Monthly Archives: February 2017

*Employee share scheme changes – tax on ESS options deferred to exercise for all companies; ‘start-up’ shares or options issued at a small discount not taxed until sale of shares [23]

The Government on Tue 14.10.2014, announced that it will reform the tax treatment of employee share schemes to support start-up companies and boost entrepreneurship. The Government said it will unwind the tax changes introduced by the previous Government in 2009. Specifically, it said it will reverse the changes made in 2009 to the taxing point…

*Senate committee to examine Bitcoin and digital currencies, incl tax regulation [21]

The Senate Economics References Committee is to examine how to develop an effective regulatory system for digital currency (including Bitcoin) that, among other things, ascertains the most appropriate definition of digital currencies under Australian tax law. The Committee will also examine the development of an effective regulatory system that promotes competition and growth of the…

Family business committee inquiry looks at tax issues: Government issues its response [22]

The Government on Tue 7.10.2014, released its response to the report of the Parliamentary Joint Committee on Corporations and Financial Services Family Businesses in Australia – different and significant: why they shouldn’t be overlooked. The Committee’s report made 21 recommendations, including several regarding tax matters. The Committee recommended, among other things, that: as part of its…

Senate committee to inquire into aggressive tax minimisation by Australian companies and Multinational Entities [20]

The Senate on Thur 2.10.2014, voted 34 to 28 to agree to a motion by Greens Leader Senator Milne that the following matter be referred to the Senate Economics References Committee for report by the first sitting day of June 2015: Tax avoidance and aggressive minimisation by corporations registered in Australia and multinational corporations operating in Australia,…

Three Bills referred to Senate committees [19]

The Acts and Instruments (Framework Reform) Bill 2014 has been referred to the Senate Legal and Constitutional Affairs Legislation Committee for inquiry and report by 25 November 2014. The Bill seeks to implement a number of the outstanding recommendations of the 2008 Review of the Legislative Instruments Act 2003. It makes a number of other amendments to…

Japan-Australia Economic Partnership: Bills introduced [18]

The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 were introduced in the House of Reps on Wed 29.10.2014. The first Bill proposes to amend the Customs Act 1901 to implement Australia’s obligations under Chapter 3 of the Japan-Australia Economic Partnership Agreement. Chapter 3…

FOI Amendment Bill passes Reps with amendments [17]

The Freedom of Information Amendment (New Arrangements) Bill 2014 was passed by the House of Reps on Tue 28.10.2014 with 2 Government amendments and now moves to the Senate. Among other things, the Bill would establish an Australian Privacy Commissioner as an independent statutory office in the Australian Human Rights Commission (AHRC). The amendments made…

*Fuel excise increase: tariff increases to be tabled as ‘proposals’ (like the ‘Alcopops’ measures by the former Government) [16]

Finance Minister Senator Mathias Cormann has announced that the Government has decided to give practical effect to the fuel excise indexation Budget 2014 measure by way of tariff proposals to be validated by Parliament within 12 months. He said these tariff proposals [understood to be Excise Tariff Proposal (No 1) 2014 and Customs Tariff Proposal…

New Indirect Tax Concession Scheme packages made for diplomats – Determination made [15]

The Diplomatic Privileges and Immunities (Indirect Tax Concession Scheme) Amendment Determination 2014 (No 1) was registered on Thur 23.10.2014. It amends the Diplomatic Privileges and Immunities (Indirect Tax Concession Scheme) Determination 2000 to create new and amend existing Indirect Tax Concession Scheme (ITCS) packages which provide tax concessions to diplomatic missions and consular posts and…

Medicare levy surcharge thresholds paused for 3 years in line with Federal Budget announcements: Bill passes House of Representatives [14]

The Private Health Insurance Amendment Bill (No 1) 2014 was passed by the House of Reps on Tue 28.10.2014, without amendment and now moves to the Senate. The Bill proposes to implement a 2014 Budget announcement to pause the income thresholds which determine the tiers for the Medicare levy surcharge and the Australian Government Rebate…