation process for Consultation Paper 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs (CP 216) released in September 2013 (see 2013 LTN 179 [4]). The Consultation Paper proposed specific…