The OECD has released its first recommendations for a co-ordinated international approach to combat tax avoidance by multinational enterprises, under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project designed to create a single set of international tax rules to end the erosion of tax bases and the artificial shifting of profits to jurisdictions to…
Parliament’s Northern Australia Committee Thur 4.9.2014, tabled in both Houses its final report on the development of Northern Australia, titled Pivot North. The Committee was tasked with the important role of helping to define the future of Australia’s North. The report made 42 recommendations including investigation of the potential and practicality of special economic zones,…
In a speech to the Business Council of Australia/PwC Tax Reform Forum Thur 11.9.2014, Secretary to the Treasury, Dr Martin Parkinson, discussed some of the structural challenges of the economy and the scope for tax reform to address those issues. He said that unless the productivity growth is lifted, the economy risks a long period…
The Private Health Insurance Amendment Bill (No 1) 2014 was introduced in the House of Reps on Wed 24.9.2014. It 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 on private health insurance at 2014-15 rates for 3…
The Government Tue 23.9.2014 released draft legislation to give effect to minor ame [1]ndments to the operation of the CGT provisions in the ITAA 1997. In particular, the proposed changes seek to ensure a CGT exemption is available to trustees and beneficiaries, who receive compensation or damages under certain insurance policies. It is intended that…
The Omnibus Repeal (Autumn 2014) Bill 2014 has now passed all stages without amendment, having been passed by the Senate late on Mon 22.9.2014, and awaits Royal Assent. The Bill amends or repeals legislation across 10 portfolios, including Treasury. The Bill also includes measures that repeal redundant and spent Acts and provisions in Commonwealth Acts…
The International Tax Agreements Amendment Bill 2014 has been passed by Parliament without amendment and effectively awaits Royal Assent, after being passed by the Senate on Thur 4.9.2014. The Bill amends the International Tax Agreements Act 1953 to give the force of law in Australia to the revised double tax agreement between Australia and Switzerland…
The Governor-General on Mon 22.9.2014, proclaimed 30 September 2014 as the start date for Schedules 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 (which received Royal Assent on 5 September 2014 as Act No 96 of 2014). As a result, the Schedules will have the following dates of effect for most taxpayers:…
The Tax and Superannuation Laws Amendment (2014 Measures No 4) Bill 2014 has been passed by Parliament without amendment and effectively awaits Royal Assent, after being passed by the House of Reps on Wed 24.9.2014 and then by the Senate on Thur 25.9.2014. The Bill’s main amendments are: Thin cap – (i) tightens the debt…
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…