AUSTRAC has announced that Australia has signed an agreement to share financial intelligence with Peru. “Criminals involved in money laundering, terrorism, tax evasion, drug trafficking and other serious crimes do not respect borders, so cooperation is needed between financial intelligence units and law enforcement in a range of countries,” said Minister for Justice Michael Keenan. The…
The House of Reps Standing Committee on Tax and Revenue on Fri 6.6.2014, launched its inquiry into tax disputes. The inquiry will cover all categories of taxpayers and include: fair treatment and respect of taxpayers; how the ATO uses performance information in managing tax disputes; whether the legal framework could be updated to encourage earlier…
The Taxation Administration Act Withholding Schedules 2014 were released on Tue 10.6.2014. These schedules set out the formulas and procedures to be used for calculating the amount to be withheld by entities from withholding payments. This instrument commences on 1 July 2014, and the withholding schedules specify the formulas and procedures to be used for working out…
Legislative instruments were made on Tue 10.6.2014, requiring: Lodgment of returns for the year of income ending 30 June 2014 in accordance with the ITAA 1936, the ITAA 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993 and the Income Tax (Transitional Provisions) Act 1997. This instrument establishes due dates for lodgment of returns.…
The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2014 (No 1) was registered on Fri 6.6.2014. It applies from 1 July 2014 and provides taxpayers in specific industries and for specific assets with effective lives as a basis to calculate the decline in value (depreciation) of an asset for income tax purposes. The authority for…
On 30 July 2013, Australia and Switzerland signed a revised tax treaty, to replace the existing tax treaty signed in 1980. The revised treaty aims to align the bilateral tax arrangements more closely with current Australian and international treaty policy settings. Treasury on Wed 4.6.2014, released exposure draft legislation, which proposes to give the revised treaty the…
The Tax Laws Amendment (2014 Measures No 1) Regulation 2014 was registered on Fri 13.6.2014. It amends the Income Tax Regulations 1936 to include service with the Australian Defence Force’s Operation Slipper in Afghanistan to be “eligible duty” and exempt from income tax. It also makes consequential amendments to the Income Tax Assessment Regulations 1997…
The Tax and Superannuation Laws Amendment (Green Army Programme) Regulation 2014 was registered on Fri 27.6.2014, to amend the Superannuation Guarantee (Administration) Regulations 1993 to ensure that the superannuation guarantee is not payable by Green Army service providers on allowance payments to Green Army Programme participants. The Regulation will also amend the Taxation Administration Regulations…
The Government re-introduced a series of Bills in the House of Reps on Mon 23.6.2014, to repeal the carbon tax and the mining tax and related measures. The Bills had previously been defeated in the Senate. The carbon tax repeal Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 [No 2]. Clean Energy (Income…
The Paid Parental Leave Amendment Bill 2014 on Mon 2.6.2014, passed the House of Reps without amendment and now moves to the Senate. It proposes to ease administrative burdens on business by amending the Paid Parental Leave legislation to remove the requirement for employers to provide Government funded parental leave pay to their eligible long-term…