*Exploration development incentive for greenfield sites: proposing tax losses converted to shareholder credits at corporate rate [4]

Tax Month - July 2014

The Government has committed to introduce an Exploration Development Incentive to encourage investment in small exploration companies undertaking greenfields mineral exploration in Australia from 1 July 2014. Treasury has released a paper providing more detail on the operation of the Incentive to provide certainty for small mineral exploration companies and their investors ahead of the release of…

*MIT withholding tax regime for foreign pension funds: draft legislation released for comment [3]

Tax Month - July 2014

On 6 November 2013, the Government announced that it would proceed with amendments to the managed investment trust (MIT) withholding tax regime to provide certainty for foreign pension funds. A draft Bill was released today [Fri 11.7.2014] containing amendments to the ITAA 1997 designed to ensure that the foreign pension funds will be able to access the…

*Tax and Superannuation Laws Amendment (2014 Measures No 4) Bill 2014 – Thin Cap; Foreign Dividends (s23AJ); Foreign Residents and Capital Gains [1]

Tax Month - July 2014

The Tax and Superannuation Laws Amendment (2014 Measures No 4) Bill 2014 was introduced in the House of Reps on Thur 17.7.2014. It makes the following amendments: THIN CAP: (i) tightens the debt limit settings in the thin capitalisation rules to ensure that multinationals do not allocate a disproportionate amount of debt to their Australian…

*ACCC takes action against tax agent travelling to Indigenous communities [101]

Tax Month - June 2014

The Australian Competition and Consumer Commission (ACCC) has announced that it has instituted proceedings in the Federal Court against Adata Pty Ltd and Adata (Vic) Pty Ltd (together, Adata), alleging that Adata has breached the unsolicited consumer agreement provisions of the Australian Consumer Law (ACL). The ACCC said the allegations relate to Adata’s supply of…

*Automatic exchange of tax info re financial accounts: Treasury discussion paper [100]

Tax Month - June 2014

Treasury on Thur 19.6.2014, released a discussion paper entitled, Common Reporting Standard for the automatic exchange of tax information. Treasury noted the Common Reporting Standard for the automatic exchange of tax information is a single global standard for financial institutions’ collection of financial account information on account holders who are residents in another jurisdiction, the…

FoFA amendments: Regulation registered to implement time-sensitive changes [99]

Tax Month - June 2014

The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was registered on Mon 30.6.2014, to give effect to the Government’s proposed amendments to the FoFA legislation to implement its 2013 election commitments. The Regulation amends the Corporations Regulations 2001 to implement the time-sensitive FoFA changes until the measures contained in the Corporations Amendment (Streamlining…