The Taxation Administration Act 1953 – Pay as you go withholding – Variation to remove requirement to withhold from payments for certain US resident entertainers and sport persons was registered on Thur 3.4.2014. It ensures that withholding is not required from payments made to entertainers and sportspersons who are residents of the USA, when no…
The Acting Assistant Treasurer has gazetted a notice declaring, under s 30-85(2) of the ITAA 1997, that the following funds are developing country relief funds: RACS Foundation – Developing country relief fund; OSIEPE Developing Country Relief Fund; Kind Cuts for Kids Developing Countries Relief Fund; Health Australia & Tanzania (HAT) Inc Gift Fund; Family Planning NSW…
The Government on Thur 10.4.2014, released the Draft Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014. It contains a package of repeal and streamlining amendments to the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 and is designed to reduce compliance costs for business. The proposed amendments include measures to…
M o r g a n’ s T a x M o n t h – April 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
Seniors Health Card indexation: Bill introduced [123] The Social Services and Other Legislation Amendment (Seniors Health Card and Other Measures) Bill 2014 was introduced into the House of Reps on Thur 27.3.2014. It proposes, among other things, to implement the Government’s election commitment to index income thresholds for the Commonwealth Seniors Health Card. Indexation of…
The Treasurer has announced the appointment of 4 eminent business people to the International Advisory Panel to support the Financial System Inquiry. The panel members will provide an expert perspective to the Inquiry on aspects of the Terms of Reference including technological change, Australia’s global competitiveness and offshore regulatory frameworks. The new panel members include:…
The Institute of Public Accountants (IPA) says the Government should look at FBT to make some inroads to its commitment to reducing regulatory red tape. “The IPA believes that shifting FBT from employers to employees would provide a more equitable solution to many of the current problems. Taxing fringe benefits at the employee level has…
In a statement to Parliament on Wed 19.3.2014, Federal Assistant Treasurer Senator Arthur Sinodinos said he would step aside while giving evidence before the NSW Independent Commission Against Corruption (ICAC) inquiry into Australia Water Holdings Pty Ltd. Senator Sinodinos said he did not want “this sideshow to be an unnecessary distraction to the important work…
The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend the Personal Property Securities Act 2009 (the PPS Act) so that leases of serial numbered goods of 90 days or more will no longer be deemed to be PPS leases for the…
The Paid Parental Leave Amendment Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. 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 employees. From 1 July 2014, employees will be…