The package of 15 Bills, including the Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014, was passed by the Senate on Tue 16.6.2014, without amendment and effectively awaits Royal Assent. The package of Bills will amend the tax laws to introduce a 3-year progressive levy on high income earners. The Levy will apply at…
Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 – passed the House of Representatives on 5 June 2014. It supports implementation of the US FATCA Agreement. [LTN 107, 5/6/14] Passed the Senate and awaits Royal Assent Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 – has passed all stages without amendment,…
The Tax and Superannuation Laws Amendment (2014 Measures No 3) Bill 2014 has passed the House of Reps without amendment and now moves to the Senate. It proposes to amend the capital allowances provisions in the ITAA 1997 to limit immediate deductibility of expenditure on mining rights and mining information. DATE OF EFFECT: applies to…
The following Bills have passed the House of Reps without amendment and now move to the Senate: Tax and Superannuation Laws Amendment (2014 Measures No 2) Bill 2014 – contains amendments to prevent dividend washing, protect taxpayers re anticipation of certain discontinued announcements, and changes to the Medicare levy low-income threshold for families. [LTN 107,…
The Tax Laws Amendment (2014 Measures No 1) Bill 2014 on 30 May 2014 received Royal Assent as Act No 34 of 2014. It had passed all stages without amendment. The Bill amends the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. [LTN 104, 2/6/14]
M o r g a n’ s T a x M o n t h – June 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in June 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
In 4 matters before the Full Federal Court involving amended assessments being issued to taxpayers “out of time” on the basis of “fraud or evasion”, the Court has unanimously confirmed that in the same way the onus of proof is on a taxpayer to show that an assessment is excessive, the onus of proof is…
On Wed 7.12.2016, the Commissioner issued the following Class Rulings: CR 2016/91: FBT: employers using the Fleetsu Vehicle Log Book System for car log book and odometer records. It applies to employers who use the Fleetsu “vehicle log book system”. It applies from 1 July 2016 to 30 June 2021. CR 2016/92: Leave – Deferred Salary Scheme for employees…
On Wed 7 Dec 2016, the Commissioner issued 2 draft determinations concluding that first: a ‘partnership’ with a corporate partner and second, a trust with a corporate beneficiary, can have a ‘participation interest’. Draft Taxation Determination TD 2016/D6 asks: ‘where an Australian corporate tax entity is a partner in a partnership, can the partnership ‘hold’ a…
On 7 Dec 2016, the ATO issued Draft Law Companion Guideline LCG 2016/D10 headed: Superannuation Reform: defined benefit income streams – non-commutable, lifetime pensions and lifetime annuities’ ). This relates to $1.6m ‘transfer balance account cap’ introduced by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 (which received Royal Assent on 29 November 2016). This Act introduced a system…