Late this Fri 18.7.2014, the Government released updated costings for the repeal of the mining tax and all its associated measures over the current forward estimates. It said that “by voting to keep many of the associated spending measures, Senators have effectively voted to keep the mining tax.” The Government said it “will not accept…
In a press release dated 14 December 2013, the then Assistant Treasurer stated that a review of the Taxation of Financial Arrangements (TOFA) regime in the ITAA 1997 would be conducted by Treasury in the second half of 2014. The Board of Taxation is currently providing input into this process from a Ministerial Advisory Council perspective and…
The Department of Social Services (DSS) has released an Options Paper, Australia’s Charities and Not-for-profits to seek feedback from charities and interested parties on the proposed replacement options for the Australian Charities and Not-for-profits Commission (ACNC). The Government intends that regulatory functions previously transferred to the ACNC from the ATO and ASIC will return to…
Debate in the Senate on the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No 2] resumed on Mon 14.7.2014] but was not concluded and resumed on Tue 15.7.2014. The Government proposes to move an amendment to the Bill that would alter the proposed amended schedule or timetable for increasing the superannuation guarantee…
The Government on Mon 14.7.2014, re-introduced a package of 8 Bills in the House of Reps to repeal the carbon tax. The Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2014; Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Bill 2014; Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment…
The package of carbon tax repeal Bills was defeated in the Senate Thur 10.7.2014. The vote was 37:35 against. The Bills defeated today were: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 [No 2]. True-up Shortfall Levy (General) (Carbon Tax Repeal) Bill 2013 [No 2]. True-up Shortfall Levy (Excise) (Carbon Tax Repeal) Bill 2013 [No…
The Senate Environment and Communications Legislation Committee report on the Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 [No 2] and associated Bills was tabled on Tue 8.7.2014. The Committee majority recommended the Bills be passed by the Senate. The Labor and Greens Senators issued dissenting reports. However, one of the Bills in the package…
The report of the Senate Environment and Communications Legislation Committee on the Carbon Farming Initiative Amendment Bill 2014 was tabled in the Senate on Mon 7.7.2014. The Committee majority recommended the Bill be passed, although Labor and Greens Senators issued dissenting reports. The purpose of the Bill is to provide the framework to administer the…
The Government Mon 21.7.2014, release a discussion paper, Review of retirement income stream regulation, to investigate the regulatory barriers for retirement income stream products. The discussion paper also considers extending concessional tax treatment to facilitate deferred lifetime annuities (DLA) and the minimum annual payment amounts for account-based pensions. The Acting Assistant Treasurer said that the…
At an address on Wed 16.7.2014 to CPA Australia’s SMSF Conference 2014, ASIC Commissioner Greg Tanzer warned of ASIC’s concern about advice being given to SMSFs to invest in property. He said ASIC was aware there had been a sharp rise in promoters recommending that investors either set up or use an existing SMSF to…